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.

Japanese Billionaire’s Prediction Will Give You Goosebumps

When a veritable investing and entrepreneurial genius speaks, it pays to listen.

In fact, he's now preparing a $100B "war chest" to invest entirely in this "terrifying" new technology, which could spell huge profits for investors.

Click here to learn about this technology and how you can profit!

The Richest Man Alive Invests in This

The richest man in the world has just launched a $100 million investment fund and investors who don't take note could miss out on a massive opportunity.

And it isn't by sheer luck. He did it by looking to the future and investing in the big ideas of tomorrow.

This could be your chance to get in on the ground floor!

Click here to discover more!

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.

The 5 mining stocks we’re recommending in 2019…

For decades, Australian mining companies have minted money for individual investors like you and me. But if you believe the pundits and talking heads on TV, those days are long gone. Finito! Behind us forever…

We say nothing could be further from the truth. To earn the really massive returns, you’ve got to fish where others aren’t fishing—and the mining sector could be primed for a resurgence. That’s why top Motley Fool analysts just revealed their exciting new research on 5 ASX miners they believe could help you profit in 2019 and beyond…


The best way we see to play the global zinc shortage… Our #1 favourite large-cap miner (hint: it’s not BHP)… one early-stage gold miner we think could hit the motherlode… Plus two more surprising companies you probably haven’t heard of yet!

For free access to our brand-new research, simply click here or the link below. But be warned, this research is available free for a limited time only, and we reserve the right to withdraw it at any time.

Click here for your FREE report!