Record sales for Michael Hill

Brisbane-based jewellery retailer Michael Hill International has announced a record year of sales based on its latest trading report.

Store sales increased by 17 per cent for the quarter and 7.3 per cent for the full year when measured with the same period last year.

Same-store sales also increased by 8 per cent for the year when compared with the same period last year. Quarterly results saw an increase of 2.1 per cent.

Daniel Bracken, CEO and managing director, Michael Hill International said, “I’m delighted with our full year trading results, despite the continued backdrop of COVID disruptions and the resulting loss of 10,000 store trading days, we have delivered the highest sales and margin in the history of the Michael Hill brand.”

Digital sales also generated a record performance with sales of more than $40 million marked by an increase of 23 per cent compared with the previous year and representing 7.1 per cent of total sales for the group.

Despite the shutdown of three stores in Australia during the quarter, plus the loss of more than 10,000 store hours, the company has been on a consistent uptrend for 12 successive quarters.

Another key contributor to the sales performance is the Brilliance by Michael Hill loyalty program which has more than 1.4 million members to date.

“These results reaffirm our continuing journey to elevate the Michael Hill brand through our marketing, our product, our stores, and our people,” Bracken said, noting the challenges of the COVID-19 pandemic and the uncertain global economic environment.

“The business will continue to prioritise key strategic initiatives across loyalty, retail fundamentals, and digital expansion while maintaining an elevated focus on capital investment opportunities,” he added.

The company has forecasted comparable earnings before interest and taxes (EBIT) figures of between $60 to $63 million for FY22.

Michael Hill International is listed both in the ASX and NZX and operates 280 stores throughout Australia, New Zealand, and Canada.

More reading

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Michael Hill sees sustained rise in revenues
Michael Hill flags increased sales to surpass previous targets


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