Jewellery chain Michael Hill is reporting a 376 percent increase in annual statutory net profit from its global business.

New Zealand retail revenue is up 3.1 percent.

CEO Jonathan Waecker says it's a great result that profit has gone up in all three markets, including New Zealand.

"Our offer in New Zealand is resonating really, really strongly, and in Australia, we are seeing some softness with certain consumers - so we're just needing to go to market a little bit differently." 

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