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Challenging times at Michael Hill jewellery as earnings fall

The home New Zealand market continues to struggle, while the company was also forced to invest in added security.

Despite the profit fall, the company says it is still outperforming the market.

Key points
  • Revenue: Up 4.2% to A$644.9
  • Statutory profit after tax: A$500,000, down from A$35.2m.
  • Main takeaway: Market is ‘challenging’ and results ‘disappointing’, but the company says it is outperforming the market and has a strategy for future growth. New Zealand continues to under-perform.

Trans-Tasman jewellery retailer Michael Hill International, which flagged a major fall in earnings a month ago, has reported a result at the upper end of guidance but has still posted an after-tax loss for the 2024 financial year.

The dual listed company announced pre-tax earnings of A$15.9 million

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Lachlan Colquhoun Mon, 02 Sep 2024
Contact the Writer: lachlan@nbr.co.nz
News tip? Question? Typo? Let us know: editor@nbr.co.nz
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Key points
  • Revenue: Up 4.2% to A$644.9
  • Statutory profit after tax: A$500,000, down from A$35.2m.
  • Main takeaway: Market is ‘challenging’ and results ‘disappointing’, but the company says it is outperforming the market and has a strategy for future growth. New Zealand continues to under-perform.
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Challenging times at Michael Hill jewellery as earnings fall
Investment,
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