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).
