Australian jewelry retailer Michael Hill International reported a 5.9% year-on-year growth in net profits to NZD27.84m ($23.59m) computer after-tax for the half of the 2013 fiscal.

Operating revenues for the period ended 31 December 2012, increased 8.3% when compared to the corresponding period in 2011.

The growth was attributed to same store sales increase of 2.3% across all its markets, each of which also returned positive revenue growth.

Michael Hill claimed that the first half of the year was a tale of two quarters – a strong first quarter followed by a slowdown in the second quarter.

"All countries struggled to make gains on the previous year’s sales numbers during the key December quarter however same store growth was achieved in all markets during the six months which is pleasing," said the company in a statement.

In geography terms, the Canadian market witnessed the highest growth in revenues – 21.5% to CAD29.463m ($29.42m) for the six months with same store sales increasing 3.8%.

The Australian market also contributed to the overall growth with an increase of 10.6% to AUD162.712m ($168.4m) during the period.
Same store sales in the country were up by 3.8% overcoming a 1.5% decrease in the corresponding period of 2011.

"Additional resources were placed into our key Australian market in mid-2012 and this has started to have a positive impact on sales in this key market," added the statement.

New Zealand returned 3.6% increase to NZD63.117m ($53.48m) alongside an operating surplus of $12.95m.

During the course of the first half of the fiscal, the retailer launched 12 new stores – seven in Australia and five other in Canada.