MHJ share price been in the dumps last few weeks - almost did the unbelievable and went sub $1
Price picked up the last week and now $1.20
The downtrend from February high of $1.52 now over and a new uptrend forming nicely.
Could see share price back to $1.50 pretty soon
Trading update in a week or so - expect good last quarter and full year sales >$800m. Might even get the good news about indicative profit as well. If that's all goo dshare price maybe 2 bucks by Xmas
Trading view has these at an analyst strong buy 1 yr price target at 1.73(au) - I have them around 1.80(nz) after the results end of Aug into Sept, lets see what happens.
Latest update by MHJ.
http://nzx-prod-s7fsd7f98s.s3-website-ap-southeast-2.amazonaws.com/attachments/MHJ/395383/374722.pdf
Did I read right? Achieved $590 mill sales revenue for the year versus Winners projected $800 mill (see above)?? Must be a mistake.
Was the 8 a typo by winner?
This is especially pleasing to see: "Disciplined working capital management maintained throughout the year with no adverse supply chain impacts on stock levels, and a healthy net cash position at year end of ~$95m". It shows good Management.
Yes a typo from winner there - he was hoping for $600m+
Good trading update - I was estimating $580m.
$95m cash on hand - salivating at the capital return prospects here.
(All figures are in Australian dollars)
Michael Hill takes a shine to lab-grown diamonds
The NZX/ASX listed retail chain, which operates 280 stores throughout New Zealand, Australia and Canada, first started selling lab-grown diamonds in 2020 and has seen sales within this category increase by more than 180 per cent. --NZ Herald 1-08-2022.
Key Financial Results • Group operating revenue increased by 7.0% to $595.2m (FY21: $556.5m), with ~10,000 lost store trading days in each of FY22 and FY21.
• Comparable earnings before interest and tax (EBIT) increased by 11.1% to $62.9m (FY21: $56.6m).
• Statutory net profit after tax increased by 13.9% to $46.7m (FY21: $41.0m1).
• Group gross margin increased by 200 bps to 64.7% (FY21: 62.7%), underpinned by our strategic initiatives.
• Healthy inventory levels to support elevated sales at $181.5m (FY21: $171.2m).
• Balance sheet benefited from strong operating cashflows and sale of the Canadian credit book, resulting in a closing cash position of $95.8m (FY21: $72.4m).
• Final dividend of AU4.0 cents per share declared, delivering total dividends for the year of AU7.5 cents per share.
• Board announces launch of an on-market share buy-back of up to 5% of the Company's issued capital
Very good result - current trading up 13.4% on FY21.
SBB Starting to look like a Rig a DIG DIG..
The Hoot n Holler is working over time on off market trades.
well WINNER() yes more action please it's ..
Oh yes its the BB of the century ... its the BB when your not having a BB...
Its UP and DOWN.... get with the BEAT ...
https://www.youtube.com/watch?v=hlv672jqbtE
Oh its very orderly if your the brokers...
its going swimmingly ...
like this swimmingly...
https://www.youtube.com/watch?v=Te3_VlimRw0
Sharks baby... coming to get you.....
Just how did we ***K this up so bad....
https://www.youtube.com/watch?v=LtFyP0qy9XU
Hear the Hoot N Holler ...
https://www.youtube.com/shorts/VV7nE4BrzRw
be first ....
https://www.youtube.com/watch?v=ag14Ao_xO4c
BB and the price goes ......
down?
Hey waltz - do you think they have realised they have overpaid for the zillions of shares they've already bought
No waiting for something like your $1 a share .... or willyou beat them to it at $1.05
It was so good when share price was in the mid $1.30's ....not so good today
W() someone put the kiss of the death on it saying BB usually drive the price down....
could it be that NZ is such a wild west that malls are not safe and the stores are from another era.
It reflects more upon the country than anything im afraid.
Makes one feel safe in LandsKrona with only a few Nazi's about. Actually once NZ is decolonised and every statue is rewritten and your votes are no more and the NZX i rerated to junk this might be the High of the decade ?
surely things cant get any worse....
But WAIT! a susan paul moment!
cripes and the presentation is OUT!!
sales up by over 20 percent and low and behold BUYERS!!!! a couple of orders have been entered!!!
Yeah NUPE shes a sell at 145 if it gets there by March...
Damn those buyers are back... lucky we bought a load already and wait to DUMP AGAIN!!!
OMG - things going fantastically at MHJ
From ASM Pleasingly, the business has delivered strong early performance for the first 16 weeks of FY23,
with Group all store sales up 27.5% against FY22.
As this period in FY22 was impacted by store closures in Australia and New Zealand, a more
meaningful reflection of the FY23 performance is that we have increased sales by 15.8% against
the same period in FY21, even with 8 less stores
Halt the Presses...
News Flash!!!! Hear YEEEEEE....
play it again sam .....
https://www.youtube.com/watch?v=ozfkzgVjIlk
Quick sums using what I would say were some pretty robust assumptions I's say that those increased sales over pcp were about $38m generating about $24m Gross Margin ---- say with a bit more in way of expenses about $18m more NPBT than same period last year
That's some increase
Love this we have have pivoted to growth
27.5% up is good no doubt about it but for context another retailer up 68% in its first period of FY23 trading was heaps better.
I'd rather own best of breed.
Quote from: Basil on Oct 25, 2022, 03:45 PM27.5% up is good no doubt about it but for context another retailer up 68% in its first period of FY23 trading was heaps better.
I'd rather own best of breed.
...and they essentially in the same market space ... clothes and accessories and such things
Quote from: Basil on Oct 25, 2022, 03:45 PM27.5% up is good no doubt about it but for context another retailer up 68% in its first period of FY23 trading was heaps better.
I'd rather own best of breed.
and Lovisa talked 60% plus increase as well
As long as it keeps paying the DIV and growing a few earnings in this environment without driving the customers away...
145 - 150 probably another sell range..
the problem has been NZ stores and there street wide open layout... they all need fitting with fog and alarms. Loud ones.
NZ appears to have a problem of an un cultured population.
Quote from: winner (n) on Oct 25, 2022, 03:53 PMand Lovisa talked 60% plus increase as well
Great we're comparing LOV with HLG...all sorts of young people throwing off the years of Covid lockdowns and misery and getting out there enjoying themselves "peacocking" again. LOV on a forward PE of 33 and HLG only about 10. Hmmm
https://www.marketscreener.com/quote/stock/LOVISA-HOLDINGS-LIMITED-19157145/financials/
Staging a come back... too late ... 120 the low at the moment....
Yesterday's update that sales were up 27.5% was fantastic news
But looking at what HLG, Lovisa and Premier have done in much the same periods that 27.5% pale into insignifance
Even Restaurant Brands beats it
some comparisons -
MHJ 16 weeeks (July/Aug/Sep/Oct) +27.5%
HLG 8 weeks (Aug/Sep) +68.49%
LOV 7 weeks (July/Aug) +66.1%
BRG - August sales more than 60% up on pcp (Aug/Sep/Oct sales report out soon)
PVT (Premier) - 7 weeks (Aug/Sep) +46.7%
RBD
MHJ , HLG Profit and Loss reports allow for comparision of the 2022-21 years.
Unrelated comment to performance.
In a trail balance sales are credits and expenses are debits. In most cases a credit is represented by the - sign or ( ).
Debits are not represented by the - sign and are not signed.
The story is in the detail of the numerics. There appear to be some interesting variances between the two companies and their respective performances.
This has been the double entry book keeping tradition for a while and all models should be able to be built on this.
Image if financial statements PDF had the objects enabled as they should be and all items were tagged. You could read the PDF documents automatically and your models would be comprehensive and automatic.
Reminds one of the bank statements that have no ID No's and no authentication encrption or proof of work in them (every bank in the southern hemisphere).
