Michael Hill International reported record group revenue of A$655.7 million for FY26, up 4.1% in constant currency terms and 1.9% in Australian dollars, as its turnaround strategy delivered improved profitability and a stronger balance sheet.<\/p>\n
Comparable earnings before interest and tax (EBIT) rose 57% to A$24 million, while same-store sales increased 5.2% in constant currency terms. Gross margin remained steady at 60.5% despite higher precious metal costs and pressure on consumer spending. The company\u2019s cost of doing business declined 70 basis points to 57.1% of revenue.<\/p>\n
Statutory net profit after tax stood at A$10 million. The company attributed the difference between statutory profit and comparable EBIT partly to A$6.1 million in non-cash write-offs, largely related to the closure of its Medley and TenSevenSeven businesses. Net debt fell A$36.3 million to A$5.5 million, while inventory declined A$9.4 million to A$189.7 million, with inventory productivity improving 13%.<\/p>\n
The group ended FY26 with 281 stores, six fewer than a year earlier, following a review of its retail network and investment in selected locations. Trading momentum continued into FY27. For the first 16 weeks, through 18 October 2026, group same-store sales rose 6.6% in constant currency terms and 2.3% in Australian dollars. Sales increased 11.3% in Canada, 4% in Australia and 7.1% in New Zealand, with gross margins holding in line with the previous year.<\/p>\n
The company is prioritising digital growth, store productivity, product innovation and customer services. Its product strategy includes expanding laboratory-grown diamond offerings while reinforcing the premium positioning of natural diamonds. Its value-focused Bevilles brand is also showing renewed momentum, with management reporting sales and margin growth as the group enters the key Christmas trading period.<\/p>\n","protected":false},"excerpt":{"rendered":"
Michael Hill International reported record group revenue of A$655.7 million for FY26, up 4.1% in constant currency terms and 1.9% in Australian dollars, as its turnaround strategy delivered improved profitability and a stronger balance sheet. Comparable earnings before interest and tax (EBIT) rose 57% to A$24 million, while same-store sales increased 5.2% in constant currency…<\/p>\n","protected":false},"author":1,"featured_media":38678,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[83],"tags":[],"thb-sponsors":[],"class_list":["post-38677","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bulletin"],"acf":[],"yoast_head":"\n