Photo: FileMichael Hill International's full-year profit plunged more than 80% as the Covid-19 pandemic forced its stores to remain closed between five and 13 weeks. Group operating revenues fell from A$569.5m to A$492.1m in the year and group adjusted same-store sales were up 2.7% to $469.3m. New Zealand store revenues declined by 11.1% to A$106.7m in the year compared to A$120.1m in FY19. Australia store revenues declined by 15% to A$266.6m and Canada store revenues declined 16.8% to A$110.8m. Michael Hill opened one new store in Canada and closed 17 under-performing stores, including three in New Zealand, during the year.

Source: Otago Daily Times August 18, 2020 23:26 UTC