Michael Hill has told investors of its positive earnings performance following an overhaul of its portfolio, at the same time as the resignation of its chairman, Rob Fyfe.
The NZX-listed retailer’s after-tax profits soared by 376 per cent year-on-year in its results for fiscal 2026. This was joined by a 57 per cent increase in earnings, and 78 per cent reduction in net debt.
These gains and losses followed the group recording $801.6 million (AU$655.7 million) in revenue, a 1.9 per cent increase from 2025.
The group’s CEO, Jonathan Waecker, said the results proved the company’s transformation is working.
“We’re listening more closely to our customers and our teams, we’ve simplified the business, and we’ve doubled down on quality jewellery made to be worn and given with confidence,” he said. “As a result, sales are up across every market, profitability has improved sharply, Bevilles gained traction with a clear inflection between the halves, and we’ve restored the dividend.
“The turnaround is taking hold, there’s still plenty more for us to do, and I’m incredibly proud of what our teams have delivered through a year of significant change.”
The jeweller also told the NZX that Rob Fyfe had confirmed his retirement as chairman.
Fyfe joined Michael Hill as a board member in 2014 before being named as chair in 2021. He extended his tenure following the passing of CEO Daniel Bracken to support the company’s transition under Waecker.
“We are delighted with Jonathan’s progress and the impact he has made since joining Michael Hill as CEO almost a year ago,” Fyfe said.
Deputy chair and current director of Air New Zealand, Claudia Batten, has been named as Fyfe’s successor.
“Claudia, Jonathan and I have worked closely together in preparation for this succession, and I am confident the transition will be seamless,” Fyfe added.
Batten began as Michael Hill’s deputy chair in March last year.
“I welcome the opportunity to serve as chair of Michael Hill and, on behalf of the board, thank Rob for his significant contribution to Michael Hill over the years,” she said. “I look forward to working with my fellow directors, Jonathan and the executive team to support the continued success of the business.”
