Analysts optimistic on Michael Hill

Michael Hill said the cost of raw materials was increasing. (Image: BusinessDesk)

Tue, 23 Jan 2024

Analysts have lowered their target prices on Michael Hill International following Friday’s trading update but remain positive.The jeweller said on Thursday that trading conditions were difficult, and it expected first-half earnings before interest to be between $30 million and $33m, compared with $54.4m in the previous corresponding period.It said gross margin would be in the range of 61-62%, down from 65.2%. Shares fell by 1c to 95c during the day and traded at 92c late Monday afternoon.'Earnings nadir'Macquarie retain...

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