Michael Hill International Ltd (ASX:MHJ) (NZX:MHJ) December quarter trading update shows same-store sales continue to grow.
The Michael Hill jewellery store network is broken down into three segments, Australia, New Zealand and Canada.
Same stores growth in AUD was up 4.0% in the quarter over the same period last year and up 1.57% in local currency.
Strong October and November
MHJs CEO Daniel Bracken said: “Overall, we are pleased with our result for this all-important second quarter.
“The business had a solid October and a very strong November on the back of launching our Christmas campaign early to capitalise on the Black Friday weekend.
While the shift in consumer behaviour saw a significant uplift in November sales in all markets, our sales in early December were somewhat disappointing.
“As we anticipated, the Christmas trading pattern changed significantly this year, with a pull-forward of sales into November.
Australian retail remains challenging
“Pressure on gross margin continued in all markets, with deep-discounting from many competitors.
“The Australian retail environment was particularly difficult given pRead More – Source
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