Michael Hill has released its trading report for the financial year and revealed that store sales increased by 17 per cent for the last quarter building on a yearly growth of 7.3 per cent. This result was achieved despite the lockdowns and closures of the last two years.
“I’m delighted with our full year trading results,” said Daniel Bracken, CEO and managing director of the company. “Despite the continued backdrop of COVID 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.”
Digital sales also saw a record performance and increase on the previous year. Online sales were up 23 per cent compared to last year, bringing in more than $40 million worth of sales.
The brand marked the Brilliance by Michael Hill loyalty program as an important contributor to its success. The program has more than 1.4 million members to date.
“These results reaffirm our continuing journey to elevate the Michael Hill brand through our marketing, our product, our stores, and our people,” said Bracken.
The company said it experienced no adverse supply chain impacts on stock levels throughout the year. Three underperforming stores were closed in Australia.
Michael Hill International operates 280 stores throughout Australia, New Zealand, and Canada.
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