Ann: QUARTER: MHI: 6 Months Trading Update to 31 December 2015

• Release Date: 08/01/16 08:30
• Summary: QUARTER: MHI: 6 Months Trading Update to 31 December 2015
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					MHI
08/01/2016 08:30
QUARTER
PRICE SENSITIVE
REL: 0830 HRS Michael Hill International Limited

QUARTER: MHI: 6 Months Trading Update to 31 December 2015

The Group achieved same store sales growth of 4.8% for the 6 months to 31
December 2015 in AUD.

Michael Hill brand
The Australian market achieved 2.6% growth for the half and importantly
traded solidly through the crucial month of December. Our New Zealand
business continued strongly throughout the second quarter and reported same
store sales growth of 6.1% for the six months in local currency while Canada
also continued to show good growth finishing the half year 5.2% up on last
year for same stores and 18.4% for all stores. The US finished 1.0% up on
last year for same stores and 25.1% for all stores.  In Australian dollars,
the Michael Hill brand reported same store sales growth of 4.5% for the six
months which was a pleasing result after a difficult second half trade in
2014-15. The Directors are also pleased gross margin held steady for the six
months compared to the corresponding period despite the strengthening USD
against our other currencies. The Group opened six new Michael Hill stores
giving 293 stores trading at the end of December.

Emma & Roe brand
Emma & Roe achieved same store sales growth of 49.1% on the same period last
year which was in line with company targets for this new business. There were
eight Emma & Roe stores trading at the commencement of the year and three new
stores opened during the half year giving eleven stores at the end of
December. While the Group still considers the Emma & Roe brand to be in a
trial phase, there are plans to open a further five stores before the end of
the financial year. The Directors are delighted with the continued
improvement of this brand.

Revenue from the sale of goods and services for the 6 months to 31 December
2015 including PCP income:

The following figures are in Australian dollars      Last Year
This Year % Var
Michael Hill same stores        274,159,383   286,458,107
   4.5%
Emma & Roe same stores       2,242,970        3,344,098    49.1%
Total same stores        $276,402,353 $289,802,205
  4.8%

Michael Hill all stores       279,186,825    301,384,131
  8.0%
Emma & Roe all stores           2,527,470
 4,959,885  96.2%
Total all stores       $281,714,295 $306,344,016
       8.7%

Exchange rates used for the 6 months:
New Zealand        1.09      1.09
Canada     0.98          0.96
United States   0.88        0.72

Michael Hill same store figures in local currency      Last Year
      This Year   % Var
Australia same stores  AUD 166,626,739   171,025,021    2.6%
New Zealand same stores    NZD     63,230,468   67,095,078
 6.1%
Canada same stores    CAD    42,161,880     44,365,067  5.2%
United States same stores    USD      5,546,561       5,603,577      1.0%

Australia Emma & Roe same stores   AUD     2,242,970     3,344,098
49.1%

Michael Hill all stores figures in local currency
Australia all stores       AUD
168,539,933   174,363,616 3.5%
New Zealand all stores   NZD   63,237,893  67,097,991       6.1%
Canada all stores       CAD 44,853,559
 53,088,227    18.4%
United States all stores    USD    5,941,969    7,433,525 25.1%

Australia Emma & Roe all stores   AUD   2,428,522   4,599,703    89.4%
New Zealand Emma & Roe all stores   NZD        107,489  393,191
265.8%

The above figures represent 5 months accounting adjusted sales results plus
December preliminary sales figures prior to final accounting adjustments, and
are unaudited. Revenue figures stated above include the Professional Care
Plan (PCP) revenue brought to income during the period.  The PCP income
recognition pattern is based on existing estimates and is subject to ongoing
management review, and accordingly is adjusted at each year end.

Media & Investors: Investors:
Mike Parsell +61 403 246655 Phil Taylor +61 413 709066
Chief Executive Officer Chief Financial Officer
End CA:00276132 For:MHI    Type:QUARTER    Time:2016-01-08 08:30:36