AUCKLAND: Michael Hill Jewellers has defied tough retailing conditions across three markets, posting a half year tax paid profit result of $19.48 million.
The result, recorded for the six months ended December 31 2007, saw a leap from the corresponding period when the New Zealand based company posted a profit of $15.33 million.
While the New Zealand retail segment revenue decreased by 1.1 per cent to $53.67 million, the Australian retail arm increased to 5.8 per cent and the Canadian segment shot up by 22.9 per cent.
A steady retail rollout across the three markets saw a total of 19 new stores open during the six month period, with only one store closure.
Chairman Michael Hill said the directors were pleased with the result and had achieved it through a focus on supply chain and margin management.
"The group's philosophy of controlled profitable growth will continue and further new stores are being evaluated for all three countries as opportunities arise."