Its where block chain like UL will eventually find a place.
W() are you sure you covered the MHJ P&L comparison with to HLG covered?
Just saying....
Much nicer posting here...
MHJ performance versus HLG.
Re Balance dates.
The MHJ P&L is for "for the year ended 26 June 2022"
P&L performance comparision variance to HLG there fore places HMJ on a handicap.
Some of variances make for very interesting reading..
W() think it worth comparing the P&L variances of MHJ and HLG......
some very interesting numbers there.
finally a small move up ... very small..
winner()
Most of the BB has taken share via SP and therefore share price has been supported by BB?
without doing the math maybe the share price not supported by BB at all..
havnt had time to do much on the P&L on the surface the variances in the PL are not as great as HLG re expenses to sales.
Its really time that these public companies produced data in a PDF format that allows the objects inside the PDF to be read automatically.
Its a joke that these reports have to read by eye balls. In fact its almost criminal just like the fact your bank transctions cant be ID'd.
Thats is why Ethereum might be a technology waiting for its moment in the sun.
Shocking Trueeeeeeeeeeeeeeely shocking...
outrageous!!!
https://www.youtube.com/watch?v=yQTA6in9sn0
SEEING RED , RED . RED!
https://www.youtube.com/watch?v=zPrOEMW60MY
whos trust, whos entity......
Nothing to declare to the IRD... Nothing... ticks the nothing to declare box....
RED only RED!
Sharks ; SHARKS!!!!!
https://www.youtube.com/watch?v=Te3_VlimRw0
hands to guns; hands to the guns...
https://www.youtube.com/watch?v=SQCSxqScSVQ
well thats ok then winner....
with no lock downs it getting hectic and dont even have time to read notices...
when is optimus prime ready from elon and can our new uni connector language runtime hack its RTOS.....
https://www.youtube.com/watch?v=UbiQjJ6s2x0
19 January 2023
Michael Hill International Limited (ASX/NZX: MHJ) is pleased to provide a trading update for the FY23H1 period ended 1 January 2023:
KEY POINTS
• Continued EBIT growth – The Company anticipates FY23H1 Group comparable EBIT of between $52m to $55m (FY22H1: $51.6m).
• Double digit sales growth – For the half, Group sales were up 11.7% on LY, and for a more meaningful reflection of performance, up 14.5% on FY21 (with seven fewer stores).
• Strong margin performance maintained – Despite experiencing higher input costs, and a more promotionally driven retail environment, the Company continued to deliver strong margins in line with prior year.
• Rebasing of digital sales – Following last year's surge in digital sales from closed stores and with a strong consumer return to physical retail, digital sales declined by 9% on LY, however, were still up 30% on FY21H1.
• Strong balance sheet maintained – Having initiated the share buy-back program, declared an uplifted dividend, invested in new growth opportunities and a strengthened inventory position, strong sales and margin performance led to a healthy cash position at the end of the half.
• Successful transition to new Global HQ – The new state of the art building is home to the Company's global leadership team and functions, high tech distribution center and reimagined artisanal jewelry workshop.
• Store portfolio management – Three new stores opened (AU:2, CA:1) and one under-performing store permanently closed in Australia during the half, with a network total of 282 stores across all markets at the end of the half (FY22: 280).
Pretty disappointing update
Doesn't bode well for the full year result
They always put as much sparkle into their updates as they put in their jewellery ...need to read between the lines sometimes
No cut to the DIV then WInner....
Did not lose the game and still puck went in the net....
it could have been a lot worse...so so.. not bad.... well pretty good really when you consider that NZ is the new wild west and you can get killed on your bike by hoodies in CARS...
dont know what is in the water but dont drink it unfiltered...
reall think shareholders should be invited to BBQ's at the new HQ... champagne... this is the request will be making at the next AGM....
shareholders of consolidated holdings of over 100,000 share only invited...
MHJ
:Australia: For the half, segment revenue grew by 18.0% on LY and by 8.8% on FY21. There were 148 stores
trading at the end of the half (FY22H1: 150).
New Zealand: For the half, segment revenue grew by 13.8% on LY and by 10.0% on FY21. There were 48 stores
trading at the end of the half (FY22H1: 49).
Canada: For the half, segment revenue grew by 0.5% on LY, and by 25.0% on FY21. There were 86 stores trading
at the end of the half (FY22H1: 86
Comments :
"Commenting on the result, Managing Director and CEO of Michael Hill International Limited, Daniel Bracken said:
"I'm particularly proud of these results, given we were comping a record second quarter last year, where we benefited
from pent-up demand and strong economic conditions. This year, while the first quarter results were cycling store
closures, the delivery of 4% growth in Q2 was outstanding, underpinned by yet another strong Christmas execution.
Pleasingly, first half sales were up 12% on last year, and for a more meaningful reflection of FY23 performance, up 14%
on two years ago. The first half sales of $363m represent a new record, up $30m on the previous best half in FY20, even
with 22 fewer stores.
While record sales were a highlight, equally pleasing was our ability to maintain elevated margins despite significant
input cost pressures and increased promotional activity in the market.
Considering Canada had a record first half last year, this year's result still delivered growth, and represents 26% growth
on two years ago.""
"SEGMENT BREAKDOWN
Revenue for retail operations for FY23H1:
$m $m % Var to % Var to
Last Year This Year Last Year FY21
(26 weeks) (27 weeks)
Segment figures in local currency
Australia segment AUD
Last Year This Year Last Year FY21
161.5 190.6 18.0% 8.8%
New Zealand segment NZD
Last Year This Year Last Year FY21
67.0 76.3 13.8% 10.0%
Canada segment CAD
Last Year This Year Last Year FY21
91.7 92.2 0.5% 25.0%
Total Sales AUD
Last Year This Year Last Year FY21
325.2 363.3 11.7% 14.5%
Exchange rates used for FY23H1:
New Zealand 1.05 1.09
Canada 0.92 0.89
The above figures are prior to final accounting adjustments, and are unaudited. Revenue/Sales figures stated above include the PCP
revenue recognised during the period and sales through our store and online channels. The PCP income recognition pattern is based
on existing estimates and is subject to ongoing management review and adjusted at half-year/year-end as required.
Comparable EBIT is unaudited, pre-AASB16, pre-IFRIC SaaS-related adjustments, and with normalisations."
I notice "the Beast" has recently been in dry dock for maintenance etc
Perhaps that was some of the expense :)
Yes if you mean the "Millions" some such figure for security and one imagines a potential redesign of stores going forward as ALARM bells were have rung...
Yes shame but really open shops in mall are now from a by gone age ...
Fencing and security systems nation wide might be giving private security companies a wind fall yearf or 2.
You buying up big waltz before the share price takes off
Buyback to recommence soon
Risk of Higher rates are real..
FED always gets it wrong
Higher RATES coming ....
https://www.cnbc.com/2023/01/19/fed-governor-lael-brainard-sees-high-rates-ahead-even-with-progress-on-inflation.html
130 Winner ... would about be the next high.... then its a sell ...
could be very wrong of course but dont see it returning to 150 anytime soon even with the increase sales as costs appear to have halted the profits.
but still if they maintaine profit that pretty good but they might find that increase sales farther they have to cut prices in canada...
dont see them expanding anywhere..but dont know this space very well
we have read the pro gem buyer reports sent to us last year from AUS.
Quote from: Waltzing on Jan 20, 2023, 04:17 PM130 Winner ... would about be the next high.... then its a sell ...
could be very wrong of course but dont see it returning to 150 anytime soon even with the increase sales as costs appear to have halted the profits.
but still if they maintaine profit that pretty good but they might find that increase sales farther they have to cut prices in canada...
dont see them expanding anywhere..but dont know this space very well
we have read the pro gem buyer reports sent to us last year from AUS.
[/quote For me it was a slightly disappointing report.
