Michael Hill takes profit hit due to closures from virus restrictions – NEWS.com.au

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…

Click here to view the original article.