Jewellery retailer Michael Hill has announced a revenue increase for the past fiscal year. The company’s success is notable in its Canadian and Australian markets.
The jeweller saw its overall revenue climb by 4.2 percent, reaching A$644.9 million – the Australian retailer reports in its local currency. The growth was primarily driven by strong performances in Canada and Australia.
In Canada, Michael Hill’s retail segment experienced a modest but positive growth. Revenue in the market increased by 0.6 percent, amounting to C$157.1 million. The company currently operates 85 stores across Canada.
The Australian market saw a substantial 10.3 percent increase in revenue, totaling A$359.1 million. With 171 stores in Australia, it remains the company’s largest market.
The New Zealand retail segment experienced a decline of 11.8 percent, with revenue falling to NZ$114.8 million. Michael Hill has 44 stores in New Zealand.
Daniel Bracken, Michael Hill’s Managing Director and CEO, highlighted several strategic initiatives undertaken during the year. He noted that the retailer has refreshed the Michael Hill brand to support its premium market positioning. He also noted the expansion and integration of the newly acquired Bevilles brand, which caters to the value segment of the fine jewellery market.
Sustainability has also been a key focus for Michael Hill. The company launched its Re:new Ecosystem, which includes gold recycling and jewellery repair services. Additionally, the Michael Hill Foundation was established, further demonstrating the company’s commitment to corporate social responsibility.
The company has reported encouraging early results for the current fiscal year. In the first eight weeks, group sales increased by 3.2 percent compared to the same period last year. Australia and Canada continued their upward trajectory, with sales growth of 5 percent and 4 percent respectively. However, New Zealand saw a further decline of 6.2 percent.
As part of a rebrand, Michael Hill will be selectively renovating stores beginning in key markets. In Canada, that includes refreshed flagship concepts in Toronto and Vancouver, with details to follow.
