Michael Hill reports sales, ebit decline in 2025

Michael Hill has reported a decline in comparable ebit and group sales for the first half of the 2025 financial year.

The jewellery retailer said group comparable ebit is expected to be in the range of $22.5 million to $24m, down from $31.3m in the same period last year.

Group sales were $359.1m, a 1% decrease from $362.7m in the previous year.

The decline in sales was attributed to challenging trading conditions in New Zealand, which offset the strong performance in Canada and Australia.

However, the company said its gross margin is expected to be in the range of 61% to 61.5%, demonstrating momentum in margin recovery.

Digital sales represented 8% of total group sales for the half.

Michael Hill said it has identified targeted initiatives to deliver $5m of cost reductions in the second half.

The company's store network now consists of 294 stores, down from 300 in the previous year.