Strong Holiday Sales Spur Record Revenue at Michael Hill

Revenue at Michael Hill rose 12% year on year in the first fiscal half, bolstered by increased spending throughout the Christmas season.

Sales came to a record AUD 363.3 million ($252.5 million) in the six months ending January 1, the Australian jeweler said last week. Revenue was up 15% compared to the same period two years ago, even though the company had seven fewer stores in operation.

Online sales dipped 9% versus a year earlier as consumers returned to brick-and-mortar shopping. The previous year, e-commerce sales jumped amid a rise in Covid-19 cases and store lockdowns. In the most recent half year, digital sales were 30% higher than in the same period two years before.

“I’m particularly proud of these results given we were comping a record second quarter last year, where we benefited from pent-up demand and strong economic conditions,” said Michael Hill CEO Daniel Bracken. “Growth in the second quarter was outstanding, underpinned by yet another strong Christmas execution.”

Sales in Australia climbed 18% year on year to AUD 190.6 million ($132.5 million) and went up 14% in New Zealand to NZD 76.3 million ($49.4 million). In Canada, revenue rose 0.5% to CAD 92.2 million ($68.9 million).

Image: A Michael Hill store in Queensland, Australia. (Shutterstock)