Michael Hill profit soars 15-fold but lockdowns dent earnings

The jewellery chain bounced back strongly from the covid outbreak. (Image: Getty)

Mon, 23 Aug 2021

Michael Hill International marked a near 15-fold increase in annual profit, but is worried about the latest lockdowns in Australia and New Zealand that have already dented this year’s earnings by about A$5 million.The Brisbane-based jewellery chain reported a profit of A$45.3m in the 12 months ended June 27, almost 15 times the A$3.1m a year earlier when the covid-19 pandemic shut down large swathes of the global economy as nations grappled with controlling the virus.Michael Hill laid the groundwork for a strong result in July when it sai...

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