• Global economic uncertainty and challenging retail trading conditions persisted
• Australia and Canada delivered revenue growth
• Significant progress on Michael Hill initiatives, including new flagship store and brand concepts
• Inventory well-managed despite high gold prices

Michael Hill International Ltd has reported its FY25 results, with the company facing global economic uncertainty and challenging retail trading conditions, particularly in its New Zealand market. Despite these headwinds, the company's two largest segments, Australia and Canada, delivered revenue growth. FY25H2 saw an improvement in same-store sales across all segments, and the company made significant progress on its key initiatives, including opening a second global flagship store in Bourke St, Australia, refurbishing its Queenstown, New Zealand store with a new brand identity, successfully launching the Pendant Bar concept focused on build-your-own and ready-to-wear gifting, and elevating the quality of its sustainable 'LAB.' diamond offering. The company also established a new distribution centre in New Zealand. Financially, the group's revenue, gross profit and comparable EBIT were broadly flat year-over-year, with the company maintaining tight control over inventory despite high gold prices. The group ended the year with net debt of $42 million, in line with the prior year.