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Strong online sales and fatter gross margins helped offset the impact of forced store closures, enabling the jewellery retailer to pay an interim dividend.

Michael Hill records ‘outstanding’ results in second half of 2020 Posted January 18, 2021 | By Arabella Roden • Editor In the six months to 27 December 2020, Michael Hill International (MHI)’s same-store sales increased across all three of its key markets, with expected revenue – excluding COVID-19 government subsidies – increasing to $41–45 million, compared with $31.6 million for the same period in 2019. The positive results came despite temporary closures of 37 stores in Australia and 46 in Canada due to the ongoing pandemic. The company currently operates 2...

Businesses which incorrectly accessed the wage subsidy could face criminal prosecutions. Jeweller Michael Hill, which received $3.6 million from the Government in Covid-19 wage subsidies and is now forecasting a big rise in first-half profit, should pay the money back, according to the head of a Wellington financial education firm. On Friday, Michael Hill said it expected to post a pre-tax profit of between A$56m (NZ$59m) and A$60m for the first half of its financial year to December 27. At the higher end of the range, that’s almost double the A$31.6m it reported in the same period a year ...

Michael Hill’s sales slipped 2.8% in the first half of its fiscal year as a lockdown in Canada outweighed growth in the Australian market.Group revenue decreased to AUD 317.5 million ($243.6 million) during the six months ending December 27, as 21 of the company’s 86 stores in Canada closed...

The jewellery retailer with international operations was hit hard during the pandemic, but said its local Australian sites had an outstanding Christmas.