Jeweller defies retail slump

NATIONAL: New Zealand headquartered jewellery retailer Michael Hill has bucked trends brought about by a depressed retail environment to post a record tax profit of $A20.6 million for the year ended June 30, 2008. The result is up from $A17.1 million profit for the same period last year.

The company operates 210 Michael Hill stores across New Zealand, Australia and Canada - up from 192 a year ago. A sustained focus on the Australian market has seen the number of stores here grow from 13 to 136.

In a statement released to the New Zealand Stock Exchange, chairman Michael Hill credited the group's focus on margin management and cost control for its earnings.

"The group's philosophy of controlled profitable growth will continue and further new stores are being evaluated for all three countries as opportunities arise," Hill said.