MHJ - Michael Hill International.

**winner69** · 13-10-2021, 09:15 AM

Originally Posted by Rawz

Same store ignore the stores closed due to their store rationalization program.

How about 20% less trading days but only 10% down on pcp. And that’s all stores, so includes trading with 4 less stores. With margin expansion probably making very similar earnings to pcp.

Credit to management.

Yes, that's normally the metric

So how does it work for say NZ

Annual Report F21 says 49 stores in F20 and F21 - store numbers constant

But this report says Same Stores going from 17,9m to 21.0m up 17.8%
and then All Stores going from 25.4m to 22,1m ... down 13.2%

Big difference in last years numbers between Same and All when it seems store numbers are the same -- that what made me think they do some clever sneaky stuff around trading days (and not just adjusting for any closed stores)

Otherwise the numbers make no sense ....a bit like those Comvita numbers the other day

**Waltzing** · 13-10-2021, 09:24 AM

"Otherwise the numbers make no sense"

SELL!

**Rawz** · 13-10-2021, 09:32 AM

Originally Posted by winner69

Yes, that's normally the metric

So how does it work for say NZ

Annual Report F21 says 49 stores in F20 and F21 - store numbers constant

But this report says Same Stores going from 17,9m to 21.0m up 17.8%
and then All Stores going from 25.4m to 22,1m ... down 13.2%

Big difference in last years numbers between Same and All when it seems store numbers are the same -- that what made me think they do some clever sneaky stuff around trading days (and not just adjusting for any closed stores)

Otherwise the numbers make no sense ....a bit like those Comvita numbers the other day

True.. seems they have adjusted for actual trading days. Hmmm.

**sb9** · 13-10-2021, 09:32 AM

Sales as expected down due to lockdown blues more so in AUS than NZ, CAN doing well. Online sales tracking well, margin expansion will keep profits in tact and add to the pile of COH.
All good, here comes break out to $1..

**winner69** · 13-10-2021, 09:47 AM

Originally Posted by sb9

Sales as expected down due to lockdown blues more so in AUS than NZ, CAN doing well. Online sales tracking well, margin expansion will keep profits in tact and add to the pile of COH.
All good, here comes break out to $1..

Sales down 12M so Gross Margin down say 8m and expenses up say 2m so profit maybe down 7m

Whoops forgot about corporate welfare so yes indeed profits intact

No damage this quarter

**winner69** · 13-10-2021, 10:01 AM

Announcement on ASX last night ... on NZX today

Just a reminder that MHJ is an Australian based company

**Rawz** · 13-10-2021, 10:04 AM

Just having a look at Q1FY21 and it appears same store reflected trading days as well as this recent report. So all good. No sneaky stuff.

Analysts as per market screener think profits for FY22 will be 11% down on previous year.
All store sales only down 10% but higher margins.. so profit not down and looking at W69 'back of the envelope' calcs above might even be on par.. might see another AU$45m profit.

SB9 reminds us of the cash pile which was $72m at fy21 year end.

If Aus does huge increase in sales in Q2 this will fly. Canada did 18.8% with no lockdown. Common aussie lets see a 20%+ and this will be $1.50sp