Jewellery group Michael Hill International has reported a growing start to FY27, with Australia, New Zealand and Canada seeing like-for-like sales growth through the first 16 weeks.
Despite the good results, the Australian segment started the first eight weeks of FY27 at a lower growth position compared to all of FY26, with LFL sales growing just 1.7 per cent in AUD currency. For all of FY26, Australian LFL sales were up 4.8 per cent.
For the first 16 weeks of FY27, Australian LFL sales growth bumped up to 4 per cent.
Canada is Michael Hill’s strongest growth region, with comparable sales up 9.8 per cent in the first eight weeks of FY27, and up 11.3 per cent for the first 16 weeks, both in Canadian dollars.
Meanwhile, New Zealand saw a 3.3 per cent lift in LFL sales in the first eight weeks, which bumped up to 7.7 per cent for the first 16 weeks, in local NZ currency.
Michael Hill International overall LFL sales were up 6.6 per cent in the first 16 weeks, which is higher than the 3 per cent same-store sales growth for all of FY26. In AUD, this was up 2.2 per cent.
As well as the Michael Hill retail jewellery business, the group also manages Bevilles Jewellers, holding 279 stores across both banners.
The group also noted that gross margin is holding in line with the prior year. In FY26, group gross margin was 60.5 per cent, which was unchanged from FY25. Michael Hill cited disciplined pricing and retail execution, as well as refreshed go-to-market campaigns for the margin hold.
This includes new colour, bridal, and tennis bracelet ranges, which the group claimed is bringing in new customers and luring back existing ones.
Management expects continued profitable growth through the year.
“We’re encouraged by the momentum building across the group,” group CEO Jonathan Waecker said. “Our product offer is stronger, our go-to-market campaigns are resonating, our teams are energised, and we’re executing with greater consistency.
“Christmas is our most important trading period, and despite the uncertain economic environment, we’re optimistic about the opportunity ahead. Our focus from here is simple: execute our plan well and deliver a fantastic Christmas for our customers.”