Michael Hill delivers record sales as demand for diamonds picks up

Brisbane-based retailer Michael Hill (ASX: MHJ) has posted record sales for the first half of the financial year as shoppers in Australia and New Zealand return to splurging on jewellery in-store.

In an update on the ASX, the company announced revenue increased 11 per cent year-on-year to hit a record $363.4 million while gross profit rose from $213 million to $237 million.

Net profit was up 1.2 per cent to $37.6 million and earnings increased by 5.3 per cent to reach $58.7 million.

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