Friday 15th January 2021
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Michael Hill International Limited is pleased to provide a business update, together with its second quarter trading update for the period ended 27 December 2020.
The Company expects FY21H1 Group EBIT of $56m to $60m, with comparable EBIT for the half of $41m to $45m (FY20H1: $31.6m), representing 30% - 40% EBIT growth. Same store sales were up 6.3% for the half and up 5.6% for the quarter against prior year, with an outstanding performance in Australia. Margin growth in all markets and channels of 150 to 250 bps for the half against prior year, underpinned by the strategic initiatives implemented over the last eighteen months.
Commenting on the result, Michael Hill International Limited, CEO Daniel Bracken said:
“Following a strong first five months, it was particularly pleasing to see all markets deliver positive same store sales growth for the all-important Christmas trading period. I am delighted that our strong trading performance across the half, coupled with our unwavering focus on costs, has in turn delivered material EBIT growth for the Group, in spite of challenging trading conditions worldwide.
“All areas of the business have contributed to this outstanding performance, as the rhythm of the business and our strategic initiatives operated in unison. Furthermore, the disciplined in-store execution by our dedicated retail teams delivered impressive results during the critical last few weeks of December. These results reaffirm our continued focus on a balance of both margin and sales growth, underpinned by a number of our strategic initiatives - brand, digital transformation, loyalty, retail fundamentals, and product mix.
“As we emerge from our critical trading period, with a stronger balance sheet, a leaner operating model and evolving strategies, I’m looking forward to welcoming two new leaders, who together with our existing executives, will continue to transform and inspire the business for growth.
“Considering the global challenges over the last year, I couldn’t be prouder of the dedication, energy and resilience consistently demonstrated by our teams, as we prioritise best-in-class health and safety protocols and continue to delight our loyal customers. All of our global markets were directly impacted by the pandemic in the first half, and I would like to make special mention of our Victorian and now our Canadian teams, who have weathered extended periods of disruption for both themselves and their families.”
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