Michael Hill International see a 14% decline in underlying EBIT

Company News

by Rachael Jones

Michael Hill International (ASX:MHJ) has announced its financial results for the full year to 30 June 2019 showing underlying EBIT for the period was down 13.7 per cent to $34.6 million from last year's $40.1 million.

Net profit after tax (NPAT) of $16.5 million for the full year ending 30 June 2019.

The decline in EBIT was partially offset by their cost out program, announced in February 2019.

The results were impacted by employee remediation costs of $4.5 million, one-off aged inventory impairment of $6.0 million and employee restructuring costs of $2.0 million as part of the cost out program.

Same store sales were down 3.3 per cent for the full year to $524.7 million.

The company opened ten new stores and closed eleven under-performing stores, along with five Emma & Roe stores, resulting in 306 stores at year end.

Shares in Michael Hill International (ASX:MHJ) closed 1.96 per cent lower at $0.50 yesterday.