Michael Hill share price focus: jeweller reports stronger Christmas retail sales

The Michael Hill International Ltd (ASX:MHJ) share price has been on downward slide.

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Last night budget jeweller Michael Hill International Ltd (ASX: MHJ) reported that its crucial Christmas trading months saw "improved sales momentum" after a poor first quarter of sales to the financial year.

The Michael Hill share price plunged 25% in October after it warned that same-store sales for the quarter ending September 30 2018 were down a shock 11% compared to the prior corresponding quarter.

However, the jeweller reported that for the months of November and December revenue from continued operations and same-store sales increased 2.9% and 1.3% respectively, which is a big improvement on the first quarter.

Overall, for the first six months of the fiscal year group revenues from continued operations and same store sales sunk 4.2% and 6% respectively. Online sales were also up 59% over the period as the group also focuses on growing internationally.

In FY 2018 the group posted a net profit of $34.8 million on revenues of $575.7 million.

Motley Fool contributor Tom Richardson has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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