I was hopeing for two 5c dividends this year.
That's still possible but we need a very good 2nd half.
Miracles dont always occur... was expecting negative sale growth NZ -
selling what ever we still hold in 2 private company CSN when or if it hits 130..
they can still keep the DIV as they have plently on the balance sheet to pay out...
Quote from: Waltzing on Jan 21, 2023, 04:11 PMMiracles dont always occur... was expecting negative sale growth NZ -
selling what ever we still hold in 2 private company CSN when or if it hits 130..
they can still keep the DIV as they have plently on the balance sheet to pay out...
HLG sales up in NZ so MHJ was likely to follow suit
Just going with the flow
You'll be correct if you reckon negative in second half
yep and the expenses of protecting the local shops...
expect expense up but some of it might be CAP EX
paint drying ... some trades ......
Results out . As stated over on the other channel.
NZ and AUS has some jewels left to sell after being grabbed by the little rat bags..
Has NZ taken over the old AUSSI mantel as a country of criminals?
well increase in the DIV which makes this stock grossely under valued.
Winner no doubt may do the numbers but who has time in this autumn of discontent....
whopping payout and hopefully buy back continues but no statement. Looks like they want the cash to keep the DIV up.
look like they have some inventoyr to move but with the increase in sales over 21 they need it.
130 at least surely...
Sellers drying up?
One of the best DIV payers for this year along with HLG on the NZX
Big retail order going in 100 @ 114.
Inflation hitting expenses which hopefully has levelled off.
Over here I can say it was a pretty crap half year for MHJ without getting drowned out by the believers
They sold heaps more but made a little more
Increased NPBT in OZ but went backwards in NZ and Canada (supposedly the growth engine)
Below is how they managed to increase NPBT by $2.5m ... quite interesting
In saying all this share price is pretty cheap. To get punters interested they should be forgetting the stupid share buyback and just pay out most of the cash profits as a dividend
00000mhi.JPG
yep pay put the cash as Winner() says...
expenses up...
but cheap share ...
forget BB ...
if they cam keep DIV up its a Grinner()
outlook FLAT ... SP needs to catch up... 130..
probably looking to cut staff..
Think it will take a year or more to move the SP Winner()...
On the other hand if you dont buy here you wont get a 10 Percent Yield in 5 years time based on the SP at the moment.
They arnt going belly up any time soon.
Quote from: Waltzing on Feb 27, 2023, 01:40 PMThink it will take a year or more to move the SP Winner()...
On the other hand if you dont buy here you wont get a 10 Percent Yield in 5 years time based on the SP at the moment.
They arnt going belly up any time soon.
Hey waltz - what's a cheap Enterprise Value / Cash flow multiple in your big black box
Its sure is cheap in the 1.10 .130 range if they keep just making jewellery..
It appears celtic ART is a Winner()
Im sure MR P and his LOV investment is doing just fine...
They saying RBA has one more hick then its wait and see.
That Yield is sky high...
Quote from: winner (n) on Feb 27, 2023, 11:55 AMIncreased NPBT in OZ but went backwards in NZ and Canada (supposedly the growth engine)
Nice post winner - what happened in Canada??
They Hate it... Hate it.....
Feel the Hate...cant be ESG enough... no diversity in the models...
Seems MHJ and KMD having a race ....... neck and neck in the race to somewhere
huge yield on MHJ now.. WAAWHOOOOGE!!!
that could be shouted over the Hoot and Hoola.
Quote from: Waltzing on Mar 06, 2023, 07:33 PMhuge yield on MHJ now.. WAAWHOOOOGE!!!
that could be shouted over the Hoot and Hoola.
Story in paper says they can always melt down the gold jewellery that hasn't sold to pay the divie
Quote from: winner (n) on Mar 06, 2023, 07:37 PMStory in paper says they can always melt down the gold jewellery that hasn't sold to pay the divie
That tells me they have the "owners eye"
So what is the view here? Is MHJ a dividend trap? Or an awesome opportunity?
The elephant in the room is the engineered recession.....I previously went on record saying there won't be one, but I'm now thinking one cannot be avoided due to the single-mindedness of one RB Governor.....
Is MHJ growing stores and sales much like HLG? i.e. organically without debt rather than a hiss and roar like they previously did with shoes? And are we happy with the cash flows?
Amazing the market still does not want the stock.. but AUSSI banks got wood shed'd as well as punters dumped the banks...
thinking that the HUGE recession coming mean lower Bank DIV's...
be funny if HLG and MHJ and keep them going...
The banks are turning into a trade..
Action at last ..an acquisition
They proudly say it's going to be eps accretive immediately ......what a nonsense statement ...of course if profitable it's going to EPS accretive,
http://nzx-prod-s7fsd7f98s.s3-website-ap-southeast-2.amazonaws.com/attachments/MHJ/410165/392879.pdf
Highlights
• Acquisition of the business and selected assets1 of Bevilles
• ~$45 million Net Enterprise Value2
, representing 5.6x expected adjusted FY23E underlying
EBITDA3
• Complementary strategic fit for Michael Hill
• Expected to be immediately EPS accretive
• Meaningful EBITDA enhancement and growth opportunities readily achievable
• Substantial store roll-out opportunity in short and medium term
Aus market seems to like it so far... Shut down the non performing NZ stores? and stick with the Kanga's?
Amazed they have been even able to operate profitably in AUS... well and now they are expanding. Buying the EPS though not really a bargain.. All that investor profit not distributed yet... better increase the DIV then by a fare bit...
Hey Waltz ....hope you weren't down at the mall this arvo when Michael Hill was done over
Dangerous place
3 hour weight training session... but my PT gets it done in 1 Hr....
The garmin 6 fenix is on sales at T7 this year for half price.....
The new method of getting goods is something to do with the new enlightened education system one supposes....
Quote from: winner (n) on Apr 21, 2023, 06:40 PMHey Waltz ....hope you weren't down at the mall this arvo when Michael Hill was done over
Dangerous place
Gonna have to beef up mall security.
Yep ... but those big barns need people they got a big problem..
Quote from: Clearasmud on Apr 21, 2023, 09:43 PMGonna have to beef up mall security.
:o Another one today. (https://www.stuff.co.nz/waikato-times/news/300861550/thieves-raid-hamilton-michael-hill-store-on-anzac-day) Hamilton store too.
When is it going to end.
blame call of duty....
someone wrote over the weekend if NZ needed an army....
well it appears to have a young group of budding SAS cadets that havnt signed up yet...
lets send them off to a wagner training camp and the horror of it should boot camp them back into shape...
second thoughts they might not come back alive ...
Winner has done the numbers and they have paid sugar sky high price but some tink this thing is going to be a W.......
lets hopee so... could be a big buy in 12 months after they close more NZ stores after all with this new bolt on do they need NZ in the long run...
bit of HOPEUM here ... anyone know how that is spelt..
news flash ... Michael Hill's total group sales for FY23 year to date2
are up 5.5%.
was hoping for a complete melt down ... price in the 70's and then... end of the winter weather in 2024 - 25 and a bounce back to 1.70..
pass the TUI..
MHJ_2023-06-11_14-02-04.png
Current State of play on MHJ.
Cod ... I take it is a bad sign if price breaks down under 87 on your chart?
support is at 76-77.....
But that was before the new bolt on..
suspect staff who drop off wont be replaced.
Its an AUSSI company now... might as well shut the NZX listing and some local stores in BANDIT Country.
Welcome to the wild wild country of .... yeah but you ant in Texas now...
https://www.youtube.com/watch?v=Dmn4gtZWVzw
Quote from: winner (n) on Jun 11, 2023, 02:48 PMCod ... I take it is a bad sign if price breaks down under 87 on your chart?
Yes, the support of the AVWAP is the only thing holding it up at the moment, if it breaks (longer below the more important it becomes), the inverse cup and handle has a downward effect (Cup and Handle pattern breakdown to perhaps 63.50c).
