Michael Hill Jewellers profit down 101%, NZ retail crime impacts result

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Mon, 02 Sep 2024

Michael Hill Jewellers’ performance has declined for 2023, following a tough year of retail pressures and crime for its New Zealand arm.The group reported a 4.2% increase in revenue, up to A$644 million (NZ$6397.2m), thanks to continued performance in Australia and Canada and the acquisition of Bevilles.However, the group posted a net loss after tax of A$479,000 for FY23, down from A$35.2m profit a year before.The business also reported an ebitda of A$82.2m for FY23, down 29.4% from A$116.6m the year prior.Michael Hill pointed t...

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