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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).

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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.

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