Michael Hill International Flags Weaker Earnings, Sales in Fiscal H1; Shares Drop

MT Newswires Live

Jan 24, 2025

Michael Hill International (NZE:MHJ, ASX:MHJ) flagged weaker earnings and sales for the fiscal first half due to "prevailing macroeconomic pressures," according to a Thursday filing with the Australian and New Zealand bourses.

Comparable earnings before interest and taxes are forecast to range from AU$22.5 million to AU$24 million for the 26 weeks ended Dec. 29, 2024, down from AU$31.3 million in the first half of fiscal 2024.

Group sales are projected to reach AU$359.1 million, down 1% from AU$362.7 million a year earlier and flat on a constant currency basis.

The jeweler retailer said lingering macroeconomic pressures weighed on consumer sentiment and discretionary retail conditions, particularly in New Zealand.

Michael Hill's shares were down 3% in New Zealand and by nearly 4% in Australia.

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