The Michael Hill share price is close to a 52-week low

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.

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Even better, this 'under the radar' consumer play is growing like gangbusters. Shares have rocketed 100% in the last 5 years, DOUBLING shareholders' investment. So what's not to like?

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Motley Fool contributor Claude Walker has no position in any 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 Bruce Jackson.

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