Highlights

• Michael Hill reported developments in jewellery sales during its latest trading and annual financial updates to shareholders.

• The company returned to Dividend payments as it continued serving customers through its jewellery retail network.

• Its financial disclosures detailed annual revenue, profitability and Capital management against the previous reporting period for investors.

• Recent company announcements also addressed trading conditions and the operating performance of its international retail business.

Higher jewellery sales and the resumption of distributions are guiding the latest narrative for Michael Hill International Limited (ASX:MHJ). The retailer has highlighted recent trading and the performance of its store network.

Recent Developments

On 22 October 2026 Michael Hill lodged a price-sensitive trading update during its AGM. According to a summary of the filing on investorpa, group same-store sales for the first 16 weeks of FY27 were up 6.6% on the prior year in constant currency, and up 2.3% in Australian dollars. Gross Margin was stable on the prior year, and management said new product ranges and campaigns were attracting new and returning customers. Management said it expects continued profitable growth through the year.

Jewellery Retail Network

Michael Hill is a jewellery retailer listed on both the ASX and NZX, with stores in Australia, Canada and New Zealand. At the half-year to 28 December 2025, its network was 285 stores, down from 294 a year earlier, .

Financial picture

ASX data show Revenue of AUD 655.7 million and Net Income of about AUD 10.0 million for FY26, up from AUD 643.7 million and AUD 2.1 million in FY25. In FY24 the company recorded a loss of about AUD 0.5 million, and in FY23 a profit of AUD 35.2 million. The company has about 385 million shares on issue and a Market Capitalisation of around AUD 127 million. The shares have traded between 30 cents and 47.5 cents over the past 52 weeks, and ASX data record a dividend of 2 cents with an ex-date of 7 September 2026. Inventory fell AUD 11.3 million to AUD 201.9 million, and the company moved from net Debt of AUD 9.8 million to net cash of AUD 20.7 million. No Interim Dividend was declared at that stage, though management said it intended to return to dividends at the full-year result.

Sector context and risks

Discretionary retailers are exposed to consumer confidence, and jewellery is affected by the cost of gold and silver. Michael Hill itself noted higher precious metal input costs in its half-year result, offsetting them through product mix and pricing. Currency also matters: the gap between the constant-currency and Australian dollar same-store sales figures in the October update shows how much exchange rates can affect reported growth. Net income of AUD 10 million on AUD 656 million of revenue is a thin margin, and the company’s Market Value is small. Cost control and inventory discipline will matter if sales growth slows.