The founders of jewellery retailer Michael Hill International are planning to consolidate their shareholdings in the NZX-listed company as part of a bid to gain voting control.

Profits at Michael Hill have plunged 60 per cent.

Jewellery king Michael Hill has received stinging criticism over his first public motivational seminar, after complaints it was little more than a company recruitment drive.

Michael Hill International is closing eight of its US stores, leaving it with just nine, all in the Chicago area.

Good sales growth continued in the March quarter in both New Zealand and Australia, although conditions continued to be difficult for the Canadian business, chairman Michael Hill said today.

Michael Hill International's half-year profits have plunged 66 per cent on the previous period, but the jeweller is reasonably pleased with the result in tough trading conditions.

The pace at which the sharemarket recovered from losses after the global financial crisis has raised questions about how sustainable the gains are.