Michael Hill boosted profits in the first half of its financial year, even though many of its stores were closed due to the pandemic. Michael Hill’s first-half profit surged 82 per cent after the jewellery retailer closed its least profitable stores and moved more sales online during the Covid-19 pandemic, boosting profit margins. Net profit jumped to A$39 million (NZ$42m) in the 26 weeks to December 27, from A$21.4m the previous year, Michael Hill said on Wednesday. The company said that on a comparable basis, its pre-tax profit rose 41 per cent to A$44.6m. Supplied Michael Hill chief executive Daniel Bracken says he’s encouraged by the strong start to the second half of the financial year.

Source: Stuff February 23, 2021 23:21 UTC