Michael Hill International
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Michael Hill International (MHJ) investor relations material

Michael Hill International H1 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H1 2026 earnings summary1 Mar, 2026

Executive summary

  • Profitable growth achieved in H1 FY26, with comparable EBIT up 28.6% to $31.0m, driven by revenue growth, improved execution, and stable gross margins across all markets.

  • All three markets—Canada, Australia, and New Zealand—contributed positively, with Canada reaching record sales and SSS growth of 6.1%, Australia SSS up 4.8%, and New Zealand SSS up 1.8%.

  • Operational focus included simplifying processes, customer-centric strategies, disciplined promotional activity, and product innovation, including new collections and enhanced in-store experiences.

  • Opened and refurbished flagship stores in Australia and Canada, and transitioned to a new distribution centre in New Zealand, enhancing customer engagement and supply chain efficiency.

  • No interim dividend declared; Board intends to resume dividends at full year results, subject to trading conditions.

Financial highlights

  • Group revenue increased 3.0% year-over-year to $371m, with same store sales up 3.8%.

  • Gross margin held at 61.2%, with higher input costs offset by promotional activity and improved product mix.

  • Net cash position improved to $20.7m from net debt of $9.8m, aided by working capital initiatives and supplier term renegotiations.

  • Inventory reduced by $11.3m to $201.9m, reflecting tighter discipline.

  • Net profit after tax attributable to members was $22.26m, up 32.0% year-over-year.

Outlook and guidance

  • Early second half trading shows continued momentum: total group sales up 4.5%, same store sales up 6.0% in the first eight weeks.

  • Australian SSS up 6.5%, Canadian SSS up 13.0%, and New Zealand SSS up 7.1% in early FY26H2.

  • Board intends to reinstate dividends at full-year results, subject to trading conditions.

  • Investor Day scheduled for April 2026 to provide further strategic updates.

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Frequently asked questions

Michael Hill International Limited is a New Zealand-based jewelry retailer known for designing and selling a range of fine jewelry, including rings, necklaces, bracelets, and watches. The company operates retail stores across Australia, New Zealand, and Canada, as well as an e-commerce platform to reach global customers. Michael Hill focuses on quality craftsmanship and innovative design, offering both classic and contemporary jewelry collections. The company is headquartered in Brisbane, Queensland, and its shares are listed on the ASX.

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