Australia-based jewelry retailer Michael Hill International reported a slight loss for FY 2024, amid “challenging” trading conditions.
Net profit after tax (NPAT) was minus AUD 479,000 (minus USD 322,000), compared to a positive AUD 35.2m (USD 22.5m) in FY 2023 and AUD 46.7m (USD 29.9m) in FY 20222.
The company has 300 stores in Australia, New Zealand and Canada, including low-price retailer Bevilles, Medley, and its new luxury business TenSevenSeven.
It reported increased revenues, up 4.2 per cent to AUD 644.9m (USD 437.4m), with Australia up 10.3 per cent, New Zealand down 11.8 per cent and Canada flat.
“While FY24 earnings were disappointing, with challenging economic conditions and inflationary pressures impacting consumers across all markets, the business continued to execute on its clearly articulated strategy, focus on retail fundamentals and drive topline sales,” said CEO Daniel Bracken, CEO and managing director.
He said it had been “a challenging and busy year”. The company noted in its FY 2024 Full Year Results that third-party data indicated it had continued to outperform the broader jewelry market.
Source: Idex