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Online sales drive profits for Premier Investments

(Source: Bigstock)

Premier Investments’ online channels contributed significantly to its half-year profit despite volatile trading conditions throughout the period.

Overall group sales increased by 0.6 per cent to $769.9 million, while online sales of $195.4 million contributed 25.4 per cent of total sales. Net profit after tax was $163.6 million. 

Group chairman Solomon Lew said this was the most challenging and unpredictable half of the pandemic. 

The group, which owns Jay-Jays, Dotti, Peter Alexander, Just Jeans, Smiggle, Portmans and Jacqui E, also saw a cumulative 42,675 lost days due to government-imposed lockdown measures.

Sleepwear designer brand Peter Alexander’s sales grew 11.4 per cent during the half, reaching $227.4 million. With physical stores closed, customers took to online channels driving up revenue. 

Stationery brand Smiggle recorded $146.3 million in sales for the half, up 5.6 per cent year on year. The brand’s sales rebounded as schools reopened and resumed operations, and it performed well in its overseas markets, especially in the UK, Europe and the Middle East.

Executive director and CEO of Premier Retail, Richard Murray said: “The group has had to pivot rapidly during the first half to combat numerous logistical challenges in the face of lengthy government-mandated lockdowns and the emergence of the Omicron variant during the latter part of the half.” 

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