Michael Hill Posts Record Revenue, Net Debt Falls Sharply

Michael Hill International posted record revenue of AUD 655.7 million in its fiscal year 2026, up 4.1% in constant currency and 1.9% in Australian dollars. The jewelry retailer's turnaround gained pace, with same-store sales growth across all markets and comparable EBIT rising 57% to AUD 24 million.

The company reduced net debt sharply and restored its dividend, while shares rose 2.04% to $0.35. Net debt fell to AUD 5.5 million from AUD 41.9 million a year earlier, and the board declared a final dividend of AUD 0.02 a share, partly franked.

Management attributed the improvement in results to a simpler brand portfolio, tighter pricing discipline, and more focused product ranges. The company's loyalty program now has 3.3 million members, while custom and personalized products account for over 15% of Michael Hill sales.