Note also the two large vol trades +6.5mill each at 1.18 and 82c respectively, one is now in red the other is close, both moving red (after AVWAP break) might cause the cascade to 63.5c.
Sorry but that Cup and Handle does not make it into the final of Pottery Throw down...
very poor and non uniform side on the cup... you only get a 3/4 cup im afraid...
Nupe that potter does not make the final and is leaving this week...
https://www.youtube.com/watch?v=-PZ-IbbEldQ&list=PL5A4nPQbUF8A5zoCyctcCbEyGAmxVNBt8&index=3
more like a fading double top.... fade it and trade it... actually transfer it off market to a holding company for some TL's.
52 is the bottom support on a very basic graph..
bit of 62 here one might suppose...
Interesting chart. Looks really bad. Good stock to trade. 200 day MA would have got you in at just over 40 cents in late 2020 and out at ~ $1.20 in early 2022 triple your money...wish I had of been in on that action !
200 day MA says STAY OUT at present.
In my book jewelry really doesn't get a look in during a cost of living crisis and I expect the share price to head a lot further south. I suspect this will be a very good trade again at some point in the future. Happy to let the 200 day MA tell me when.
I like the 600 day MOV AV... 1.08...
HIT 104 high today ... WHAT?
wonder how the new shops are going ... mean the merger... urge to merge...
https://www.youtube.com/watch?v=KqF-Z3dyCi4
Latest update out..........
http://nzx-prod-s7fsd7f98s.s3-website-ap-southeast-2.amazonaws.com/attachments/MHJ/414969/398786.pdf
• Sales growth maintained – For the year, Group sales were up 6.0% on LY, and while economic conditions were more challenging in recent months, second half sales were only down 0.8% on LY, an improvement on our most recent market update.
• Comparable EBIT – The Company anticipates FY23 Group comparable EBIT of between $56m to $59m (FY22: $62.9m).
Leftie .....Suppose reasonable announcement in 'challenging' times
I try hard to really like (enthuse over) MHJ
Sales trend as per chart not that inspiring and this years profit much the same as 2017 hardly inspires confidence.
Full credit to whoever writes their announcements ......always so so positive but words don't seem to translate into good numbers .....steady as she goes probably best description
"steady as she goes"
brilliant comment from the Winner()!
will take that as wild beyond expections... wonder how many millions were lost in NZ wild west....
RR wild west...
massive yield ....if DIV stays here...
Quote from: winner (n) on Jul 20, 2023, 11:29 AMLeftie .....Suppose reasonable announcement in 'challenging' times
Mmmm.....call me old fashioned but what happened to NPAT or profitability projections?
but nice chart tho' Winnie.
PNat might be some items from the AQUISTION...
EBIT where the real stuff is..
but if DIV stays up the SP could be a bargain in the low .90's building back up in the next 5 years....
winner() is secretly buying more ...
Quote from: Left Field on Jul 20, 2023, 12:44 PMMmmm.....call me old fashioned but what happened to NPAT or profitability projections?
but nice chart tho' Winnie.
Enough in the numbers saying it's a bit if struggle these days
Full year sales up 36m on last year generates about 20m more margin
But expenses etc increased by about 26m
Means ebit down 6m on last year
Can't really see profit getting much better in F24
Full Year wont break down expenses enough to see the items that blew out...
but it undervalued by about 30 cents going forward if OCR comes back to 3.
its a steady DIV play now.. slow SP rise ... SLOW
And again ... https://www.nzherald.co.nz/nz/sylvia-park-incident-reports-of-armed-police-responding-to-event-at-mall/LL3HQFG3KRHGXLK72FFJRX7XXY/
They really need to roll out the mini birds over auckland armed with search lights...
Full deployment of multi wheeled armoured cars .... you name it roll it out...
Black hawks over auckland... its a wild wild place ...
must be a song out there somewhere...
Hardly the Italian job though is it?
https://www.youtube.com/watch?v=RtWkewqIFDM
Def not Kiri she is back in the home whenua
Deploy... deploy... spin them up ... get to the flight line ... is there anyone in the police control room in auckland... where is the minstry...
https://www.youtube.com/watch?v=LdsgMpM4I6k
The rebels ran for it where were their get away drivers ?
Not an actual heist or they never got to the target? a Food court fight?
https://www.nzherald.co.nz/nz/sylvia-park-incident-reports-of-armed-police-responding-to-event-at-mall/LL3HQFG3KRHGXLK72FFJRX7XXY/
rebels without a cause...
https://en.wikipedia.org/wiki/Rebels_Motorcycle_Club
the P&L is going to be interesting if they highlight local security costs...
Is there an action vid <kapow> <splat> blood and sprawling bodies.
Most people go to the mall for a nice time and shopping event, not to see WWF wrestling
well maybe its on the security cameras!! ask KPG!!
Some today 230,000...?
you would have though it was an in demand stock...
http://nzx-prod-s7fsd7f98s.s3-website-ap-southeast-2.amazonaws.com/attachments/MHJ/417058/401375.pdf
"While we finished the year with comparable EBIT slightly below prior year, we still delivered the second highest profit year in the Company's history, even with the significant increase in security investment to protect our NZ customers and team members."
"protect NZ customers and team members"
Oh My Gosh ........
says it all ..... failed state there NZ goes ...
Sell 6% more stuff and make 25% less profit
Margins down and expenses up heaps
And the $35m is even less than F21 as well as last year
And that huge mountain of cash they had a while ago is burning holes in their pockets
some strong buying today..
Price bounced hard off the AVWAP line 5th July week, reentered consolidation box, negated previous pattern. Double Trix (15,9) flashed off a buy signal (Green Arrow) at end of July, today 1101136 crossed at VWAP 95c and change.
MHJ_2023-09-05_19-58-22.png
The real problem with this stock is that just when it looks like it going to be run for the shareholder they show there real colors and its really being run for the family...
It will be very interesting to see the P&L in 12 months time and if the DIV can be increased..
As Winner said that cash pile burnt a hole in the pockets..
Agreed with what winner and you suggest but offer a different perspective.
I was looking for a reason for the recent uptick and perhaps it's because they just bought a bigger slice of the Jewelry pie in Oz, brought all back-office functions into the MHJ mix, trained staff into the MHJ ethos, did any rebranding necessary, collected 21 mil in jewelry stock and had one month of Breville's turnover in the results and had the highest turnover ever.
They did all that with cash, didn't borrow a cent.
As you suggest it will be interesting to see the P&L in a year's time.
Yes agreed and in 12 months time or more likely 24 / 36 as inflation still playing a big part of retail...
If they do all of the difficult moves that has been detailed above then will have to say it was for the benefit of all...
36 months might be the time frame.
Was told it is a very very high pressure company sales environment to work in..
https://www.stuff.co.nz/business/132891247/fastfashion-jewellery-store-lovisa-was-investigated-for-incorrect-sick-leave-underpaid-wages
MHJ finding it tough going..... margins down.
http://nzx-prod-s7fsd7f98s.s3-website-ap-southeast-2.amazonaws.com/attachments/MHJ/424993/411178.pdf
Margin pressure but sales increase, nonetheless.
Not great, but perhaps less bad.
Screenshot 2024-01-19 095401.png
Onwards and upwards in 2025-26...
those amazing GDP figures for NZ in those QTRS where there was growth in the eonomy appears no to be reflected in NZ sales then...
RBNZ did note they need some more timely numbers in their recent update yesterday to the markets...
Cost savings ...
