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Michael Hill sales rise

 

michaelhill, jewellery,Jewellery chain Michael Hill International has increased revenue 8.7 per cent in the first quarter as sales up in its largest market, Australia, and jumping in Canada.

However, momentum slowed in New Zealand.

Sales climbed to $A98.5 million ($NZ112.5m) in the three months ended September 30, from $A90.6 million in the year earlier period, the Brisbane-based company said in its first statement since shifting to Australian dollar reporting on October 3.

Sales at stores open more than 12 months rose 3.8 per cent to $A91.7 million, it said.

Excluding the impact of conversion to Australian dollars, sales at Australian stores increased 5.5 per cent to $A64.8 million, New Zealand sales slipped 6.1 per cent to $NZ21.3 million ($A18.86 million), Canadian sales rose 25 per cent to $Can12.4 million ($A12.61m) and US sales slipped 4.2 per cent to $US2 million ($A2.12m) reflecting the closure of one store, the company said.

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