Despite losing the equivalent of 10,020 store trading days, jewellery retailer Michael Hill International says revenue increased 7 per cent to A$595.2 million for the year to June 26.
Same-store sales were up 8 per cent overall, by 11.3 per cent in Canada, 8.9 per cent in New Zealand and 4.2 per cent in Australia.
Tax-paid profit rose 13.9 per cent to $46.7 million.
Covid-related store closures in the first half affected sales across its retail network in all markets.
The company’s e-commerce business grew 23 per cent delivering $42 million – representing 7.1 per cent of all sales. Its pureplay brand Medly accounted for more than $1 million in sales.
Daniel Bracken, CEO and MD of Michael Hill, said strategic initiatives across the business have helped boost gross margins despite unfavourable trading conditions.
“With the significant impacts from Covid behind us, we are still mindful of potential economic disruptions. That being said, over the last few years, we have demonstrated the resilience of our business, the strength of our brand and the determination of our team.”
He added the business will continue to focus on growth, expanding its core business and pursuing acquisition opportunities in the jewellery sector.
The retailer opened one new store in Australia and closed six underperforming stores across markets leaving it with 280.
In an additional trading update, the company said store sales across the group during the first eight weeks of the new financial year were up by 13.4 per cent against the same period last year.
