New Zealand-founded jewellery retailer Michael Hill International has turned the tides on its profitability, but Aotearoa is slipping behind the group’s global success.
With 285 stores across Australia, Canada and New Zealand, Michael Hill saw its half-year revenue reach $440.3 million, up 3 per cent year-on-year.
Founded in 1979 in Whangarei by the late Sir Michael Hill and Lady Christine Hill, the jeweller has began to generate consistent sales momentum.
The company recorded a net profit after tax (NPAT) of $26.4 million for the period, a 32 per cent increase. This represents a turnaround from when the company recorded a loss in its 2024 full-year results.
Australian sales led the way at $248.1 million for the period, followed by Canada with $125.6 million. The New Zealand figure was $62 million.
However, unlike both Australia and Canada, New Zealand’s gross margin declined by 60 basis points, to 58.3 per cent. Same store sales had the smallest increase of the group, up 1.8 per cent, and the NZ-store network was the only country to have a net loss in store count, losing two locations in the period.
“Over the half, we acted on that by tightening our product focus, improving our go-to-market, clarifying expectations in stores, and improving how we communicate across our teams,” CEO Jonathan Waecker, said,
Waecker began his role in August 2025, following the death of the company’s founder.
He added: “Most importantly, this result reflects the work of our teams. Their willingness to adapt, execute consistently and build on what is working gives me the confidence that we are strengthening the business and creating a more sustainable platform for growth.”
The company opened three flagship stores in Adelaide, Sydney, and Toronto ahead of the busy Christmas period.
“While we remain mindful of current economic conditions, the first half demonstrates that consistent execution of retail fundamentals is translating into improved performance for the Group,” Waecker said.
In the first eight weeks of the second-half of the financial year, Michael Hill’s NZ division has shown signs of acceleration, with same-store sales growing by 7.1 per cent year-on-year.
