MHI
09/04/2015 08:30
QUARTER
PRICE SENSITIVE
REL: 0830 HRS Michael Hill International Limited
QUARTER: MHI: 9 Months trading update to 31 March 2015
Michael Hill International Limited
9 months trading update to 31 March 2015
The Group achieved same store sales growth of 0.9% for the 9 months in AUD.
In local currency, New Zealand continued to trade well and was 4.8% up on the
same period last year while Canada finished 2.9% up for the 9 months. The US
achieved good growth of 7.2%, but Australia continued to be a difficult
market for the Group and sales were 2.1% down on the prior period. This
decline in our key market will put pressure on our full year result but there
is still a full quarter to go and management are focused on correcting this
downward trend.
The company opened 11 Michael Hill stores during the 9 months and closed 2
taking total stores to 287 Michael Hill stores and lifting total revenue by
3.5%.
As mentioned in the 2014 Annual Report, the Group is continuing to refine and
test the Emma & Roe retail model and consequently this trading update does
not include financial information for the Emma & Roe stores. 2 additional
Emma & Roe stores opened during the period taking the total to 8 stores.
Revenue from the sale of goods and services for Michael Hill Stores for the 9
months to 31 March 2015 including PCP income:
The following figures are in Australian dollars
Last Year This Year % Var
Australia same stores 225,608,604 220,831,842 (2.1%)
New Zealand same stores 75,166,146 81,133,944 7.9%
Canada same stores 48,046,317 48,989,510 2.0%
United States same stores 6,487,422 7,463,742 15.0%
Michael Hill same stores $355,308,489 $358,419,038 0.9%
Australia all stores 231,188,358 228,908,556 (1.0%)
New Zealand all stores 76,066,295 81,740,831 7.5%
Canada all stores 54,201,089 62,031,109 14.4%
United States all stores 7,854,051 9,605,783 22.3%
Michael Hill all stores $369,309,793 $382,286,279 3.5%
Exchange rates used for the 9 months:
New Zealand 1.11 1.08
Canada 0.97 0.98
United States 0.91 0.85
The following figures are in local currency
Last Year This Year % Var
Australia same stores AUD 225,608,604 220,831,842 (2.1%)
New Zealand same stores NZD 83,357,109 87,365,580 4.8%
Canada same stores CAD 46,535,538 47,894,207 2.9%
United States same stores USD 5,910,859 6,339,155 7.2%
Australia all store AUD 231,188,358 228,908,556 (1.0%)
New Zealand all stores NZD 84,350,976 88,018,547 4.3%
Canada all stores CAD 52,509,316 60,627,499 15.5%
United States all stores USD 7,154,401 8,171,954 14.2%
The above figures represent 8 months accounting adjusted sales results plus
March 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 may be adjusted at year end. The prior
period PCP revenue included in the results above is at the estimated amounts
under the income recognition pattern used and reported on at the time.
Sir Michael Hill 9 April 2015
Chairman
All enquiries should be made to Mike Parsell CEO phone +61 403 246655
End CA:00262888 For:MHI Type:QUARTER Time:2015-04-09 08:30:39
