Trading Update

M A R K E T R E L E A S E
T R A D I N G U P D A T E T O 3 1 M A R C H 2 0 1 8

KEY POINTS

• Group revenue increased 4.5% for the nine months to 31 March 2018, with same store sales growing by 0.4%.
• The Michael Hill brand, excluding the US, delivered total store sales growth of 4.9% and same store sales growth
of 1.0%.
• Michael Hill same store sales improved 3.7% in New Zealand and by 4.1% in Canada, while Australian same
store sales declined by 0.3%.
• 15 Michael Hill stores and one Emma & Roe store were opened during the period, giving a total of 344 stores
trading at 31 March 2018 made up of 314 Michael Hill stores and 30 Emma & Roe stores. Four underperforming
Michael Hill stores have been closed during the period.
• eCommerce sales (included in the segment numbers below) increased by 62.8% to $8.2m for the period and
represents 1.8% of total sales for the Group.

GROUP SALES

Revenue from the sale of goods and services for the 9 months to 31 March 2018:

The following figures are in Australian dollars Last Year This Year % Var
Michael Hill same stores, excluding United States 405,848,264 409,729,538 1.0%
United States same stores 11,885,591 10,232,960 (13.9%)
Emma & Roe same stores 9,947,280 9,369,345 (5.8%)
Total same stores $427,681,135 $429,331,843 0.4%

Michael Hill all stores, excluding United States 421,137,201 441,583,251 4.9%
United States all stores 12,430,586 10,230,220 (17.7%)
Emma & Roe all stores 11,763,550 13,681,671 16.3%
Total all stores $445,331,337 $465,495,142 4.5%

Exchange rates used for the 9 months:
New Zealand 1.05 1.09
Canada 0.99 0.98
United States 0.75 0.78

MICHAEL HILL
• Australian same store sales closed the period 0.3% down for same store sales. Six new stores opened in
Australia during the previous nine months, giving a total of 171 stores trading at 31 March.

• The New Zealand segment continued to perform solidly with same store sales lifting 3.7% for the nine months.
Two stores were opened during the period, giving a total of 52 stores trading at 31 March.

• Canada continues to achieve steady growth with same store sales growth of 4.1% for the period and total store
sales growth of 17.0%. Seven stores were opened during the period, giving a total of 82 stores trading at the
end of March. The pace of further openings will be dictated to a large extent by the availability of suitable
locations and satisfactory lease terms.

• As previously announced, the Company is currently in the process of exiting the loss-making retail operations
in the US.

In Australian dollars, the continuing operations for the Michael Hill brand (excluding United States stores) reported
same store sales growth of 1.0% for the period. 15 new Michael Hill stores opened during the period, with 314 Michael
Hill stores trading at 31 March.

Michael Hill same store figures in local currency Last Year This Year % Var
Australia same stores AUD 238,707,737 238,069,472 (0.3%)
New Zealand same stores NZD 91,740,082 95,164,541 3.7%
Canada same stores CAD 79,598,835 82,895,136 4.1%
United States same stores USD 8,953,480 7,958,746 (11.1%)

Michael Hill all stores figures in local currency
Australia all stores AUD 248,532,163 252,728.984 1.7%
New Zealand all stores NZD 92,907,583 96,948,421 4.3%
Canada all stores CAD 83,939,477 98,192,166 17.0%
United States all stores USD 9,364,464 7,956,618 (15.0%)


EMMA & ROE
Total sales growth for the brand was 16.3% for the period with same store sales declining 5.8%. Emma & Roe results
during the third quarter have been negatively impacted by the announcement to reduce the brand’s store footprint.
The Company continues to work through repositioning the brand in the demi-fine jewellery segment. Additional details
regarding the brand repositioning will be announced by the Company as appropriate and in accordance with its
disclosure obligations.


Emma & Roe same store figures in local currency Last Year This Year % Var
Australia same stores AUD 9,458,261 8,943,468 (5.4%)
New Zealand same stores NZD 514,023 464,198 (9.7%)

Emma & Roe all stores figures in local currency
Australia all stores AUD 11,274,531 13,255,794 17.6%
New Zealand all stores NZD 514,023 464,198 (9.7%)


The above figures for Michael Hill and Emma & Roe represent eight months accounting adjusted sales results plus March
preliminary sales figures prior to final accounting adjustments, and are unaudited. Revenue figures stated above include
the Professional Care Plan (PCP) revenue brought to income during the period and sales through our store and online
channels. The PCP income recognition pattern is based on existing estimates and is subject to ongoing management
review and adjusted at half year/year end as required.


Investors:
Andrew Lowe
Chief Financial Officer
+61 7 3114 3505
andrew.lowe@michaelhill.com.au


ABOUT MICHAEL HILL INTERNATIONAL
Michael Hill International was founded by Sir Michael Hill in 1979 when he opened his first jewellery store in Whangarei,
New Zealand. The Group currently has 344 stores globally with 314 Michael Hill stores in Australia, New Zealand, Canada
and the US, and 30 Emma & Roe stores in Australia and New Zealand. The Group’s global headquarters, including its
wholesale and manufacturing divisions, are located in Brisbane, Australia. The Company is listed on the ASX (ASX:MHJ)
and the NZX (NZX:MHJ).

For more information:
www.investor.michaelhill.com
www.michaelhill.com.au/
www.emmaandroe.com.au