Streamlined Focus Buoys Michael Hill Revenue

Group sales at Michael Hill rose for the full fiscal year as the retailer implemented a strategy to focus on its main brands, and demand rebounded in all markets in the second half.

Revenue for the fiscal year that ended June 28 grew 2% to AUD 654.7 million ($459.5 million), the Australian jeweler said in a trading update Friday. Same-store sales improved 3%, as momentum that began building toward the end of the first half continued into the second half of the year.

Same-store sales in Australia, which includes both the Michael Hill and Bevilles brands, increased 4.8% from the previous year to AUD 364.6 million ($255.9 million). Canada had a “record” performance for the year, up 7% to CAD 169.3 million ($120.8 million), while New Zealand gained 3.6% to NZD 108.9 million ($64 million) after “marked acceleration” in the second part of the year, the company explained.

“It was particularly encouraging to see same-store sales growth across all markets, significantly accelerating in Canada and New Zealand in the second half,” said Michael Hill CEO Jonathan Waecker. “While the operating environment remains dynamic, we’ve made good progress simplifying the group and sharpening our focus on Michael Hill and Bevilles. As a result, we’re entering fiscal 2027 with a clear strategy and confidence in the opportunities ahead.”

During the year, Michael Hill closed eight stores – four in Australia and two each in Canada and New Zealand – while opening one new store in Australia and one in Canada. That brings its total store count to 281, with 157 operating in Australia, 81 in Canada and 43 in New Zealand.

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