Diamonds and gold pressure Michael Hill’s margins

(Image: BusinessDesk)

Tue, 14 Nov 2023

The high costs of diamonds and gold are keeping group gross margin under pressure at jeweller Michael Hill while retail conditions remain challenging, it told shareholders at its annual general meeting.It reported a 2% increase in group sales for the first 19 weeks of the 2024 financial year, compared to the same period last year, but said the core Michael Hill brand experienced a decline in sales compared to the “record start” to FY23, although they are up 13% on FY22 and 15% on pre-pandemic trade in FY19. The company att...

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