Listed jeweller Michael Hill reported an improved profit for the year ended June but provided no outlook commentary or guidance in its release to the NZX and ASX. Earnings before interest and tax were up 2.3% to $68.1million and the reported profit was up a whopping 71% to $A32.6million. Near-term store roll-out plans had been tweaked in Australia and New Zealand but were lower in Canada and the US for the Michael Hill brand, Ms Howe said. ``However, new initiatives are constraining reported growth rates and more work is required to build confidence in the model.'' It appeared the market was attributing little value to Emma & Roe, Ms Howe said.

Source: Otago Daily Times August 21, 2017 18:00 UTC