With the broader market down today, the Michael Hill (ASX: MHJ) share price is once again heading in the wrong direction.
In afternoon trade the jewelry retailer's shares are down over 5% to $1.12, trading at the 52-week low of $1.05 earlier today. Unfortunately for shareholders this means its shares have now lost 10.8% of their value year-to-date.
Weakening same store sales in the U.S. are one cause of the decline in its share price.
Unfortunately retail stocks are very much out of favour in Australia at the moment, due to weak consumer confidence. A slowing property market and slow wage growth mean that there is no clear relief for retailers on the horizon. And the forthcoming entry of Amazon has market participants cautious, even about businesses that will not be immediately impacted.
Long serving CFO Phil Taylor was recently appointed CEO of Michael Hill. The Hill family have reduced their ownership of the company over time.
