Michael Hill Posts Record Revenue Amid Turnaround

Michael Hill International reported a record-breaking revenue of AUD 655.7 million in its H2 2026 turnaround, representing a 4.1% increase in constant currency and 1.9% in Australian dollars.

The jewelry retailer saw same-store sales rise by 5.2% in constant currency across all markets, with growth in Canada, Australia, and New Zealand.

Comparable EBIT increased 57% to AUD 24 million, lifting the margin to 3.7% of revenue, while net debt fell sharply from AUD 41.9 million to AUD 5.5 million.

The company has been repositioning itself around 'making modern luxury accessible', focusing on design, craftsmanship, and customer experience rather than price alone.