Michael Hill’s sales increase globally in first-half

(Source: MichaelHillJ/Facebook)

Jewellery retailer Michael Hill International has reported an increase in sales across its global markets as customers return to in-store shopping.

Overall group earnings before income and taxes reached $54.5 million, up 6 per cent, driven by strong sales growth and higher margins.

By segment, sales in Australia increased 18 per cent to $190.6 million while in New Zealand, revenue increased 13.8 per cent to A$69.79 million (NZ$76.3 million). In Canada, sales grew 22.4 per cent to A$100.74 million (CA$92.1 million).

With consumers returning to in-store shopping, online sales fell 9 per cent during the half while the company’s new pure-play brand Medley delivered 53 per cent sales growth.

Daniel Bracken, CEO and MD at Michael Hill, said the results are a testament to all the facets of the business having “aligned” to produce this outcome.

“With the impact from Covid behind us, significant productivity gains on pre-pandemic trade have been delivered across an optimised store network in all markets.”

He added that higher gross margins have been sustained, supported by the evolution of the company’s loyalty program, reimagined digital experience and enhanced product offering.

During this period, the company relocated to its new global headquarters, opened three new stores and closed one underperforming store.

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