Michael Hill sales break record but costs start to rise
Michael Hill sales broke a record in the December half year as cost pressures rise and the jewelry market moves into a phase of increased promotional activity.
The Brisbane-based company said its earnings for the half year should be between $52 million and $55 million, which was an increase on the $51.6 million last year.
Sales were up almost 12 per cent, but digital sales softened by 9 per cent as people transitioned back to in-person buying. Despite the fall, digital sales were still up 30 per cent on the first half of 2021.
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Managing director Daniel Bracken said he was particularly proud of the results.
“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,” he said.
He said the Christmas trading period was strong and executed well by the company.
