Michael Hill lifts profit 9.6 percent as new stores underpin sales growth

Thu, 15 Aug 2013

By Paul McBeth Aug. 16 (BusinessDesk) - Michael Hill International, the jewellery chain that bears its founder’s name, lifted annual profit 9.6 percent as sales growth was underpinned by the retailer opening new stores, offsetting flat revenue on a same-store basis. Net profit climbed to $40 million, or 10.3 cents per share, in the 12 months ended June 30 from $36.5 million, or 9.5 cents, a year earlier, the Brisbane-based company said in a statement. That was just ahead of First NZ Capital’s estimate of $39.1 million. Total revenue rose 7...

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