Full year …just my quick sums
May about $20m is better guess
Last 12 months Comparable EBIT about $36m …..can’t see things getting better through to June
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I'm just very skeptical of the Breville's acquisition.
4 new Beville's stores in Australia in the six months, up from 26. So 15% store count growth in a single half. In the same period 5 under-performing Michael Hill stores were closed in Australia. A detailed breakdown of this store mix would be very interesting to see as, at a glance, it does seem like cannibalisation.
Seems management intend to follow through on the plan to 3-4x the Beville's store count by FY28 (80-100), in a macro environment where LFL AU store sales are probably run-rating at negative mid to high single digit %s (and likely getting worse?). Let's not forget Beville's is no crown jewel and had its own troubles 10 years ago (went into administration after a change to the store footprint strategy https://www.jewellermagazine.com/Art...since-collapse).
For me, at least a positive in that update was slight growth in Canada.
http://nzx-prod-s7fsd7f98s.s3-websit...631/411951.pdf
How would it come to this.?
4 year's packaging?
Lots of pages but no mention of real profit, like NPAT
http://nzx-prod-s7fsd7f98s.s3-websit...845/413423.pdf
Found it …NPAT was $15.394m ….down 59% on pcp
Future looking good though
MHJ doing it very tough. Wonder how low SP will go during this cycle
Weren’t even cash flow +ve ….operating - $1.7m outflow allowing for rents and capex of $17.0m
But still paying divies
Yes they will need to be careful not to load too much debt onto the balance sheet.
Margins down 400bp from post covid peak.
Tough tough trading.
Would rather own MHJ than WHS or KMD put it that way.
Retailer rankings- best top, worst last:
TRA
BGP
2CC
HLG
MHJ
BRW
KMD
WHS
Thought this lot were fair screaming along creaming it .. aside from Kiwi Ramraid central which was the
blight on top of the job ;)
WTF went wrong so fast for things to suddenly turn to sh*t so badly ? ;)
It's the season to paint things Bad as - with as much in Losses & Red Ink as conveniently possible
Dig through the drawer for anything that needs to show some impairment or write downs
Tough times , high interest rates .. don't really want to cough up too much in Div's in volatile times
Dont worry about the sucker stakeholders out there .. the smart ones have probably already loaded
up high on generous Term Deposit rates anyway to be too much bothered with equities ;)
Canada still seems a bit of a dog for them …..another global expansion failure?
Funny you posted the exact 2 things I was looking for. It took me ages to find the NPAT - I ended up looking at the HY accounts to find it. And when you deduct lease payments from operating cashflows.....you know the rest.
I like that you posted this:
I'm starting to think some (all?) companies actually believe their own spin....given the numbers of times you have posted that I am convinced it is with your tongue planted firmly in your cheek. Not just MHJ but every other thread where I see this comment. Trying to not be cynical but it's hard to know what to believe.....even from those closest to the business operations.
Underlying EBIT is probably a better long term stats as other stuff can come and go.
Gold is slated to stay elevated for the next 24 months...
Inflation for sure means this one will be beached till people feel they can play in the sun again..
B!oody RAM RAIDS have taken its toll, MHJ has spent $4 mil in security of its stores, sign of the times, judges soft of rat bags , sad and sorry country where the great unwashed rule.