Michael Hill first-half profit tumbles 66% on US, Emma & Roe store closures

Wed, 21 Feb 2018

By Jonathan Underhill Feb. 22 (BusinessDesk) - Michael Hill International posted a 66 percent drop in first-half profit, mainly reflecting A$19.8 million of provisions to reposition its Emma & Roe chain and to recognise costs of exiting the US market. The jewellery chain first flagged the provisions two weeks ago. It is exploring options for its US exit, including a sale of the business or through an agreement with landlords of its nine stores, with the process targeted to be completed by June 30. In the first half, US revenue fell 15 per...

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