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Despite Covid, Michael Hill’s Profit Soars in FY2021

Michael Hill lost 10,447 store trading days in FY21, but its bottom line wasn’t hurt
Michael Hill Jewelry Store
Credit: Nils Versemann / shutterstock.com

Repeated lockdowns in Australia and New Zealand affected Australian jewelry chain Michael Hill – but its online sales and net profit only grew in FY2021, IDEX Online reports.

 

US luxury jewelry shoppers
Credit: Syda Productions / shutterstock.com

 

Michael Hill stores lost 10,447 store trading days in FY21: 3,458 days were lost in Australia, 6,525 days were lost in Canada, and 464 days were lost in New Zealand. However, revenue rose 17% in Australia, 19% in New Zealand and 7% in Canada. Same store sales grew 8.6% overall – 13% in Australia, 7.1% in New Zealand and 6.8% in Canada.

 

diamond internet computer
Credit: Piotr Zajda / shutterstock.com

 

Net profit after tax jumped to $45.3 million (from $3.1 million in FY20). In addition, online sales jumped 53% to $35 million with 18.6 million users.



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