2337 GMT - Michael Hill International needs to keep a lid on costs for Citi to consider turning bullish on the jeweler's stock. Analyst James Wang says Michael Hill's costs have outgrown sales since FY 2022. Citi wants that to reverse over the next three years. Still, Citi says managing costs won't necessarily be easy given wages and rents continue to put pressure on retailers. "On gross profit margin, we think there is sufficient uncertainty from commodity input pricing and Michael Hill's brand repositioning strategy to keep expectations of margin expansion tempered," Citi says. It has a neutral call and A$0.50/share price target on Michael Hill, which is unchanged at A$0.475. (david.winning@wsj.com; @dwinningWSJ)
(END) Dow Jones Newswires
February 23, 2025 18:37 ET (23:37 GMT)
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