Ram raiders hit Michael Hill's bottom line

Ram raiders add costs, reduce sales for Michael Hill. (Image: NZME)

Fri, 25 Aug 2023

Michael Hill International’s annual results have highlighted its attempts to move into the high-end market and the cost of ram raids on its New Zealand stores.For the 53-week year ending July 2, 2023, the jeweller reported comparable group earnings before interest and tax (Ebit) of A$58.9 million (NZ$63.87), down 6.8% from A$62.9m in the prior year. This was the result of inflationary cost pressures and added NZ security costs.Its NZ retail revenue increased by 5.8% to NZ$132.4m for the year, with a gross margin of 61.9%, compared with 63...

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