Michael Hill International Ltd’s (ASX:MHJ) profit just plunged 86%

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).

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!

Motley Fool contributor Carin Pickworth has no position in any of the 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 Scott Phillips.

Two New Stock Picks Every Month!

Not to alarm you, but you’re about to miss a very important event! Chief Investment Advisor Scott Phillips and his team at Motley Fool Share Advisor are about to reveal their latest official stock recommendation. The premium “buy alert” will be unveiled to members and you can be among the first to act on the tip.

Don’t let this opportunity pass you by – this is your chance to get in early!

Simply enter your email now to find out how you can get instant access.

By clicking this button, you agree to our Terms of Service and Privacy Policy. We will use your email address only to keep you informed about updates to our website and about other products and services we think might interest you. You can unsubscribe from Take Stock at anytime. Please refer to our Financial Services Guide (FSG) for more information.