Michael Hill International has reported stronger trading performance for fiscal 2026, with higher group sales and an expected increase in earnings before interest and tax (EBIT) of up to 57%, reflecting improved consumer demand across its core markets.
The jewellery retailer said sales growth was supported by positive trading across Australia, Canada and New Zealand, with same-store sales improving in each market. Canada continued to deliver the strongest comparable sales performance, while Australia recorded steady growth and New Zealand returned to positive comparable sales after previous declines.
According to the company, higher sales volumes, a stronger product mix and disciplined cost management contributed to the improved earnings outlook despite continued pressure from elevated precious metal prices, particularly gold. Gross margins remained broadly stable as pricing initiatives and merchandising strategies helped offset higher input costs.
Michael Hill added that inventory levels were reduced during the period, while its balance sheet strengthened through an improved net cash position. The company also indicated that trading momentum continued into the second half of the financial year, with positive same-store sales growth recorded across all three operating regions.
The latest performance reflects resilient consumer demand for jewellery despite ongoing macroeconomic pressures and higher raw material costs. For the wider jewellery industry, the results underline continued demand in key international retail markets, particularly for branded jewellery retailers that have focused on product innovation, pricing discipline and omnichannel execution.
Michael Hill operates a retail network across Australia, New Zealand and Canada. The company's latest trading update offers a positive indicator for the global jewellery retail sector, suggesting consumer spending on jewellery has remained comparatively resilient even amid a challenging operating environment.
