New Zealand jewellery chain Michael Hill International has released its 12 month trading update, revealing Australia as its toughest market.
The listed jewellery chain operates across Australia, New Zealand, Canada and the United States.
According to the results, the company saw total sales rise 4.6 per cent to NZ$510.2 million for the financial year to June 30 2012.
However, while same store sales across New Zealand, Canada and the United States each increased - by 7.3 per cent, 5.7 per cent and 19.9 per cent respectively (in local currency) - same store figures in Australia dropped 2.1 per cent by comparison.
Figures last year for Australian same store sales were AU$245.9, compared to this year's AU$240.8 million.
As a result of Australia's flat performance, same store sales overall for the company also declined by 0.3 per cent, from NZ$ $474.8 million in 2011 to NZ$473.2 million this year.
Commenting on the figures via a statement, the company said the past 12 months has “had its challenges, especially in our largest market, Australia”.
However, the company added that directors are satisfied with the overall performance of the group and in particular the growth achieved in New Zealand, Canada and the United States.