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Michael Hill Records Highest-Ever Revenue

Jul 19, 2022 3:12 AM   By Rapaport News
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Australian jeweler Michael Hill reported the highest revenue in its history during the fourth fiscal quarter and full year amid improved business in Canada and record online sales.

Group sales jumped 17% to AUD 135.7 million ($92.4 million) in the three months ending June 26, the company said last week. Same-store sales — at branches open more than a year — grew 2.1%.

Same-store sales in Australia rose 1.2% to AUD 66.6 million ($45.3 million). Revenue in New Zealand went up 1.2% to NZD 27.7 million ($17.1 million), while sales in Canada climbed 6% to CAD 18.4 million ($14.2 million).

Group revenue for the full fiscal year increased 7% to AUD 592.5 million ($403.6 million), with the jeweler seeing a 23% spike in e-commerce sales. Online revenue exceeded AUD 40 million ($27.2 million) for the first time, accounting for 7% of full-year sales, Michael Hill explained.

“Despite the continued backdrop of Covid-19 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,” said Michael Hill CEO Daniel Bracken. “I am particularly proud of the turnaround in our Canadian business, where we have focused on both leadership and productivity...delivering double-digit same-store sales growth.”

Michael Hill intends to focus on its transformation strategy, which includes improving its loyalty program and cutting down on discounting, it added.

Image: A Michael Hill store in Canada. (Michael Hill)
Tags: Australia, Canada, Daniel Bracken, Jewelry, Michael Hill, New Zealand, Rapaport News
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