Michael Hill underlying earnings fall 14% as margins squeezed

Thu, 15 Aug 2019

By Rebecca Howard Aug. 16 (BusinessDesk) - Michael Hill International reported a slide in underlying earnings as margins were squeezed in a competitive retail environment. The Brisbane-based company, which also operates stores in New Zealand and Canada, said underlying earnings before interest and tax were A$34.6 million versus A$40.1 million in the prior year. Gross margin was 62 percent, down from 63.7 percent in the prior year. “2019 was a transitional year for the company. Whilst we are disappointed with the financial result, we ha...

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