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Michael Hill Rides Brand Strategy Wave to Revenue Uplift June 12, 2023 (0 comments)


Queensland, Australia--Amid a strategic shift towards reducing discounts, Michael Hill Intl., the Australian jeweler, reported an 11% year-on-year revenue rise in the first half of the current fiscal year. 

The bounce-back to in-store shopping reached a record-setting AUD $363.4 million ($244 million) sales figure for January 1.

According to a Rapaport report, the company's customer loyalty program, Brilliance by Michael Hill, emerged as a cornerstone of their success, contributing to 82% of overall sales. Meanwhile, profits nudged by 1% YoY to AUD 37.6 million ($25.2 million).

In the report, Michael Hill's CEO, Daniel Bracken, credited the firm's strategic growth initiatives for driving record results and said it ”reaffirms the success of our brand elevation journey.”

The report noted that the first half saw a 9% year-on-year dip in online sales as consumers favored physical outlets over digital platforms. Yet, the retailer pointed out that e-commerce revenue saw an impressive 30% surge compared to the same period two years ago and a massive 148% growth since the pre-Covid-19 era.

The report added that the Australian market led with an 18% YoY revenue increase, hitting AUD 190.6 million ($128 million). Same-store sales witnessed a 9% uptick. New Zealand followed suit with a 14% sales increase to NZD 76.3 million ($46.9 million) and a 10% rise in Same-store sales. Canadian revenue remained stable at CAD 92.1 million ($67.7 million).

“With the impacts from Covid-19 behind us, significant productivity gains on pre-pandemic trade have been delivered across an optimized store network in all markets,” Bracken concluded, as per the report.

Learn more in the Rapaport report.

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