Michael Hill reports slight revenue decline in 2024

Michael Hill has reported a 0.2% decline in revenue for the 2024 financial year, reaching $644 million.

The company's two largest segments, Australia and Canada, achieved revenue growth, while New Zealand experienced a 5% decrease.

Group comparable earnings before interest and tax (ebit) also fell by 3.5% to $15.3m.

Despite the challenging retail trading conditions, there was improvement in same-store sales across all segments in the second half of the financial year.

The company highlighted strong digital traffic and increased digital sales, driven by customers embracing omni-channel shopping.

Michael Hill's core priorities include embedding the repositioning of the brand, conducting a strategic review of New Zealand, and reinforcing the retail fundamentals of the Bevilles brand.

For the first seven weeks of the 2025 financial year, group same-store sales were up 3.2%, with the Australian and Canadian segments showing growth, while New Zealand had a decline.