Michael Hill profit sinks 86% on US exit, Emma & Roe closure costs

Sun, 26 Aug 2018

By Rebecca Howard Aug. 27 (BusinessDesk) - Michael Hill International's full-year profit tumbled 86 percent on Emma & Roe and US closure costs but the retailer says its new strategy has it positioned for growth. The Brisbane-based company said net profit was A$4.6 million in the year to June 30 versus A$32.6 million in the prior year after it opted to wind up its US stores and close down the Emma & Roe chain. Those one-off costs - including the write-down and disposal of assets and lease settlement costs - were A$25.5 million. Stripping...

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