First quarter sales for New Zealand jewellers Michael Hill is up thanks to a boost in the US market.
The business, which has 52 stores in its home country, 146 in Australia, 33 in Canada and 12 in America, manufactures and retails fine jewellery, conducts jewellery repair, valuations, insurance quotations, custom design, corporate gifts and gift vouchers.
In the first three month trading update to September 30 2011, the listed retailer has reported a 6.5 per cent increase in revenue from sale of goods across all stores.
Overall sales increased from $95,229,487 to $101,412,262 in the first quarter and revenue from all US stores rose the most, by 37.4 per cent.
Owner Michael Hill said the board is pleased with the sales results, especially given they were on the back of strong growth in the first quarter of last year.
“Sales have been challenging in our established three markets during the first quarter, however the US business has experienced some strong growth over the corresponding period last year,” Hill said.
“The second quarter is the most critical trading period for the group so the next three months trade will largely determine the result for the 2011-12 year.”