" As a result, the company has taken direct
actions to reduce operating costs, including the exit of a number of senior management roles. "
Comparable eBIT down from 54m to about 30m this year ...that's not good
Put in the I and the T maybe NPAT will be about 18m
wait till HLG and other comes out ....
however it is rear view mirror half year and perhaps can expect another 12 to 24 months of tough sledding...
https://www.youtube.com/watch?v=odDXKegYTq8
2023 result... 11/10/2023,
winner()
Comparable EBIT – FY24H1 Group comparable EBIT is anticipated to be in the range of between $30m to $33m.
should be no problem to maintain the DIV..
https://sendy.tarawera.co.nz/l/J6oLVth2f3f6IXNYvUBQEg/e8CfAbmY1jVzCQtDLYkCyA/6EQHq6fShJqlx4PtPwk2RQ
YUP Diamonds may be forever, but jewelry stocks are cyclical...
the results will make for interesting reading ... probably more like 2025-26 before they bob up to surface again..
imagine a share price of 60 !!!!
Now one wonders if in fact the big new corporate head office was a thing of the past and in fact they will now be some empty hallways as they start to restructure..
lets hope ROB whips them into lean and mean shape and informs them about Debit and Credits...
Gold has been up and down lately but they may have had some cost blow outs ... time to put the head office to the grinder and slim it down ..
https://www.cnbc.com/2024/01/22/ubs-sees-a-10percent-spike-for-gold-this-year-as-rate-cut-speculation-swirls.html
Warning: post not directly related to this stock but Gold still in demand in many places in the world.
More gold stuff... and retail in India...
https://www.cnbc.com/2024/01/19/goldman-sachs-predicts-100-million-indians-will-earn-10000-by-2027.html
Michael Hill's nearest store to India is Darwin.
There they go again ... smash and grab... the wild east.
https://www.nzherald.co.nz/nz/watch-bayfair-shopping-centre-evacuated-following-brazen-daylight-smash-and-grab/JZ72QJOZVFFGFGATVR5337VFEY/
Indians.?
Quote from: lorraina on Jan 28, 2024, 09:28 AMIndians.?
From Darwin lol ......but couldn't tell ... they had masks and hoods on hard to see through the fog
Quote from: Waltzing on Jan 27, 2024, 10:10 PMThere they go again ... smash and grab... the wild east.
https://www.nzherald.co.nz/nz/watch-bayfair-shopping-centre-evacuated-following-brazen-daylight-smash-and-grab/JZ72QJOZVFFGFGATVR5337VFEY/
I'm sure they're just victims trying to get over their childhood traumas.
And now Silverdale
https://www.nzherald.co.nz/nz/silverdale-mall-smash-and-grab-michael-hill-jewellery-store-hit-again/LYPUGYOGNFAUJMYQH6D65JXQLE/
Quote from: winner (n) on Jan 28, 2024, 01:02 PMAnd now Silverdale
https://www.nzherald.co.nz/nz/silverdale-mall-smash-and-grab-michael-hill-jewellery-store-hit-again/LYPUGYOGNFAUJMYQH6D65JXQLE/
The good news is that ram raids are down. If you don't use a car, its not a ram raid, right? Smash & Grab are the new ram raids - much more civilised hours and you dont have to go to the bother of stealing a car.
The future of jewellery stores is going to be like the US, shops locked up and behind metal grills, entry is by invitation only.
It was basically like that here before MH changed the model to "open plan" with no front door.
Missed this one ...
https://www.odt.co.nz/star-news/star-national/michael-hill-jewellers-store-robbed-broad-daylight
I know a Sri Lankan doctor who Waltz's would object to sub continent peoples being blamed...
Must ask where she buys her bling... on tuesday evening at Viennese Waltz. She will also being coming with us regulary to Auckland for Waltz...
For those who have no interest in the subcontinent you can start here for sri lankan.
https://en.wikipedia.org/wiki/History_of_Sri_Lanka
WZ
Funny, but just watched the latest episode of Law & Order SVU (2024) and it was about the proliferation of gangs committing smash & grabs in stores in broad daylight. Seems like its a global trend, probably helped along by the fact that they film themselves doing it for tik tok views.
Bit of a blow to MHJ......$2.2 mill in damages.......ouch.
http://nzx-prod-s7fsd7f98s.s3-website-ap-southeast-2.amazonaws.com/attachments/MHJ/425631/411951.pdf
Could well come off the DIV..
Annual Report implied no litigation outstanding as at Balance date ...hmmmm
Company dropped a Friday night special on the ASX at 5.41 their time (7.41pm our time) - love it when companies do that
MHJ the Oz code - you'll see it on the NZX Monday smelling like a 3 day old fish.
EBIT loss of 10 mill for Q3 2024
🤮
A shocker.
Actions have been taken to reduce costs across the business including inventory, corporate
overheads, underperforming stores and further optimisation of store rostering.
I guess the number of underperforming stores has increased.
Bevilles are only adding to their problems.
I do not hold,however a Trust I am a trustee of still holds LOV.
Yes it appears this industry has been hit super hard by the double costs of inflation and Gold spiking... CHINA apparently a big buyer of gold now ..
Amazing how gold was out of favour and is now back...
Next few years are going to be hard for retail and hospitality... wallets are shutting.
They will need to shut more NZ stores. AUS should provide them with some hope maybe.
Quote from: lorraina on May 18, 2024, 08:04 AMA shocker.
Actions have been taken to reduce costs across the business including inventory, corporate
overheads, underperforming stores and further optimisation of store rostering.
Time vor a rebrand?
Old Branding: "Michael Hill International"
New Branding: "Michael Over The Hill International"
RB
Retail in AUS now the focus with the budget ... wonder if it will hit other jewellers as they too get hit by GOLD being in demand....
Group Sales- For the first 45-weeks of FY24, Group sales (including Bevilles) were up 4.7% on LY, and the sales for the core Michael Hill brand were still negative to LY.
Revenue for retail operations FY24H1 FY24YTD
to Wk26 toWk45
Segment figures in local currency Australia segment 10.2% 12.3%
New Zealand segment -10.3% -11.1%
Canada segment 0.5% -0.4%
Total sales 4.0% 4.7%
• Australia -The segment shows positive sales for both Hl and YTD, however this growth is driven by the inclusion of the Bevilles brand in FY24 only. Sales performance in the core Michael Hill brand has improved marginally compared to the first half, but remains negative to last year. The Bevilles brand has also not met sales expectations and has been further impacted by the relocation announcement and systems integration process.
• New Zealand -The segment remains our most challenged with deeper macroeconomic pressures significantly impacting consumer behaviour and discretionary spend. The continued negative sales results are also driven by a decline in consumer credit approval rates across the country and an increase in serious retail crime events impacting a number of our stores.
• canada -This continues to be our best performing segment, broadly flat on a record prior year.
• Gross margin-In line with the first half, gross margin remains suppressed due to sustained higher input costs and record gold pricing. All markets continue to experience aggressive promotionally led retail trading conditions, which is also contributing to margin pressure.
• Earnings impact -Given the compressed sales and continued gross margin decline, previously reported first half earnings have been eroded by an EBIT loss of N$10m for FY24Q3.
Still got cash coming in as smash and grab in NZ has stuff going out ...
Short Aus Retail? probably not as AUS retail will recover but will NZ?
pure trading stock Winner() ...
https://www.afr.com/work-and-careers/leaders/the-gap-below-cartier-and-tiffany-michael-hill-s-luxury-play-20240503-p5fosf
" 2015 NPAT has been 28m, 21m, 34m, 5m, 17m, 3m, 49m, 52m, 38m"
they have enough stores to generate sales... shut some NZ stores ... Quick.
used to think HLG was cyclical but this stock creates its own cycles to add to the market making it more volatile than most...
Micheal needs to get out there do a blinken .... now this man coudl run for PRES...
https://www.youtube.com/watch?v=CM333RSlc1Y
Said befoe winner when the shop was first shown in the press.. they have one of them and how will they fund the rest...
