Michael Hill International added some bling to the All Ords today as investors cheered a result that featured a 15-fold increase in full-year profit and a record dividend.

Shares in the shopping mall jeweller were up 4.2 per cent at 86¢ on Monday, even after it reported new financial year sales had been hurt by rolling COVID lockdowns.

Michael Hill reported profit of $45.3 million in the year to June 30 - up from $3.1 million - thanks to a 13.1 per cent revenue boost to $556.5 million. This was just under expectations of a $46.9 million profit from a $559.7 million in revenue.

The full-year results included another $14.6 million in government wage subsidies across Australia, New Zealand, and Canada, with the company having claimed $17.7 million the year before.

Michael Hill said it had endured extensive temporary store closures in Eastern Canada, together with sporadic closures across Australia, culminating in 10,447 lost trading days for the year.

That said, Michael Hill also reinstated its final dividend, and will pay shareholders 3¢ per share on 24 September - the biggest payout since its public listing in 2016.

Group same store sales were up 8.6 per cent in 2020-21, including 13.2 per cent growth in the second half.

Digital sales increased by 53.4 per cent to a record $34.8 million, representing 6.3 per cent of total sales, up from 5 per cent last year.

While the company has experienced significant lost sales in the first seven weeks of 2021-22 due to lockdowns in Australia, strong early performance in Canada and New Zealand contributed to 17 per cent same store sales growth for the period.

“These early results further demonstrate the progress and traction of the brand, however the increased disruptions in Australia and now New Zealand, are significant,” chief executive Daniel Bracken said.

Michael Hill said it had already lost 2,755 store trading days during the first seven weeks of the new fiscal year, resulting in a 2 per cent drop in total store sales for the period. This has delivered a $5 million hit to earnings that management had not expected before the lockdowns.