Michael Hill International forecasts sharply lower earnings

Michael Hill International is headquartered in Brisbane. (Image: File)

Fri, 19 Jul 2024

Michael Hill International expects to report a sharp drop in full-year earnings amid challenging retail conditions. In a trading update for the 12 months to June 30, the dual-listed jeweller forecast comparable earnings before interest and tax (ebit) of between A$14 million (NZ$15.6m) and A$16m. The middle of that range would represent a 75% drop compared with the A$59.4m ebit the company declared in 2023.Tough second halfMichael Hill posted ebit of A$31.3m in the six months to December 2023 on Feb 26. This would imply that...

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