There will be a board meeting and surely ROB F will or someone will explain that right now is NOT the time to go BIG....
Back to basic im afraid... shut NZ stores and discount is what everyobe does in a recession...
They might just stay in business if they are lucky and ALL jewellers who buy gold will be having margin problems...
back to waiting for the TRA report...
There is no doubt that M HILL is a sales genius and one of the best and maybe 2 or 3 high end stores in the right places over time...
They certainly know how to keep the sales going but they need to take the knife farther to the business..
It appears they have got a little bit over their skies...
Interesting about the new fake diamonds... but not new for them.
Maybe sell more of them and less gold....
Get the product mix sorted that gives the best margins...
Some others in the business seem to do this beter and that might be why they have a much higer P/E.
Its more a 27 story if they can keep afloat .. back to scrapping along the bottom for a while then for them...
More money in second hand cars then... who would have thought...
Forgive me MH... my lack of vision!!!! Im mean YELLOW DIAMONDS DA! of course how silly of us!!!
He did well with his shoe shops
YELLOW DIAMONDS winner()...
Your not showing the fath or VISION here...
Its obvious that the public has a LOT TO LEARN about what they should be buying ... MILLION DOLLAR YELLOW DIAMONDS!!!
right well that rules out most of the NZ diamond buying public ....
and suggest the AUCKLAND version of the store be delayed after come Chinese said they felt safer in CHINA!!!!
mind you AUSTRALIA is wealthy and COPPER prices are up and Europe needs GAS....
maybe there are sectors of the AUS economy that can splash the CASH!!
Silly KIWIS not invited to thart party and maybe only the members of the HILLS can afford them...
MH maybe on to something ...
Ok - once the first store takes off... Its Singapore... Dubia ... PARIS! NEW YORK!!!
how silly of us not to see that this is pathway to the country club set...
what if this guy actually knows a few people in this set...
cant afford the TOP TOP shelf but you want to look good at the CUP ... well ..
https://www.youtube.com/watch?v=T10VecAun-Y
Quote from: Waltzing on May 19, 2024, 02:46 PMYELLOW DIAMONDS winner()...
Your not showing the fath or VISION here...
Its obvious that the public has a LOT TO LEARN about what they should be buying ... MILLION DOLLAR YELLOW DIAMONDS!!!
right well that rules out most of the NZ diamond buying public ....
and suggest the AUCKLAND version of the store be delayed after come Chinese said they felt safer in CHINA!!!!
mind you AUSTRALIA is wealthy and COPPER prices are up and Europe needs GAS....
maybe there are sectors of the AUS economy that can splash the CASH!!
Silly KIWIS not invited to thart party and maybe only the members of the HILLS can afford them...
MH maybe on to something ...
Maybe time to share our recent (well, Jan 2024) MH Experience. Not sure how you guys are doing with wedding bands, but ours seem to wear off over time and need replacement every sort of 20 years. Gold is just too soft ...
So - this was the year and we went to MH to look for a new set of wedding bands. Explained that the sales lady and then she asked when the celebration will be. Hmm.
We've seen some fancy bands on the Internet, and yes, she even had them to show us but unfortunately - not in our sizes and no, they can't order them in the right size either. Hmm.
We found then in the shop another set of rings we did like and said to the sales lady, we want to buy them.
She even had them in our sizes - hurrah! But wait ... she started to work her computer and said she can't sell them (apparently the system told her that they are not here).
OK - after consultation with some colleagues she found out that they are here (well, it was easy enough to see that) and that there might be a problem with their computer.
Took her further 15 minutes to convince the computer to issue a bill for a set of rings the computer thought are not here and to accept our money (she had to tell the computer that she was ordering the rings for us, we paid them, and then she could give us the rings which she already had) - and the only place for us to wait during this time was in front of the cash register. No seats, no friendly cup of coffee - and only at the end of the process a pretty weak apology.
Couple of days later I received an email from MH asking for feedback re our latest experience in buying their bands. Well, I described our experience (as per above) and indicated that its ok if they contact me re my feedback. Though I might give them a second chance for a proper apology.
Nope - 4 months later and nobody from MH bothered to contact us again.
Guess where we buy our next jewellery? - certainly not anymore with this bunch of inapts.
If they are doing tough, it is certainly not the recession. It is a combination of really bad IT, lack of staff training, lack of staff empathy and clearly a customer satisfaction process only meant as fig leave and not to measure or improve customer satisfaction.
Discl: Very happy Non-holder.
I wondered whether our MH experience is unusual and did a very brief google search. Looks like there are a lots of unhappy customers out there:
https://www.1news.co.nz/2024/04/16/fair-go-how-long-should-a-wedding-ring-last/
Maybe I should do this next time before I waste my time and money with them ... but I guess if anybody wants to know why they are doing tough, there is no need to look any further.
It appears that not just their systems and staff training are broken, they have as well the habit of selling quite expensive junk and afterwards trying to wiggle out of their legal requirements.
Uninvestable.
Mitre 10 has an OLD text screen system..upgrading to SAP ... taking 2 years ...
you would be suprised how old some of this stuff is... BANKS?
think you would be surprised how old systems are all round the country...
Nice article from BP... you should post your review BP...
https://www.productreview.com.au/listings/michael-hill
Heres one for the other crowd that is making the money..
https://www.productreview.com.au/listings/lovisa
MHJ ballroom silver cuff links still going well after 20 years... purchased in Auckland.
All depends then on the product and design team of the day... well.
Quote from: Waltzing on May 19, 2024, 05:24 PMMitre 10 has an OLD text screen system..upgrading to SAP ... taking 2 years ...
Off topic I know but word on the street is Mitre 10 Head Office haven't been collecting their rebates due to the new system issues. Having the right systems and processes is crucial. Same goes for manufacturing products that should last....like wedding rings.
Yes "like wedding rings."
Danial needs to sort that out unlike the ballroom cuff links from early 2000...
Note to Danial ... sort it out before drinking the Champagne ... coool AID..
Bought one of these about 10 years ago from my local Pascoe's store. Quite a heavy watch though but Seiko are super accurate and last really well and the gold plating stays looking brand new.
https://www.michaelhill.co.nz/p/seiko-mens-coutura-chronograph-perpetual-ssc514p-watch-18386226.html
I see after all these years Michael Hill actually stock them now, after so many years of trying to ram their own cheap junk house brand watches down people's throats.
Little known fact is that solar watches actually do have a battery and it's a tiny lithium-ion one that needs replacing every 10 years or so. If my watch doesn't get a decent amount of sun at least once a week now, it stops working which never used to be an issue until a few months ago.
I wouldn't even think about wasting my time taking it to my local Michael hill store because I know battery replacement takes some actual talent and skill that I am 99% sure Michael hill staff either wouldn't have the part or the skill to do. Actually, just for a laugh I might ask them and see what happens. They're not far away from Pascoes...actually no thanks, I want my watch to work properly and not be stuffed up by inept staff.
Yes got some work to do on QC... but a company can always change it ways ... remember how bad HGH used to be real shocker.. now your all buying, well some people anyway.
picked up my last seiko in sGravenhage (Den Haag) in 2020 just before that last flight back ... still not safe to return to sweden as if the wind changes direction and one of those OLD ukraine gaint nuclear power stations melts down ...
MHJ is not in melt down mod yet... D needs to wake up and this loss and more to come might do the job... sobering up the team...
As stated by SIR B below ... some stores in NZ need closing as AUS economy the one with growth potential..
