Wow a $10m loss for Q3.
Retail is stuffed here and Aus
SP is in a dire downtrend already, this will continue the pressure
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Wow a $10m loss for Q3.
Retail is stuffed here and Aus
SP is in a dire downtrend already, this will continue the pressure
Well it worked for me.I missed it.
A shocker.
"Actions have been taken to reduce costs across the business including inventory, corporate
overheads, underperforming stores and further optimisation of store rostering."
I guess the number of underperforming stores has increased.
I do not hold,however a Trust I am a trustee of still holds LOV.
Heading to a full year LOSS
Might be tough market conditions but Michael Hill another old time retailer whose lost their way ….hard to see them ever being ‘great’ again …and ill conceived move into Canada and that Beville acquisition along with the move into a flash new HQ all bad moves.
But no doubt many will say just a glitch and Michael Hill be be great again …eh Rawz
Haha yes Winner, keep it on the watchlist for FY26/27
Canada actually the standout performer right now
They shouldn’t have spent all their cash on the buyback. How nice would everyone feel if they had $20m cash on the balance sheet just sitting there as a guardian protecting them from this downturn.
Group Sales- For the first 45-weeks of FY24, Group sales (including Bevilles) were up 4.7% on LY, and the sales for the core Michael Hill brand were still negative to LY.
Revenue for retail operations FY24H1 FY24YTD
to Wk26 toWk45
Segment figures in local currency Australia segment 10.2% 12.3%
New Zealand segment -10.3% -11.1%
Canada segment 0.5% -0.4%
Total sales 4.0% 4.7%
• Australia -The segment shows positive sales for both Hl and YTD, however this growth is driven by the inclusion of the Bevilles brand in FY24 only. Sales performance in the core Michael Hill brand has improved marginally compared to the first half, but remains negative to last year. The Bevilles brand has also not met sales expectations and has been further impacted by the relocation announcement and systems integration process.
• New Zealand -The segment remains our most challenged with deeper macroeconomic pressures significantly impacting consumer behaviour and discretionary spend. The continued negative sales results are also driven by a decline in consumer credit approval rates across the country and an increase in serious retail crime events impacting a number of our stores.
• canada -This continues to be our best performing segment, broadly flat on a record prior year.
• Gross margin-In line with the first half, gross margin remains suppressed due to sustained higher input costs and record gold pricing. All markets continue to experience aggressive promotionally led retail trading conditions, which is also contributing to margin pressure.
• Earnings impact -Given the compressed sales and continued gross margin decline, previously reported first half earnings have been eroded by an EBIT loss of N$10m for FY24Q3.
They gave everybody hope when they said in Feb that first 7 weeks of second half sales were up 9.5% on pcp
Some 6 weeks on and things seem pretty dire and that 9.5% is no more
Shame they stopped quarterly reporting $ numbers …..we could see what +9.5% turned outubro be