Jewellery retailer Michael Hill International has shown signs of strong recovery from the pandemic-induced slump as shares increased by 13.22 per cent closing $1.30per share at the end of trading 30 December.
The figures supported the company’s business update that covered the Christmas trading period and an early performance indicator for the half year ending 26 December.
Despite the extended closures due to COVID-19 lockdowns from July to November across Australia and New Zealand, the company managed to open all of its international stores in time for the Christmas trading season.
“Even with the uncertain trading conditions stemming from the Delta and more recent Omicron COVID variant, Michael Hill delivered both sales growth and sustained margin expansion throughout November and December,” the company stated in its business update.
The company is expected to exceed comparable earnings before interest and taxes of $44.6 million for the first half of financial year 2021.
With its headquarters in Brisbane, Michael Hill International is listed both in the ASX and NZX and operates 285 stores throughout Australia, New Zealand, and Canada.