Michael Hill faces significant earnings decline
Listed jeweller Michael Hill International (ASX:MHJ) is facing a significant decline in earnings for the year ending June, according to an update released late Thursday evening.
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Michael Hill is an international multi-channel retail jewellery chain with a vision to be the most loved jewellery destination by creating fine jewellery accessible to all. As of 28June 2020, it operates 290 stores and digital platform across Australia, New Zealand and Canada.
The first Michael Hill store opened in 1979 when Sir Michael Hill and his wife, Lady Christine Hill launched their unique retail jewellery formula in the New Zealand town of Whangarei, some 160 kilometres north of Auckland. With dramatically different store designs, a product range devoted exclusively to accessible jewellery and the clever use of high impact advertising, Michael Hill rapidly gained popularity and rose to national prominence.
Successful listing on the New Zealand Stock Exchange in 1987 saw the Group expand across the Tasman to Australia. After 15 years of sustained growth in both countries, Michael Hill embraced the opportunity to expand to North America in 2002, opening its first stores in Vancouver, Canada. The Group’s Canadian retail presence continues to evolve as does the Group’s innovative online presence in all markets in which it operates.
In 2016 Michael Hill moved its primary stock exchange to the Australian Securities Exchange and continues to maintain a secondary listing on the New Zealand Stock Exchange (ASX/NZX: MHJ).
As of 28 June 2020, the Group proudly operates 155 stores in Australia, 49 in New Zealand and 86 stores in Canada. Around the world, the Group employs approximately 2,500 permanent employees across retail sales, manufacturing and administration roles.
From 1979 until now and into the future, one constant underpins all that we do: we’re for love. Michael Hill remains committed to creating quality jewellery for our customers to cherish for a lifetime.
Listed jeweller Michael Hill International (ASX:MHJ) is facing a significant decline in earnings for the year ending June, according to an update released late Thursday evening.
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Listed jewelry chain Michael Hill has set itself up for a pounding when the ASX reopens on Monday after issuing a weak trading update on Friday.
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New Zealand-based jeweler, Michael Hill, has closed half a dozen outlets and retrenched staff and managers in response to what it calls "challenging conditions," which have adversely impacted profit margins, leading to earnings reductions of over 40%.
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Earnings reports from a few fashion and beauty sector stragglers yesterday: Adore, Michael Hill and Lovisa, with the latter delivering one of the season's best results from the retail space.
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Credit Suisse considers Michael Hill International has provided a strong trading update, with four weeks of critical Christmas trade remaining. Year-to-date same store sales grew 7.9%, largely driven by Australia, notes the broker.
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Solid online sales continue to help jewellery retailer Michael Hill to survive the continuing vicissitudes of the coronavirus pandemic here and offshore.
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Sales were "reasonably strong" in the fourth quarter, Macquarie notes, as consumer demand after the depths of the lockdown exceeded expectations.
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In its third trading update so far this year, Michael Hill Jewellers has provided an early idea of the damage the coronavirus is having on Australian retailing in 2020, telling investors its comparable sales for the third quarter dropped by a massive 10.4%.
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Jewelry chain, Michael Hill has become the first major Australian retailer to close its doors in light of the coronavirus pandemic, meaning the jobs of thousands of workers are at risk. Meanwhile, Woolworths has postponed its drinks demerger, Retail Food Group has dropped its guidance as has Shaver Shop.
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Buy rating maintained while the price target loses -1c to $0.80. Citi found the Q2 trading update serves as a signal that sales momentum is strong, supported by Black Friday and Christmas 2019.
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