Michael Hill lifts sales but Australian retail is ‘difficult’
Jeweller Michael Hill says competitive pressures in Australia are particularly challenging, as sales rose 4pc.
Jewellery retailer Michael Hill International said its second-quarter same-store sales rose 4 per cent on year and competitive pressures in Australia--its main market--were particularly challenging.
All store sales for the company, which also has outlets New Zealand and Canada, rose 3.3 per cent to $203.5 million in the quarter, it said.
“Pressure on gross margin continued in all markets, with deep discounting from many competitors,” Michael Hill said.
“The Australian retail environment was particularly difficult” reflecting low consumer confidence, competition and foreign exchange and gold price headwinds, the company said.
Its strongest sales growth was in its smallest market, New Zealand, with quarterly same-store sales up 5 per cent in local currency terms.
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