Wellington, Aug 20 NZPA - Jewellers Michael Hill International today announced a 60 percent fall in after tax annual profit to $26.51 million, on 7.6 percent higher operating revenue of $443.33m.

Same store sales for the year ended June 30 were up 5.2 percent and earnings before interest and tax were up 38.4 percent to $36.24m.

Chairman Michael Hill said achieving sales targets proved difficult during the year with margins under pressure from heavy promotional activity within the industry and retail sector generally.

A final dividend of 2.5 cents per share made the total dividend 4cps, up 2.5cps for 2009.