Michael Hill profit slumps 86%

Company News

by Rachael Jones

Jeweller Michael Hill International (ASX:MHJ) reported a statutory net profit after tax (NPAT) of $4.6 million, a fall of 86 per cent for the full year ending 30 June.

This was impacted by a combination of the one-off $25.5 million closure costs for the US and Emma & Roe businesses and a performance deterioration in these segments once the closures were announced.

Excluding these businesses and exit costs, the Group reported NPAT for continuing operations of $34.8 million.

Revenue is up 4.4 per cent to $575.5 million from the prior corresponding period.

EDBITA fell 17 per cent compared to last year to $40 million.

The company declared an interim and final dividend of 2.5 cents per share per period.

Michael Hill International (ASX:MHJ) closed 3.09 per cent higher to $1.00 on Friday.