Michael Hill's Canadian operations drive record earnings for jeweller
Earnings hit $10 million, up 376%, while Canadian same-store sales grew 7 percent, outpacing Australia's 4.8 percent.
Michael Hill reported full-year revenue of $655.7 million, up 2 percent. Canadian stores are now the strongest performer.
Australian same-store sales rose 4.8 percent as shoppers shifted spending toward higher-quality items. The jeweller has custom-made rings in 40 of its 245 stores and plans to expand to all of them.
It also launched water-resistant silver jewellery for $39-59. CEO Jonathan Waecker says Australians are still spending but on better quality and experiences.
The company rewarded shareholders with a 2-cent dividend after a two-year break.
- 7 percent
- Canadian same-store sales growth
- 40 of 245 stores
- Custom-made rings availability
- 10 million dollars, up 376 percent
- Full-year earnings
- 39 to 59 dollars
- Water-resistant silver price range
Why it mattersShows how luxury brands adapt when budgets tighten, shifting focus to quality and customisation rather than volume sales.
