Australia's Michael Hill International falls after Macquarie cuts annual earnings estimate

Michael Hill International

05/08/2026 01:25

** Shares of Australia's Michael Hill International MHJ.AX fall as much as 2.8% to A$0.35, posting their biggest intraday pct drop since July 28
** Macquarie lowers target price to A$0.70 from A$0.75
** Macquarie estimates current FY operating earnings to be below its A$28 million ($19.73 million) forecast, cuts FY26 EPS estimate by 20% and FY27-FY28 EPS estimates by 5%
** Macquarie commends jewellery retailer's sales recovery but says earnings are lagging, doubts earnings momentum into FY27
** In July, Michael Hill International posted prelim FY26 group sales of A$654.7 million, up 2% from last year, and said it expected FY26 operating earnings between A$22 million and A$24 million, up from A$15.3 million last year
** YTD, stock up 4.4%, including day's moves

($1 = 1.4190 Australian dollars)

 (Reporting by Aamir Sheik Khalid in Bengaluru)
 ((Aamir.SheikKhalid@thomsonreuters.com))