Global jeweller Michael Hill International has achieved a
more than 10% boost to revenue across all stores, assisted by
a weakening of the Australian dollar against its counterparts
in New Zealand, the United States and Canada.
The company's jewellery ''professional care plans'' continue
to make a substantial contribution, with revenue up 22.6% for
the nine months to March at $24.4 million, and the actual
revenue released into income up 99.4%, at $A13.1 million
From a year high of $1.60 in early November, Michael Hill
shares continued to trade around $1.34, following yesterday's
Total revenues from all stores was up 10.5%, from $A336.8
million to $A372 million, with all Canadian and Australian
stores' revenues up respectively 30.6% and 5.4%.
The United States and New Zealand all-stores revenues were
down, respectively 7% and 2.6%, New Zealand declining from
$NZ86.6 million to $NZ84.3 million.
''This result was helped by the weakening of the Australian
dollar against the other three currencies,'' the now
Brisbane-based company said.
Craigs Investment Partners broker Peter McIntyre said while
the all-store result from Canada was ''exceptional'', the
company would have been disappointed with the New Zealand
result, 2.6% down, given the positive indicators in the
''They will be expecting improvements in the US and New
Zealand,'' he said.
Michael Hill relocated to Australia in 2008, transferring its
intellectual property to an Australian subsidiary in a
transaction which put its head office in its largest market
and generated tax breaks, BusinessDesk reported.
Earlier this month, Michael Hill announced an $A6 million
settlement with the Australian Tax Office, which had disputed
the valuation of the intellectual property.