Michael Hill to cut costs as weak sales persist

(Image: Supplied)

Mon, 20 May 2024

Michael Hill shares fell 9% after the company said it will “activate initiatives” to combat weak sales and margin loss as difficult trading conditions persist. The shares last traded at $0.60. The dual-listed jewellery retailer blamed “deeper macroeconomic pressures” for an 11.1% drop in New Zealand sales in the 45 weeks to May 12. It also cited an increase in serious retail crime events impacting a number of stores. Total sales across its three operating markets – Australia, Canada and NZ – gr...

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