Retail jewelry company Michael Hill International Ltd. reported revenue growth of 6.8% to $ 425 million for the fiscal year ended June 30, Rapaport reports. At the same time, sales in comparable stores of the company remained practically stable, having increased only by 0.4% on a year-on-year basis and amounted to $ 387 million. The
jewelry company noted that the last financial quarter was experiencing a difficult trading environment, especially in the Australian market. Nevertheless, according to the results of the financial year, sales growth in comparable stores was registered in all markets.
By region and by local currency, Michael Hill sales in Australia showed an increase of 10.5% year-on-year, to A $ 284.3 million, while sales in comparable stores rose 3.4%; Sales revenue in New Zealand increased by 1.3% to NZ $ 110.5 million, and sales in comparable stores increased by 1.1%; the retail unit in Canada recorded an increase in sales of 18.6% to 52.5 million Canadian dollars, while sales in comparable stores increased by 0.8%. Revenue from sales in the US rose 6.1% to $ 10.2 million, and sales in comparable stores increased by 5.3%.