0318 GMT - Michael Hill International will find it hard to offset its second-quarter decline in jewelry sales with cost cuts, Citi analyst James Wang warns. He acknowledges that the Australia-listed company has identified A$5 million in cost savings, but tells clients in a note that the scale of the sales decline makes things difficult. After what Wang says was a promising first fiscal quarter, sales across the first half fell 1% on a year earlier and missed the average analyst forecast by 4%. Michael Hill typically breaks even or makes a small loss in its fiscal second half, Wang adds. Citi has a neutral rating and A$0.57 target price on the stock, which is down 3.7% at A$0.52. (stuart.condie@wsj.com)
(END) Dow Jones Newswires
January 23, 2025 22:19 ET (03:19 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
免責聲明：投資有風險，本文並非投資建議，以上內容不應被視為任何金融產品的購買或出售要約、建議或邀請，作者或其他用戶的任何相關討論、評論或帖子也不應被視為此類內容。本文僅供一般參考，不考慮您的個人投資目標、財務狀況或需求。TTM對信息的準確性和完整性不承擔任何責任或保證，投資者應自行研究並在投資前尋求專業建議。