Michael Hill 3Q same store sales down 1.5%

Company News

by Anna Napoli

Michael Hill (ASX:MHJ) has provided a third quarter trading update with same store sales slipping by 1.5 per cent and total sales down by 0.8 per cent on the year earlier period.

Gross margin held at 62.1 per cent for the first nine months of FY19, down slightly from 62.7 per cent for the same period last year.

Meantime, e-commerce sales of $12.5m rose 53 per cent and now represent 2.9% of total sales for the Group.

Michael Hill says it’s performance continued to stabilise during the quarter, as refinements to the strategy improved the company's position from the first half, further regaining ground lost in the first quarter.

Shares in Michael Hill (ASX:MHJ) closed 1.52 per cent higher at $0.67.