Premier Investments achieved record sales for the full financial year as its businesses recovered from the impacts of the Covid-19 pandemic.
The company booked retail sales of $1.64 billion in FY23, up 9.7 per cent from the previous year. Earnings before interest and tax rose 1.5 per cent to $357.9 million.
Premier Investments said that its Peter Alexander brand witnessed an 11.8 per cent sales increase to $478.9 million, inclusive of a record sales in the week before Christmas and ahead of Mother’s Day during the second half. The brand opened six new stores during the year.
Smiggle’s sales jumped 22.4 per cent to $319.8 million as children returned to schools after closures during the pandemic. Smiggles also signed an agreement with a wholesale partner to open 60 freestanding stores in the UAE, Qatar, Kuwait, Oman, and Bahrain over the next decade.
The company also saw growth in all five of its mainstream apparel brands – Just Jeans, Jay Jays, Portmans, Dotti, and Jacqui E – which collectively generated sales of $844.8 million, up 4.6 per cent.
“Peter Alexander, Smiggle and our apparel brands have all delivered record sales, through the commitment of our global teams and culture of excellence,” said John Bryce, interim CEO at Premier Retail. “Notwithstanding the challenging macroeconomic environment and the cost-of-living pressures faced by the community, our brands are focused on delivering wanted products and value for our customers.
“We maintain a relentless focus on product and channel optimisation whilst working with the board to maximise growth opportunities for each of our brands,” he concluded.
Meanwhile, Premier Investments’ statutory net profit after tax fell 4.9 per cent to $271.1 million, which includes income from its investments in Breville and Myer. Gross profit grew 5.4 per cent to $1.02 billion, while gross margin fell to 62. 2 per cent.
