Michael Hill International Ltd's (ASX:MHJ) profit just plunged 86%

Jewellery household name Michael Hill International Ltd (ASX:MHJ) has reported an 86% slump in FY18 profit.

| More on:
a woman

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

Jewellery household name Michael Hill International Ltd (ASX: MHJ) has reported an 85.9% slump in FY18 profit after a "year of recalibration and repositioning" saw it close US operations and axe most of its Emma & Roe stores.

Statutory NPAT for FY18 came in at $4.6 million – down from $32.6 million in FY17, with the only silver lining an uptick in revenue of 4.4% to $575.5 million.

Michael Hill maintained its 2.5c per share unfranked dividend and has named FY19 a "foundational year" with benefits from investments in brand positioning, customer loyalty and operational excellence to be "progressively realised".

While Michael Hill has floundered of late, jewellery-focused retailer Lovisa Holdings Ltd (ASX: LOV) has enjoyed 12 months of share price gains, but its FY18 results last week did see its value plummet 8%.

Fashion retailer Noni B Limited (ASX: NBL) has had some success in the space of late after the acquisition of several brands from Speciality Fashion Group Ltd (ASX: SFH).

Motley Fool contributor Carin Pickworth has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on ⏸️ Growth Investing

A white and black robot in the form of a human being stands in front of a green graphic holding a laptop and discussing robotics and automation ASX shares
Technology Shares

Joining the revolution: How I'd invest in ASX AI shares right now

Advances in artificial intelligence (AI) could usher in a new industrial revolution. Here’s how you can invest in it.

Read more »

share price gaining
⏸️ Growth Investing

2 stellar ASX growth shares rated as buys

Analysts think these ASX growth shares are in the buy zone...

Read more »

A woman smiles as she sits on the bus using her phone and listening to music through headphones.
⏸️ Growth Investing

2 ASX growth shares analysts rate as buys right now

Check out these top growth shares...

Read more »

A man holds up his hand with 3 fingers up
⏸️ Growth Investing

3 excellent ASX growth shares named as buys

Analysts rate these ASX growth shares highly right now...

Read more »

white arrows symbolising growth
⏸️ Growth Investing

2 growing ASX shares that analysts rate as buys

Looking for growth options? Here are two highly rated shares...

Read more »

chart showing an increasing share price
⏸️ Growth Investing

2 excellent ASX growth shares named as buys

These growth shares could be in the buy zone...

Read more »

rising asx share price represented by stack of coins with green shoots on top
Share Gainers

The Australian Ethical Investment (ASX:AEF) share price is up 124% this year!

Let's take a closer look.

Read more »

A smiling woman holds a bunch of flowers, indicating growth
⏸️ Growth Investing

2 outstanding ASX growth shares named as buys

These growth shares could be in the buy zone...

Read more »