Michael Hill International Limited has reported double-digit sales growth for the first half of FY23 across its international portfolio.
Group sales were up 11.7% on last year to $363.3 million, and 14.5% on FY21 - with seven fewer stores.
Its Australian segment revenue grew by 18% on last year and 8.8% on FY21, with its New Zealand segment growing by 13.8% on last year and by 10% on FY21.
Michael Hill’s Canada portfolio grew revenue by 0.5% on last year, and by 25% on FY21.
Michael Hill CEO and MD Daniel Bracken welcomed the result, saying the company was comping a record second quarter last year.
“This year, while the first quarter results were cycling store closures, the delivery of 4% growth in Q2 was outstanding, underpinned by yet another strong Christmas execution,” Bracken said.
“The first half sales of $363m represent a new record, up $30m on the previous best half in FY20, even with 22 fewer stores.
“While record sales were a highlight, equally pleasing was our ability to maintain elevated margins despite significant input cost pressures and increased promotional activity in the market.
“Considering Canada had a record first half last year, this year’s result still delivered growth, and represents 26% growth on two years ago.”
Meanwhile, the company reported a decline in digital sales of 9% on last year, however they were still up 30% on H1 FY21.
It also announced a successful transition to its new state-of-the-art global headquarters in Brisbane, which houses the global leadership team and functions, a high-tech distribution centre and a reimagined artisanal jewellery workshop.