Michael Hill International same store sales rise 6.6%

• Group same-store sales increased by 6.6% on a constant currency basis in the first 16 weeks of FY27.
• The announcement supported a 3.03% rise in the company’s share price to $0.33.
• Management expects continued profitable growth throughout the year driven by new product ranges and marketing campaigns.

Michael Hill International (ASX:MHJ) reported a 6.6% increase in group same-store sales on a constant currency basis for the first 16 weeks of FY27.

The sales growth marks a solid start to the financial year, with group sales up 2.3% in Australian dollars compared to the previous year.

“Christmas is our most important trading period, and despite the uncertain economic environment, we’re optimistic about the opportunity ahead. Our focus from here is simple: execute our plan well and deliver a fantastic Christmas for our customers,” said Michael Hill International CEO Jonathan Waecker.

Regional performance was led by Canada, with same-store sales up 11.3%, followed by New Zealand at 7.1% and Australia at 4.0% in local currencies.

Management stated that gross margins remain in line with the prior year as new colour, bridal, and tennis bracelet ranges draw in customers.

Following the announcement, the Michael Hill International share price was up at $0.33.

The jewellery retailer recently completed a strategic operational reset aimed at refining product offerings and tightening promotional strategies.

The efforts helped the business deliver a record overall revenue figure of $655.7 million for the preceding full financial year.