Jewellery retailer Michael Hill will close underperforming stores as it sees its online sales reach new high.
The business announced that its digital sales reached new highs for the fourth quarter of FY20 and CEO Daniel Bracken said he is pleased with the company’s digital performance for the period, adding that the coronavirus outbreak has taught the team to evaluate, assess and modernise the business.
“This has allowed us the opportunity to reimagine and modernise our operating model to become a more relevant omni-channel retailer of the future,” Bracken said. “These decisions have been necessary and appropriate to ensure the health and resilience of the business and to put us in a stronger position for the future.”
The company posted a 193 per cent increase in online sales for the quarter compared to the previous year, delivering some of the highest weeks in Michael Hill’s history. In the quarter, a number of digital initiatives were accelerated and delivered. For the year, digital channels represented 4.6 per cent of total sales compared to FY19’s 2.8 per cent.
