Friday, 20th August 2004 (4664 views)

New Zealand jewellery retailer Michael Hill has reported a 30 per cent increase as it announced record annual profits.

The company attributes strong sales in its Australian stores to the record results, with net profit reaching NZ$15.06 million for the year to June 30, 2004.

Additional figures showed sales in Australia jumped 19 per cent to NZ$167.21 million.

The firm hopes to open an additional 15 stores across its three operating countries of Australia, Canada and New Zealand this year

Although no new stores were opened during the year, the retailer still increased revenue by 3.5 per cent to NZ$86.71 million.

At present the company has 93 stores in Australia, but has found 140 sites with the aim of opening 12 stores a year over the next four years.

 

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