Michael Hill has praised the performance of its transformation strategy as it releases its Q3 trading update.
During the period, the business reported growth across store sales, group margin, eCommerce and its loyalty database, despite still facing COVID-19 challenges.
"Considering the ongoing challenges of navigating COVID-19, particularly in Canada, this result demonstrates the resilience of the Michael Hill business and further validates our transformation to a modern, differentiated, omni-channel jewellery brand," CEO Daniel Bracken said of the results.
"I’ve never been more confident in our leadership team, and with a clear plan for growth, we are well-placed for continued strong results despite the uncertain environment," he said.
In Q3, Michael Hill reports that same store sales were up 16.4%, with all store sales up 11.6% for the quarter against prior year.
eCommerce sales were up 69.2% against Q3 FY20, and up 93.3% in the year to date (ytd).
Michael Hill's digital channels now represent 5.6% of total sales ytd compared to 2.9% last year.
Meanwhile, the business' loyalty program Brilliance grew to over 600,000 members while group margin increased more than 200 bps for the quarter compared to prior year.
"I’m delighted by these results, delivering further margin improvement and double-digit sales growth in all markets," Bracken added.
"Our strategic growth agenda underpins this performance as we accelerate digital innovation, embrace new ways to shop and elevate our brand," he said.
During Q3, Michael Hill closed one underperforming Australian store, closing out the period with 288 stores across all markets.
The Group also entered into a new financing facility in Q3, jointly funded by its long-term banking partner ANZ, and with the introduction of a new lender, HSBC.
This new $70 million facility is currently undrawn, with a term to February 2024.