Sales were up at Michael Hill during the first 14 weeks of fiscal 2025, painting an optimistic picture for the holiday season, according to the jeweler.
Year-on-year revenue rose 4.3% for the period, which began on July 1, the Australia-based retailer, which also has stores in New Zealand and Canada, reported last week. Same-store sales grew 4%.
Gross margins showed “meaningful improvement” following the second half of fiscal 2024, the company stated.
Michael Hill added one new store to its network during the 14-week period and refurbished three others. The group also opened two branches of its Bevilles jewelry chain, bringing the total to 38.
“As we prepare for the all-important Christmas trading period, the positive momentum we have seen in the first 14 weeks is very encouraging,” said managing director and CEO Daniel Bracken. He highlighted a new holiday campaign and the upcoming launch of the jeweler’s “pendant bar” concept in stores as helping make the company “well-placed for the critical Christmas trading period.”
Image: A Michael Hill store in Sydney, Australia. (Shutterstock)
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