It's 15 years old, but Michael Hill believes it is still a cunning plan.
Michael Hill International says a push to break into Canada will mirror the style of the jewellery retailer's expansion into Australia in 1987.
A team led by Hill's daughter Emma will start by opening fourstores in the Vancouver area in the next financial year.
Financial controller Wayne Butler said the company planned to grow gradually - four stores a year for the next three years - in a repeat of the early tactics in Australia.
"It's under our mantra of 'controlled profitable growth': take a step, measure it, if it's still fine, go to the next step."
The details of the Canadian plan emerged when the company yesterday unveiled an after-tax profit for the year to June 30 of $12.7 million, up 26 per cent on the previous year.
The company will pay a fully imputed dividend of 10c a share on October 14, taking the total for the year to 17c.
Butler said a special dividend to investors was also possible, using proceeds of the planned $5.4 million sale, yet to go unconditional, of the Brisbane head office. The tax-paid profit included a one-off gain of $408,000 from the sale last year of the New Zealand head office building.
Revenue was up 13.2 per cent at $214 million, with the company describing an "exceptional" year in New Zealand - up 18 per cent - and growth of 10per cent across the Tasman.
The company said seven more stores could be added to the 43 in New Zealand over the next three financial years. The goals were much bigger in Australia, where up to 38 stores are to be added to the existing 77 over the next five financial years.
In the long term, Canada could be a very big move - the company talked of perhaps 100-plus stores within 10 to 15 years.
It said launching in Canada would require funds of $3.3 million in year one and $6.6 million over the first four years, with the break-even forecast for year two.
Butler said Canada was chosen because of its similarities to Australia and New Zealand - in other words, the company thinks it understands how things work there.
Michael Hill International is also looking at moving into other countries.
