Trading Update

ASX AND NZX ANNOUNCEMENT

Trading Update


23 October 2024
Michael Hill International Limited (ASX/NZX: MHJ) Annual General Meeting is being held today. The AGM presentation
incorporates a trading update for the first 14-weeks of FY25.
• Group Sales – Group sales were up 4.3% on LY, and Group same store sales were up 4.0%, driven by particularly strong
performance from both Australian and Canadian segments.



FY25
to Wk14
All Stores
FY25
to Wk14
Same Stores

Revenue for retail operations

% Var to LY % Var to LY




Segment figures in local currency



Australia segment AUD
6.5% 6.3%
Canada segment CAD
5.7% 4.7%
New Zealand segment NZD
-4.8% -4.2%


Group Sales AUD
4.3% 4.0%

• Gross margin – As previously signaled, product and brand initiatives are delivering group gross margin recovery, resulting
in meaningful improvement since FY24H2.
• Cash management – The Group remains focused on inventory management, capital and operational cost control, along
with optimisation of store rostering.
• Store network – During the period, the new brand design elements were incorporated into four Michael Hill stores (three
refurbishments and one new store). Additionally, two conversion Bevilles stores were opened during this period, bringing
the Bevilles network to 38 stores in total.

Commenting on the result, Managing Director and CEO of Michael Hill International Limited, Daniel Bracken said:
“As we prepare for the all-important Christmas trading period, the positive momentum we have seen in the first 14 weeks is
very encouraging. I’m particularly excited about the launch of our new Pendant Bar concept, providing a unique gifting
proposition for Christmas. Couple this with next week’s launch of our new campaign – “It’s a Michael Hill Christmas”,
together with our best-in -class instore visual merchandising and focused retail execution from our teams, I’m confident that
we are well-placed for the critical Christmas tra ding period.”



This announcement is authorised for release by the Board.
ENDS

Michael Hill International Limited ABN 25 610 937 598
34 Southgate Avenue, Cannon Hill, QLD 4170

For more information, please contact:


Investors:
Andrew Lowe
CFO & Company Secretary
+61 7 3114 3500
andrew.lowe@michaelhill.com.au


Investors:
Anthea Noble
General Manager - Investor Relations & Treasury
+61 438 770 704
anthea.noble@michaelhill.com.au



ABOUT MICHAEL HILL INTERNATIONAL LIMITED

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 297 stores globally across Australia, New Zealand and Canada. 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).

www.investor.michaelhill.com

Disclaimer
Certain statements in this report constitute forward-looking statements. Forward-looking statements are statements (other than
statements of historical fact) relating to future events and the anticipated or planned financial and operational performance of Michael
Hill International Limited and its related bodies corporate (the Group). The words “targets”, “believes”, “expects”, “aims”, “intends”,
“plans”, “seeks”, “will”, “may”, “might”, “anticipates”, “projects”, “assumes”, “forecast”, “likely”, “outlook”, “would”, “could”, “should”,
“continues”, “estimates” or similar expressions or the negatives thereof, generally identify these forward- looking statements. Other
forward-looking statements can be identified in the context in which the statements are made. Forward-looking statements include, among
other things, statements addressing matters such as the Group’s future results of operations; financial condition; working capital, cash
flows and capital expenditures; and business strategy, plans and objectives for future operations and events, including those relating to
ongoing operational and strategic reviews, sustainability targets, expansion into new markets, future product launches, points of sale and
production facilities.
Although the Group believes that the expectations reflected in these forward-looking statements are reasonable, they are not guarantees
or predictions of future performance or statements of fact. Such forward-looking statements involve known and unknown risks,
uncertainties and other important factors that could cause the Group’s actual results, performance, operations or achievements or industry
results, to differ materially from any future results, performance, operations or achievements expressed or implied by such forward-looking
statements.
Such risks, uncertainties and other important factors include, among others: global and local economic conditions; changes in market
trends and end-consumer preferences; fluctuations in the prices of raw materials, currency exchange rates, and interest rates; the Group’s
plans or objectives for future operations or products, including the ability to introduce new jewellery and non-jewellery products; the
ability to expand in existing and new markets and risks associated with doing business globally and, in particular, in emerging markets;
competition from local, national and international companies in the markets in which the Group operates; the protection and strengthening
of the Group’s intellectual property rights, including patents and trademarks; the future adequacy of the Group’s current warehousing,
logistics and information technology operations; changes in laws and regulations or any interpretation thereof, applicable to the Group’s
business; increases to the Group’s effective tax rate or other harm to the Group’s business as a result of governmental review of the Group’s
transfer pricing policies, conflicting taxation claims or changes in tax laws; and other factors referenced to in this report.
Should one or more of these risks or uncertainties materialise, or should any underlying assumptions prove to be incorrect, the Company’s
actual financial condition, cash flows or results of operations could differ materially from that described herein as anticipated, believed,
estimated or expected. Accordingly, you are cautioned not to place undue reliance on any forward-looking statements, as there can be no
assurance the actual outcomes will not differ materially from the forward-looking statements in this report.
Except as required by applicable laws or regulations (including the ASX Listing Rules), the Group does not intend, and does not assume any
obligation, to update any forward- looking statements contained herein. All subsequent written and oral forward-looking statements
attributable to us or to persons acting on the Group’s behalf are expressly qualified in their entirety by the cautionary statements referred
to above and contained elsewhere in this report.