Michael Hill's robust FY25 start

Michael Hill (ASX:MHJ) has reported a promising start to FY25 during its Annual General Meeting on 23 October 2024. The company experienced a 4.3% increase in group sales and a 4.0% rise in same-store sales in the first 14 weeks of the financial year. Strong performances in the Australian and Canadian markets were highlighted.

Michael Hill's strategic moves for FY25

Michael Hill is strategically enhancing its operations and sales performance as it enters FY25. The company reported an increase in group and same-store sales, driven by significant improvements in the Australian and Canadian markets. The company is focusing on improving gross margins through product and brand initiatives and is committed to efficient cash management and inventory control. The store network is expanding with new brand designs, and the Bevilles network has grown to 38 stores. As the critical Christmas trading period approaches, Michael Hill is implementing new initiatives such as the Pendant Bar concept and a fresh marketing campaign, 'It's a Michael Hill Christmas.' With a solid start to the year, Michael Hill is poised for continued growth, leveraging its robust market presence and strategic initiatives.

CEO's insights on FY25 progress

CEO Daniel Bracken expressed optimism for the Christmas period, highlighting the positive momentum in the first 14 weeks of FY25.