- Michael Hill International publishes its trading report for FY21Q2.
- The Company witnesses a solid growth in its digital sales, with well-managed earnings, hence overcoming the challenges imposed by restrictions and lockdowns.
This jewellery retailer is known for its distinct and appealing jewellery and operates around 300 stores across New Zealand, Australia, and Canada.
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Surge in digital sales and focused cost control measures
In the said quarter, the Company's witnessed strong same-store sales in all its markets, which climbed 15.5% when compared to FY21 Q1.
Further, as against the previous quarter, digital sales clocked a massive growth by 58.2%, i.e., in FY21 Q1, the digital sales were just 5.3% of the total sales but in FY21 Q2, the online sales represented 9.4% of the cumulative sales.
However, due to the outbreak of Delta variant across New Zealand and Australia, all store sales dipped by 10% as compared to the preceding quarter.
Nonetheless, prudent cost control management, increased margins clubbed with strong same-store sales, and a surge in online sales, mitigated the impacts of restrictions and lockdowns on Michael Hill International Limited’s earnings.
Daniel Bracken, MHJ’s MD and CEO, welcomes the Company’s impressive quarter performance, underpinned by sustained margin growth and focused cost control, and delivering positive same-store sales growth since FY19 Q3.
Michael Hill International continues to focus on enhancing its business by expanding its omni-channel offerings, thereby delivering increased growth and brand performance.
At the time of writing, on 13 October, Michael Hill International soared by 5.26% at NZ$1.000.