First NZ cuts Michael Hill earnings forecast after weak sales

Mon, 15 Oct 2018

By Paul McBeth Oct. 16 (BusinessDesk) - First NZ Capital expects to see weaker earnings at Michael Hill International but says there is still potential for the share price to rise. Michael Hill yesterday reported an 8.8 percent slide in September sales to A$112.2 million and said its transition away from discount pricing was harder than anticipated. The shares sank 24 percent to 74 cents on the NZX yesterday, and recovered 2 cents in early trading today at 76 cents. FNZC expects Michael Hill to generate a net profit of A$29.3 million...

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