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More pain no gain for Michael Hill International Ltd

Jewellery retailer Michael Hill International Ltd (ASX: MHJ) will wear the $6 million cost of its exodus from the U.S. market after failing to find a buyer for the business.

The exit will include lease exit terms and staff redundancies as the flailing retailer closes 9 US stores by the end of this month as a means to free up resources for better-performing portfolios such as Canada.

Michael Hill’s US revenues slipped 17.7% for the 9 months to March 31 although group sales were up 4.9% while the company booked growth across Australia, New Zealand and Canada – albeit subdued.

Michael Hill has been struggling along for some time in the consistently volatile discretionary spending retail space, while sector darling Premier Investments Limited (ASX: PMV) has managed to log gains off the back of its Smiggle and Peter Alexander brands despite being down 0.6% at the time of writing to $15.75.

Share prices are down across the electronics space today too, with Harvey Norman Holdings Limited (ASX: HVN) down 1.6% to $3.34 and JB Hi-Fi Limited (ASX: JBH) also down 0.4% to $25.89.

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Motley Fool contributor Carin Pickworth has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Premier Investments Limited. 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.

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