Citi eyes mixed FY25 outlook for Australia's Michael Hill International

Michael Hill International

01/09/2024 22:57

** Citi says overall FY25 prospects for jewellery seller
Michael Hill International  MHJ.AX  look mixed based on the
company's FY24 results
    ** Citi says same-store sales for the first eight weeks of
FY25 of the company's Australia and Canada segments - an
increase of 5% and 4%, respectively, came in ahead of
brokerage's 1H25 estimates of 3% and 2% increase, respectively
    ** However, brokerage says the company's difficulties in its
New Zealand segment from FY24 is carried into FY25, as co
reported a 6.2% decline in same-store sales for the first eight
weeks of FY25 for the segment, compared to Citi's estimate of a
2% increase in 1H25
    ** Company posted on Friday FY24 loss of A$479,000 compared
to profit of A$35.2 mln ($23.81 mln) in FY23
    ** Stock has fallen 38.1% this year, as of last close

($1 = 1.4782 Australian dollars)

 (Reporting by Sherin Sunny in Bengaluru
Editing by Marguerita Choy)
 ((Sherin.Sunny@thomsonreuters.com))