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Michael Hill continues to shine, despite difficult conditions

Jewelry retailer Michael Hill has followed up its “outstanding” performance in the first half with a strong third quarter. Same store sales rose 16.4 per cent, while group margin increased by more than 200 basis points, during the period.

Digital sales, too, saw strong growth – up 69.2 per cent year-on-year, and 93.3 per cent year-to-date.

“I’m delighted by these results, delivering further margin improvement and double-digit sales growth in all markets,” said chief executive Daniel Bracken.

“Our strategic growth agenda underpins this performance as we accelerate digital innovation, embrace new ways to shop and elevate our brand.”

The impact of Covid-19, however, continued to be felt during the quarter. In Australia the business lost 332 trading days due to the closure of 14 Queensland, 36 Victorian and 22 Western Australian shops.

Likewise, operations in New Zealand were down 160 trading days, with 16 Auckland stores shuttered during the city’s lockdown.

Comparatively, the business’ Canadian operations had it much worse, losing 2,364 trading days due to 46 closed stores.

“Considering the ongoing challenges of navigating Covid-19, particularly in Canada, this result demonstrates the resilience of the Michael Hill business and further validates our transformation to a modern, differentiated, omni-channel jewelry brand,” Bracken said.

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