Michael Hill flags higher profit

The jewellery retailer’s shares have been modestly received as its primary listing shifted to the ASX.

Michael Hill expects pre-tax earnings to rise in 2015/16. Picture: Philip Norrish.

Growing sales and new stores have jewellery retailer Michael Hill expecting annual earnings growth of up to $6 million.

Total store sales were up nearly 9 per cent in the year to June 30, and same store sales growth was over 5 per cent, the company said on Thursday, as it shifted its primary share market listing from New Zealand to Australia. Michael Hill expects its pre-tax earnings in 2015/16 to be between $46 and $48 million, up from $42.1 million in 2014/15.

Its shares were unchanged at $1.20 at 1.45pm (AEST).

AAP