Why the Michael Hill (ASX:MHJ) share price is leaping 11% higher

The Michael Hill International Ltd (ASX: MHJ) share price surged up 11% at market open today following the company’s positive trading update this morning.

Like most brick and mortar reliant retailers, Michael Hill’s shares were smashed during the COVID-19-driven market rout earlier this year, falling 69% from late January through to mid-April.

Since the 8 April low, shares have rocketed 161% higher. However, that’s still not quite enough to recover the losses from earlier in the year, with the share price down 14% year-to-date.

In comparison, the broader S&P/ASX 200 Index (ASX: XJO) is up 2% since 2 January.

What does Michael Hill do?

Founded by Sir Michael Hill in 1979, Michael Hill International is a specialist retail…