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Michael Hill takes profit hit due to closures from virus restrictions – NEWS.com.au
Jewellery chain Michael Hill takes profit hit due to forced closures from pandemic restrictions
Jewellery chain Michael Hill says store closures during the height of the coronavirus lockdown period has severely ruptured its sales and profits for the 2020 financial year. The Queensland-based company posted a statutory profit of $3.1 million for the 12 months ending June 30, an 81.5 per cent slump from its 2019 financial year result of $16.5 million.
Earnings before tax and interest was $14.1 million, a 33.3 per cent decline on the previous corresponding period.
Michael Hill chief executiv…
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