Michael Hill Enjoys Half-Year Boost

RAPAPORT... Michael Hill's sales rose 4.7% in the fiscal first half asgrowth in Canada and New Zealand outweighed a weaker performance in the US. Group revenue increased to $273.1 million (AUD 341.5million) in the six months that ended December 31, the jewelry retailer said in a recenttrading update. Same-store sales - those at branches open for at least a year -climbed 0.5%. Total sales in New Zealand, home to 53 of Michael Hill's 347stores, rose 4.1% in the local currency to $50.8 million (NZD 69.7 million).Sales at its 83 Canadian shops surged 18% to $58.7 million (CAD 73.2 million). Sales in Australia rose 1.7% to $148 million (AUD 185million). Australia is Michael Hill's largest market, with 172 stores inoperation in the country. However, US sales slumped 15% to $5.9 million, with the companyclosely monitoring its stateside business given the ongoing poor performance,it noted.