Michael Hill Records Full-Year Revenue Record

Group sales at Michael Hill rose for the full fiscal year to a record total, as the retailer’s leadership focused on new business strategies and streamlining its brand portfolio.

Revenue increased 1.9% to AUD 655.7 million ($469.6 million) for the year that ended June 28, the Australian jeweler said last week. Same-store sales – at branches open for at least 12 months – were up 3%, with the first-half momentum carrying into the second six months. Same-store sales in Australia rose 4.8%, and those in Canada increased 7%. In New Zealand, same-store revenue improved 3.6%. 

“We’re listening more closely to our customers and our teams, we’ve simplified the business, and we’ve doubled down on quality jewelry made to be worn and given with confidence,” said Michael Hill CEO Jonathan Waecker.  “As a result, sales are up across every market [and] profitability has improved sharply.”

The group reported a net profit of AUD 10 million ($7.2 million), more than quadrupling the AUD 2.1 million ($1.5 million) it achieved last year, as it implemented its decision to focus on its two core brands: Michael Hill and Bevilles. Net debt dropped to AUD 5.5 million ($3.9 million) as of June 28, versus AUD 41.9 million ($30 million) in 2025.

During the year, the jeweler opened four Michael Hill flagship stores – two in Australia and two in Canada – though overall it closed a net six locations. In total, the retailer had 281 stores operating at the end of the fiscal year.

The company also announced that director and chair Rob Fyfe would retire at the end of November. Fyfe joined the company’s board in 2014 and became director of Michael Hill two years later. He has served as chair since 2021. The board has named deputy chair Claudia Batten to succeed Fyfe as chair.

Image: A Michael Hill store in Toronto, Canada. (Shutterstock)

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