9 Apr 2015

Michael Hill shares down amid Australian struggles

2:20 pm on 9 April 2015

Shares in Michael Hill International are down as it struggles in Australia's weak retail market.

The jeweller's total sales are up 3.5 percent to about $A382 million in the nine months to March.

Michael Hill said the company was focused on correcting the downward trend in Australia, which accounts for two-thirds of its total sales, although it expects the weak retail market to impact its full-year result, for the year ending in June.

Some stores sales in Australia have fallen 2.1 percent in the period, offsetting sales growth in New Zealand, Canada and the United States.

Some store sales are up 4.8 percent in New Zealand, 2.9 percent in Canada and 7.2 percent in the United States.

Sales for its new Emma & Roe brand have not been included in the latest result, although Michael Hill has opened two new stores in the past three months, bringing the total number to eight.