Team morale probably at an all-time low with the massive number of daylight robberies going on. Real risk to staff.... must play on their minds a fair bit.
https://www.nzherald.co.nz/business/michael-hill-increase-in-serious-crime-impacting-stores/4FZH5PCVMBA5VBNXYF7SI2YVOE/
Quote from: Basil on May 20, 2024, 11:32 AMBought one of these about 10 years ago from my local Pascoe's store. Quite a heavy watch though but Seiko are super accurate and last really well and the gold plating stays looking brand new.
https://www.michaelhill.co.nz/p/seiko-mens-coutura-chronograph-perpetual-ssc514p-watch-18386226.html
I see after all these years Michael Hill actually stock them now, after so many years of trying to ram their own cheap junk house brand watches down people's throats.
Little known fact is that solar watches actually do have a battery and it's a tiny lithium-ion one that needs replacing every 10 years or so. If my watch doesn't get a decent amount of sun at least once a week now, it stops working which never used to be an issue until a few months ago.
I wouldn't even think about wasting my time taking it to my local Michael hill store because I know battery replacement takes some actual talent and skill that I am 99% sure Michael hill staff either wouldn't have the part or the skill to do. Actually, just for a laugh I might ask them and see what happens. They're not far away from Pascoes...actually no thanks, I want my watch to work properly and not be stuffed up by inept staff.
I was upset that my Temu watch's battery needed replacing after about 2 years use.
New battery was $8.00 from WHS.33.33% dearer than the watch had cost me...lol
Quote from: lorraina on May 20, 2024, 12:11 PMI was upset that my Temu watch's battery needed replacing after about 2 years use.
New battery was $8.00 from WHS.33.33% dearer than the watch had cost me..
But well worth the money as it keeps great time......
PS.Bought a couple more watches from Temu.Cheaper than buying new batteries ...
Yes but if your the out to lunch PARTNER in an Auckland Accounting firm ... you need a nice looking timer keeper... and a nice looking secretary..
Interesting odd little correlation. Maybe struggling retailers cutting back on advertising will lead to tough times for NZM.
Ever wondered about the effects on staff of all these burglaries? It's tough...really tough and very sad.
https://www.nzherald.co.nz/northern-advocate/news/two-worlds-collide-at-emotional-sentencing-of-whangarei-michael-hill-jeweller-robbery/7ZDS77XHHFGVFN5ZYGIVBTB6WI/
It is with great sadness that Michael Hill International Limited (MHJ) announces the unexpected passing overnight of its Chief Executive Officer and Managing Director, Daniel Bracken as a result of an adverse reaction to medical treatment for an underlying medical condition.
ANZ October card spending report has Jewelry spending up 12% year on year.
"The Beast" is for sale, thought it seems it was the Hill's and not the company that owned it
Steady.?
Michael Hill International Limited (ASX/NZX: MHJ) today provides a trading update for the 26-week period ended 28
December 2025, based on preliminary and unaudited numbers.
• Comparable EBIT – FY26H1 Group comparable EBIT is anticipated to be in the range of $27m to $30m, up +12% to
+24% on LY (FY25H1: $24.1m).
• Group sales – For the half, Group sales were $370.3m (FY25H1: $359.1m) delivering growth of +3.1% on LY, and on
a same store basis of +3.8%. On a same store sales basis (in local currency), Canada achieved another record sales
performance with +6.1% growth, Australia delivered a strong sales performance up +4.8%, and New Zealand
reversed previous same store sales declines, growing by +1.8%.
• Gross margin – For the half, group gross margin is expected to be broadly flat to LY (FY25H1 61.3%), as record-high
gold, silver, and other metal input costs were offset by enhanced overall product mix and focused promotional
activity.
• Inventory levels – Group inventory levels are expected to be ~$11m lower than LY at ~$203m (FY25H1: $214m), as
part of a deliberate plan to improve working capital efficiency.
• Capital Management – As previously announced, the business successfully refinanced its existing debt facility on
improved margins for an additional two years, with its long-term banking partner, ANZ and introduced a new lender,
CBA. The half finished with a positive net cash position of ~$20m, an improvement of ~$30m on LY (closing net debt
FY25H1: $10m).
• Store portfolio management – The half saw the successful opening of three MH flagship stores, Rundle Mall,
Adelaide (refurbishment), Bondi Junction, Sydney (new store) and Yorkdale, Toronto (refurbishment), with all stores
incorporating our new brand design and a modernised in-store customer experience. For Michael Hill, three stores
were closed (AU: 1, NZ: 2) and one new AU store was opened, taking the network to 248 (AU: 123, NZ: 43, CA: 82).
For the half, the Bevilles (AU) store network remained at 37. The Group network was 285 stores at the end of the
half across all markets (FY25H2: 287, FY25H1: 294).
• Investor Day – The business will host an Investor Day on Tuesday 14th April 2026 at its Global Head Office in Cannon
Hill, QLD. More details will be released closer to the date.
Commenting on the result, CEO of Michael Hill International Limited, Jonathan Waecker said:
"Under new leadership, the Group delivered profitable quarter-on-quarter growth, driven by significant performance
improvements in the final 10 weeks of the half, resulting in a materially improved trading trajectory relative to the early
FY26 trading update presented at the October AGM.
"A sharper focus on execution, and the early impact of actions taken to stabilise and strengthen the business, delivered
a markedly improved performance through the half. During the critical Christmas trading period, a strong focus on
driving customer demand, combined with more disciplined product planning, store operations, and targeted promotional
activity, delivered profitable net sales growth while maintaining margin. This translated into a meaningful uplift in EBIT
year on year, alongside disciplined working capital management, including a significant reduction in inventory, resulting
in the Group returning to a positive net cash position at the half.
"Just as importantly, these results reflect how our teams have embraced change and executed with greater focus and
pace. Across the business, our people have shown real agility, leaning into new ways of working, challenging legacy
processes, and lifting the quality of execution in everything we do. Stronger leadership alignment, improved operational
discipline, and a highly engaged team give us confidence in our continued focus on delivering profitable sales growth
and building momentum across all markets.
"I look forward to providing further details on our first half performance at our investor briefing on 2 March 2026."
Nice work by the new CEO
Inventory at $203 mil market cap $142 mil -- seems a bit odd.
Quote from: Cod on Jan 27, 2026, 12:08 PMInventory at $203 mil market cap $142 mil -- seems a bit odd.
Just highlights how CHEAP MHJ is
new CEO is from where? the warehouse? is that a good thing? other than that it could be s quick trade again a bit like SKC... since the only decent stock on the NZX is TRA...
Memory chips have now doubled in cost... IE there are trades out there . just not on the NZX... German defense stocks...
(Note: these results are in $AUD)
FY26H1 RESULTS
SALES AND PROFIT GROWTH ACROSS ALL SEGMENTS
27 February 2026
Michael Hill International Limited (ASX/NZX: MHJ) today announced its financial results for the half year ended 28 December 2025.
Release Highlights:
• Comparable EBIT1 of $31.0m, up +28.6% on prior year.
• Group sales of $371.0m, up +3.0% on prior year.
• Same store sales (SSS) growth of +3.8% on prior year.
- Canada achieved another record sales performance with SSS growth of +6.1% on prior year.
- Australia delivered a strong sales performance with SSS growth of +4.8% on prior year.
- New Zealand reversed previous SSS declines, growing by +1.8% on prior year.
• Gross margin broadly flat at 61.2%, as increases in gold, silver, and other metal input costs were offset by enhanced overall product mix and focused promotional activity.
• Group inventory levels reduced by $11.3m to $201.9m, a reduction of -5.3% on prior year.
• Group net cash position of $20.7m at the half, a $30.5m improvement on the ($9.8m) net debt position at the prior year.
• The Board has decided that no interim dividend will be declared for the half year, however the Board intends to return to dividends at the full year results, subject to current trading conditions continuing and in line with the Company's dividend policy.
• For the first eight weeks of FY26H2, Group SSS were up 6.0% on prior year, with growth across all markets, in local currency with:
- Australian segment +6.5%
- Canadian segment +13.0%, and
- New Zealand segment +7.1%.
