Michael Hill performance continues to sparkle

Michael Hill Jeweller has delivered its eighth consecutive quarter of sales growth. Store and online sales for the year ended June 27, 2021, were up 8.6 per cent on last year and 10 per cent on 2019. Digital sales were up 51.1 per cent and for the first time exceeded $30 million, making up 6.2 per cent of all sales. Managing director Daniel Bracken credits this growth to the company’s ‘‘strategic transformation agenda’’. Despite losing 10,447 store trading days due to Covid-19 lockdowns, store sales were up 13.5 per cent for the year. Michael Hill Jeweller had a year-end net cash position of $70m. The company also credits its strong business performance to ‘‘disciplined inventory management, coupled with an unwavering focus on cost’’. Over the year it opened one new shop. It has 285 stores across New Zealand, Australia and Canada.