Australia

Michael Hill International turnaround steadily on track

Michael Hill International Ltd (ASX:MHJ) (NZX:MHJ) December quarter trading update shows same-store sales continue to grow.

The Michael Hill jewellery store network is broken down into three segments, Australia, New Zealand and Canada.

Same stores growth in AUD was up 4.0% in the quarter over the same period last year and up 1.57% in local currency.

Strong October and November

MHJs CEO Daniel Bracken said: “Overall, we are pleased with our result for this all-important second quarter.

“The business had a solid October and a very strong November on the back of launching our Christmas campaign early to capitalise on the Black Friday weekend.

While the shift in consumer behaviour saw a significant uplift in November sales in all markets, our sales in early December were somewhat disappointing.

“As we anticipated, the Christmas trading pattern changed significantly this year, with a pull-forward of sales into November.

Australian retail remains challenging

“Pressure on gross margin continued in all markets, with deep-discounting from many competitors.

“The Australian retail environment was particularly difficult given pRead More – Source