Yes I read that one as well.
Printable View
Seems a decent result, thoughts?
Key Financial Results
* Statutory net profit after tax increased by 19.6% to $21.4m (FY19H1: $17.9m*).
* Statutory earnings before interest and tax increased by 34.6% to $35.3m (FY19H1: $26.2m*).
* Group operating revenues increased by 4.4% for the half to $329.5m (FY19H1: $315.4m).
* Underlying earnings before interest and tax pre‐AASB 16 increased by 6.9% to $31.6m (FY19H1: $29.6m).
* Group same store sales were up 6.3% at $317.7m (FY19H1: $298.9m).
* Group gross margin reduced to 61.7% (FY19H1: 64.2%), predominantly due to FX and gold price impacts.
* Active inventory management, delivering ~10% reduction to $200.1m (FY19H1: $220.2m).
* Net positive cash position of $0.4m against net debt position of $20.7m at close of FY19H1.
* Interim dividend of AU 1.5 cents per share, unfranked and fully imputed with conduit foreign income.
Operational Performance
* e‐commerce sales on the Michael Hill website (excluding Emma & Roe product) increased by 44.3% to $9.7m.
* Branded collection sales represented 35.4% of total sales for the half.
* FY19 cost‐saving initiatives now annualising across FY20, with the second tranche of $5m savings starting to be
realised in FY20. Additional cost‐out initiatives are also being pursued.
* Loyalty program Brilliance launched online in November 2019, with in‐store launch to follow in FY20H2.
* One Michael Hill store opened (Canada) and three under‐performing stores were closed (Australia) during the
period, giving a total of 304 stores trading at 29 December 2019.
Except gross profit margin dropped, which is well expected, all others are quite good. MHJ have strong capability to execute.
looks good but some % gains are exaggerated by extra costs incurred last year
But this shows that they can come back I reckon, and in the meantime yield is acceptable
none held but getting interested again
Operating profit margin now close to 10%, and last year it was only 3.7%. Now MHJ is at net cash position. Impressed.
MHJ getting slaughtered with the covid bottom atm is .23 now @ .25, retail is not a good business model .
Deep value play here anyone?
This is the Michael Hill thread.
Please delete the other one Timesurfer,or post your posts here.