Jewelry retailer Michael Hill International showed signs of a strong recovery from the pandemic-induced crisis, with shares rising 13.22%, closing $ 1.30 per share when trading ended on December 30.
The numbers supported the company’s activity update that covered the Christmas trading period and an early performance indicator for the six-month period ending December 26.
Despite extended shutdowns due to the July-November COVID-19 closures in Australia and New Zealand, the company has managed to open all of its international stores in time for the Christmas shopping season.
“Even with the uncertain business conditions stemming from the Delta and newer variant of the Omicron COVID, Michael Hill generated both sales growth and sustained margin expansion in November and December,” the company said in its commercial update.
The company is expected to exceed comparable earnings before interest and taxes of $ 44.6 million for the first half of fiscal 2021.
Headquartered in Brisbane, Michael Hill International is listed on both ASX and NZX and operates 285 stores in Australia, New Zealand and Canada.
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