News: MHJ Michael Hill International Says For First 45-Weeks Sales Were Up 4.7%, page-73

It will be interesting to see what their final profit will be at time of results.

The 12-18 month lag for COGs will be interesting they would get a benefit of margin growth if they increased price before increase costs hit. In rising precious metals market.

But in a downward metal markets it would be a lot worst due to prices dropping.

I guess it will depend how quickly MHJ turns over their stock.

I am not an expert in analysing inventory stock turnover. But I would expect it is a lot slower in the mid and upper values. Whereas it's a lot higher in low end.

So maybe this is the issue they have with Breville's it's a high volume low margin business which getting crushed by COGs.