MHI reported earnings before interest and tax (ebit) of $A42.1million ($NZ47.4million) for the year ended June, in line with last year.
Operating revenue was up 4% to $503.4million and same store sales were up 0.7% on the previous corresponding period.
The company reports its earnings in Australian dollars.
Forsyth Barr broker Suzanne Kinnaird said the result was flat on the previous year and marginally below expectations.
Strong results in New Zealand and Canada offset weakness in Australia. Brand campaign costs weighed negatively on the result and there was a fall in foot traffic in the second half, given the marketing focus was on brand rather than products, she said.
''We expect the company will return to a more of a product focus from 2016.''
MHI declared a final dividend of NZ2.5c per share, taking the full-year dividend to NZ5cps.
''This is below our expectations of NZ6.5cps and the previous year of 6.5cps. The board appears to be taking a conservative balance sheet approach, given the outstanding tax dispute with the New Zealand IRD,'' Ms Kinnaird said.
The accounts showed the Australian retail segment revenue for the company fell by 1.4% to $A294.4million for the 12 months with an operating surplus of $A45.9million, a fall of 2.7% on the pcp.
Chairman Sir Michael Hill said the Australian market had continued to be challenging due to lower consumer confidence, especially in regions where the resource sector was prevalent.
The management continued to be focused on the consistent execution of its retailing selling system across the whole country as well as retaining a focus on cost.
In New Zealand, revenue increased 3.9% to $NZ114million, with an operating surplus of $23.5million, up 6.7%.
The improved performance of the New Zealand segment was a continuation of the turnaround in the business which started in 2013-14, he said.
The Canadian segment continued to grow and improve due to the maturing of the business which had now reached a critical mass allowing increased marketing spend and brand awareness.
''While the same-store sales growth fell short on expectations, the directors remain positive about this market and continue to support its store growth programme.''
The continued traction in revenue growth in the United States test market was encouraging and two further stores were planned for opening, Sir Michael said.
A strong lift in operating cash flow led to marked reduction in debt.
Addressing the outstanding tax matter, Sir Michael said, as previously reported, the group had started litigation proceedings in an attempt to resolve the ongoing dispute with Inland Revenue.
MHI had maintained tax pooling arrangements to partially mitigate any potential liability in the event of an adverse outcome.
