Jewellery retailer Michael Hill withheld its final dividend after net profit for the 12 months to June 28 plunged 81.5 per cent to $3.1 million.

The Brisbane-based retailer was on track for a year of solid profit growth until the coronavirus pandemic forced it to close all 300-odd stores in Australia, New Zealand and Canada for between five and 13 weeks in April, May and June.