• Investor Day to be held at Michael Hill's Global Head Office in Cannon Hill, Qld on Tuesday 14 April 2026.
1772313073765.webp
Commenting on the Company's half year results, CEO Jonathan Waecker, said:
"Since joining the business in August, I have spent most of my time in stores and with our teams and customers. The feedback was consistent, that when we simplify how we operate, stay close to the customer and focus on retail fundamentals, performance improves.
"Over the half, we acted on that by tightening our product focus, improving our go-to-market, clarifying expectations in stores, and improving how we communicate across our teams. Momentum built through the Christmas trading period, and we saw that come through in stronger sales and improved comparable EBIT. This consistent customer-centric focus has also delivered organic growth across the network, resulting in a broader customer base choosing Michael Hill.
Pleasingly, positive sales performance has continued into the first eight weeks of the second half, with group same store sales up 6%."Most importantly, this result reflects the work of our teams. Their willingness to adapt, execute consistently and build on what is working gives me the confidence that we are strengthening the business and creating a more sustainable platform for growth."
FY26H1 – Group Business Performance
The Group delivered a materially stronger operating performance in FY26H1, with comparable earnings before interest and tax increasing 28.6% to $31.0m for the half year ended 28 December 2025. The uplift was primarily driven by higher sales volumes, which generated an additional $6.3m in gross profit. This outcome reflects renewed go-to-market initiatives with product and pricing playing a key role to partially offset continued pressure from elevated input costs - particularly gold. Importantly, disciplined cost management ensured operating expenses were controlled in an inflationary environment, enhancing operating leverage and contributing to the improvement in earnings.
For the half, the Group delivered revenue of $371.0m, up 3.0%, supported by solid performances in Australia and Canada and a return to positive sales growth in New Zealand. Group same store sales increased by +3.8% in local currency, reflecting excellence in execution of product, brand and promotional initiatives.
Gross margin remained broadly in line with the prior year at 61.2%, as record high gold and silver input costs were effectively offset by enhanced product mix and disciplined pricing execution.
During FY26H1, our product initiatives played a meaningful role in supporting trading performance. The introduction of new collections including Vermeil, Lume LAB and the Earring Bar - aimed to drive customer interest and maintain brand freshness, while the continued broadening of our Pendant Bar range further enhanced the instore experience, supporting customer engagement. At the same time, our focus on showcasing exceptional quality at attainable price points strengthened our overall value proposition. Complementing these initiatives, the expansion of our curated Christmas gift sets ensured we met diverse customer needs during peak gifting periods, supporting momentum across our major markets throughout the half.
A number of working capital initiatives have been undertaken during the half including successful negotiation of new supplier terms with a key partner and a focus on improving stock efficiency leading to a reduction in inventory holdings by $11.3m to $201.9m.
During the half, the business advanced its customer experience agenda through the establishment of a new Auckland Distribution Centre, which began operating in early FY26. This investment improves fulfilment speed and accuracy, reduces time to customer, and strengthens service levels across channels.
The half saw the successful opening of three MH flagship stores, Rundle Mall, Adelaide (refurbishment), Bondi Junction, Sydney (new store) and Yorkdale, Toronto (refurbishment), with all stores incorporating our new brand design and a modernised in-store customer experience. During the half, the store network reduced by a net total of two stores, taking the network to 285 across all markets (FY25H2: 287). During the calendar year 2025, the store network reduced by a net total of nine stores (FY25H1: 294).
Retail Segment Performance
Australia (including Bevilles)
Retail segment revenue increased by 2.1% to AU$209.1m for the half, and increased by 4.8% on a same store basis, underpinned by positive growth in the Michael Hill brand.
Gross margin for the half increased by 20 bps to 60.7%.
During the half, the Australian network opened one and closed one MH store, resulting in 160 stores, including 37 Bevilles stores.
Canada
Retail segment revenue increased by 6.2% to CA$96.3m for the half, and increased by 6.1% on a same store basis.
This strong outcome reflects the continued execution of the Canadian team, delivering another record performance and demonstrating the business's ability to consistently gain market share in a competitive environment.
Gross margin for the half increased by 70 bps to 61.5%.
During the half, there was no change to the Canadian network, remaining at 82 stores.
New Zealand
Retail segment revenue increased by 2.4% to NZ$62.0m for the half, and increased by 1.8% on a same store sales basis. This result demonstrates improving momentum in New Zealand, driven by focused go-to-market initiatives and disciplined retail execution, alongside a gradually strengthening economy.
Gross margin for the half decreased by 60 bps to 58.3%.
During the half, two stores were closed, resulting in 43 stores.
Capital Management
During the half, the business successfully refinanced its existing debt facility on improved margins for an additional two years, with its long-term banking partner, ANZ and introduced a new lender, CBA. In addition, the business remained committed to a reduced capital expenditure profile across both technology and stores, reducing the inventory profile across the business and implementing working capital efficiencies, and finished the half with a positive net cash position of $20.7m, an improvement of $30.5m on prior year (closing net debt FY25H1: $9.8m).
The Board has decided that no interim dividend will be declared for the half year.
Chair of Michael Hill International Limited, Rob Fyfe said:
"Restoring a consistent and sustainable dividend to shareholders remains a priority for the Board. Reflecting the continued improvement in the Group's balance sheet and trading performance, the Board intends to return to dividends at the full year results, subject to current trading conditions continuing and in line with the Company's dividend policy."
Investor Day
With the commencement of our new CEO, Jonathan Waecker, the business is taking the opportunity to revisit and reset the Group's strategy, which will be introduced to the market during our Investor Day to be held at its Global Head Office in Cannon Hill, Qld on Tuesday 14 April 2026.
FY26H2 Trading Update
For the first eight weeks of FY26H2, Group sales were up 4.5%, and Group same store sales were up 6.0% on prior year.
For same store sales (in local currency):
• Australian segment up 6.5%,
• Canadian segment up 13.0% and
• New Zealand segment up 7.1%.
CEO of Michael Hill International Limited, Jonathan Waecker said:
"While we remain mindful of current economic conditions, the first half demonstrates that consistent execution of retail fundamentals is translating into improved performance for the Group. "At our Investor Day in April we will provide clarity on how the business will build on its current trading momentum and deliver sustainable, profitable growth over time."
Analyst and investor call
An investor briefing on the results is scheduled for 7:30am (AEST) on Monday 2 March 2026.
Please note that the webcast page will not be available until 6:30am (AEST) and it is advised that you join at least 5 minutes before the meeting commences. Participants are encouraged to register online in advance. Once registered you will be able to download a calendar invite link.
The webcast link for the briefing call on Monday 2 March 2026:
https://meetings.lumiconnect.com/300-712-451-544
Earnings call is live:
https://meetings.300.lumiconnect.com/r/participant/live-meeting/300712451544
Is this young warehouse boy been brought in by Rob to clean house and get the shop Back on Track...
if so like the new CFO at Sky City..
These being seen at turn arounds and the stars of the show putting them on there CV's...
Watch out for Canada economy suffering a bit going forward... could be a slow recovery for both due to OCR's being having to go up and growth or rebounds slowing down..
Quote from: Waltzing on Mar 03, 2026, 07:26 AMIs this young warehouse boy been brought in by Rob to clean house and get the shop Back on Track...
if so like the new CFO at Sky City..
These being seen at turn arounds and the stars of the show putting them on there CV's...
Watch out for Canada economy suffering a bit going forward... could be a slow recovery for both due to OCR's being having to go up and growth or rebounds slowing down..
mentioned in earnings call in relation to growth opportunities:
NZ has approx 1 store per 100,000 people
AUS has approx 1 store per 200,000 people
Canada has approx 1 store per 500,000 people
New 52 week high.
up almost 20% on last week
Dont think this stock is going to attract much attention until it puts in a year or two of consistent runs on the board.. the market has voted and its TINA...