nd $9 million in closure expenses during FY26. It is instead expanding in Australia, with at least five openings and one relocation or expansion confirmed for the first half, including a large Sydney CBD flagship due in October. A return to Myer through 24 concessions from August 2027 offers another lower-risk route to growth. In total, Premier reported statutory net profit after tax of $129.2 million for the 52 weeks to July 25. On a comparable basis, Premier Retail sales slipped 2 per cent to $795.5 million, while retail earnings before interest and tax declined 10 per cent to $175.9 million. Loyalty lifts Peter Alexander Peter Alexander remained Premier’s strongest asset, with sales rising 3.2 per cent to a record $565.3 million. The result excludes $5.9 million in sales from the brand’s British operations and came as consumers continued to face cost of living pressures. “Peter Alexander delivered another record sales performance in FY26 and successfully launched its Peter’s Dreamers loyalty program, attracting more than 1.4 million members within its first 10 months of operation,” Chairman Solomon Lew said. Those members generated more than 60 per cent of brand sales and recorded an average transaction value more than 40 per cent above non-members. That gives Premier a valuable customer data asset, with scope to sharpen personalisation, product decisions and marketing efficiency. The next stage of growth will be more disciplined and closer to home.  Smiggle seeks relevance again However, Smiggle presents the harder task. Sales dropped 12.9 per cent to $230.2 million as its store network contracted from 309 locations at the start of FY25 to 268 at the end of FY26. The closures explain part of the decline, but the reset suggests management also sees a customer proposition in need of renewal. “At Smiggle, the key relaunch initiatives announced in March 2026 have been delivered, with the brand entering 1H27 with a refreshed product range and renewed customer proposition ahead of the critical peak trading period,” Lew said. Under managing director Georgia Chewing, Smiggle is refocusing on children aged six to 12 and broadening beyond stationery into lifestyle, bath and body and personalisation ranges. Refreshed marketing, visual merchandising and the new Smiggle Club loyalty program are intended to restore relevance with today’s tween customers. The strategy is designed to give Smiggle more gifting occasions and reduces its reliance on school supplies. Yet it also moves the brand into crowded categories where novelty and rapid stock rotation will matter. A clean inventory position and efforts to improve sourcing agility and speed to market should help including a 60-day supply chain, but success will be measured by whether newness drives stronger comparable sales rather than simply a wider assortment. Peak trade carries the test Premier enters FY27 with considerable financial protection. It held $391.4 million in cash at year end, while its 25.2 per cent Breville stake had a market value of about $1.08 billion. That balance sheet supports brand investment, potential opportunities and the continuing market share buyback. “The actions taken over the past six months leave both brands better placed as they enter 1H27,” Lew said. Sales and gross profit dollars for the first seven weeks of FY27 were within 1 per cent of the prior corresponding period on a comparable constant currency basis. With the most important gifting and school shopping weeks still ahead, Premier has bought itself time, but not yet proof that Smiggle’s reset can close the gap with Peter Alexander.