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.
