The company’s latest financial statement revealed a 2 per cent increase in same-store sales, reaching $AUD150.1 million. Sales in Canada increased by 6.5 per cent, while New Zealand notched a 2.4 per cent decline.
Michael Hill’s full-year sales remained in line with the previous year, increasing by 0.3 per cent. CEO Andrew Lowe said that it was an optimistic result given market challenges.
“Despite retail trading conditions remaining challenging in all markets, the business has delivered full-year earnings and gross margin broadly in line with the prior year,” Lowe explained.
“A relentless focus on store productivity saw a second-half lift in group same-store sales of 2.4 per cent. Our Canadian segment yet again delivered record sales, which is a credit to the resilience of the business and our team.
“New product initiatives, including our Pendant Bar range and expanded LAB. collection are resonating with both existing and new customers.”
The report revealed that 14 Michael Hill stores were closed over the past year, with two stores converted to Bevilles locations and two new stores opened.
Michael Hill finished the year with 250 stores worldwide – 123 in Australia, 82 in Canada, and 45 in New Zealand. The Bevilles network currently stands at 37 stores, leaving Michael Hill International with 287 locations, a decline of 13 from the previous year.
Sir Michael Hill, founder of the company, passed away on 29 July, aged 86.
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