Sales in Australia improved by 12 per cent, countering declines in New Zealand (12 per cent) and Canada (1.6 per cent).
Revenue in the second half ($AUD278.6 million) increased by 4.9 per cent. CEO Daniel Bracken said these sales figures were pleasing due to difficult trading conditions.
“While challenging economic conditions have persisted across all markets throughout the year, particularly in the fine jewellery segment, the group has continued to outperform the category, with a focus on retail fundamentals and execution of its clearly articulated strategies,” he said.
“While FY24 was disappointing, and trading conditions are expected to remain challenging, initiatives are underway to drive sales and productivity, enhance margin, optimise inventory, prioritise and reduce capital expenditure to protect the balance sheet and further embed cost-conscious discipline across the business.”
Bracken noted the opening of a flagship store in Chadstone and the appointment of Miranda Kerr as brand ambassador as key highlights.
The retailer also reported a double-digit increase in digital sales over the past year. Michael Hill operates more than 170 stores in Australia and around 300 worldwide.
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