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Michael Hill Sales Rise Despite Covid-19 Disruptions

Aug 30, 2022 4:16 PM   By Avi Krawitz
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RAPAPORT... Michael Hill reported record sales in fiscal 2022, driven by strong growth in Canada as strategic moves helped the company offset coronavirus-related challenges.

The retail jeweler saw revenue rise 7% to AUD 595.2 million ($411.5 million) for the year ending June 26, while net profit grew 14% to AUD 46.7 million ($32.3 million). Digital sales reached AUD 42 million ($28.8 million), accounting for 7.1% of the total.

“A key highlight was our ability to grow profit faster than sales, with gross-margin expansion driven by strategic initiatives across product, stores, digital and loyalty,” said CEO Daniel Bracken in a statement Monday.

Bracken outlined the company’s growth plan that includes a focus on brand loyalty, enhancing its digital and omnichannel capabilities, improving the retail shopping experience, expanding its product offering, cutting costs, and raising its sustainability awareness.

The company continued to face disruptions related to Covid-19 outbreaks in its teams as well as government-mandated lockdowns, mainly in Australia and New Zealand. It lost 10,020 trading days across its store network through the 12-month period, compared to 10,447 days the previous year.

Same-store sales in Australia, its home market, grew 4.2%, while in New Zealand they rose 9% and in Canada the growth was 11%.

The momentum continued into the current fiscal year, with group sales up 18.5% year on year in the first two months. 

Image: A Michael Hill store. (Wpcpey plus link
Tags: Avi Krawitz, diamonds, Jewelry, Michael Hill
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