Improved Summer Demand Buoys Michael Hill Revenue

Group sales at Michael Hill rose in the first seven weeks of the new fiscal year amid the addition of the Bevilles chain and a focus on increasing its offering of higher-priced goods. 

Sales for July and the first three weeks of August grew 3% year on year, while same-store sales — at branches open at least 12 months — were up 3.2%, the Australian jeweler said last week. Same-store sales in Australia climbed 3.4%, and those in Canada increased 7%. In New Zealand, same-store revenue fell 3.2%. 

Meanwhile, group revenue for the fiscal year that ended June 29 was flat at AUD 643.7 million ($417.7 million). Although the threat of tariffs, high gold prices, and “aggressive” promotions impacted revenue, the introduction of higher margin products, as well as the launch of new jewelry products, including “build-your-own” and an “elevated and sustainable” lab-grown diamond offering, largely offset those factors. Same-store sales improved 1.2% in Australia and 4.4% in Canada, while those in New Zealand fell 6%. 

“Fiscal 2025 saw a continuation of the challenging trading conditions experienced in fiscal 2024, with the added overlay of volatile gold and diamond prices, combined with the looming threat of US tariffs,” said Michael Hill chair Rob Fyfe.  

The company reported a net profit of AUD 2.1 million ($1.4 million), compared to a loss of AUD 500,000 ($324,478) the year before. Net debt stood at AUD 41.9 million ($27.2 million) as of June 29, versus AUD 38.7 million ($25.1 million) in 2024. The jeweler closed a net 12 Michael Hill brand stores during the period and converted two to the Bevilles label. In total, the retailer had 287 stores in operation at the end of the fiscal year. 

Image: A Michael Hill store in British Columbia, Canada. (Shutterstock)