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Michael Hill defies luxury low in the lead up to Christmas

Jewelry retailer Michael Hill has continued to see growth despite the continued flatlining of the luxury market, with the onset of the holiday season boosting sales.

During the 22 weeks to the end of November Michael Hill saw sales grow 7.9 per cent against last year, with margin growth of 200bps. Online growth more than doubled during the same period, up 110 per cent.

And in New Zealand the business saw same store sales grow 3.6 per cent to $47.5 million.

“As we enter the all-important month of December, I’m pleased that the company is well placed with a strong product offering, our best ever Christmas campaign, and an energised retail team across all geographies,” said CEO Daniel Bracken.

“Having said this, the two weeks of trade leading up to Christmas are critical to the company’s overall performance and we are keeping a close eye on the evolving restrictions in Canada.”

Canada, one of Michael Hill’s major regions, instated a mandatory work-from-home measure and banned all outdoor gatherings for at least the next month after Covid-19 cases continued to soar out of control.

“The health and safety of our team members and customers remains a priority for the company as we continue to provide team member support and ensure appropriate instore protocols are available,” Bracken said.

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