New Zealand jewellery chain Michael Hill International has today announced an after tax profit of $26.3 million.
For the six months ended December 31 2011 the results are up 11.5 per cent on the corresponding period last year, and same store sales were 1.7 per cent up on the same period.
Chairman of the listed company, Sir Michael Hill, said the business saw improved returns in New Zealand, Canada and the US, which made up for the 2.8 per cent decrease, compared to the previous corresponding period, in the Australian market.
Operating revenue of $289 million was up 7.3 per cent on the same period last year and net profit before tax, of $32.337 million, was up 12.7 per cent on last year.
The New Zealand retail segment revenue increased by 8.5 per cent, to $60.908 million for the six months, with an operating surplus of $12.192 million, which is an increase of 12.7 per cent on the corresponding period last year.
The Australian retail segment increased its revenue by 4.4 per cent to $147.091 million for the six months with an operating surplus of $24.382 million, compared to $25.079 million for the previous corresponding period, which is a decrease of 2.8 per cent.
Back in January Hill said that retail had been challenging in its largest market, Australia.