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Premier Retail starts FY22 on the back foot

Premier Retail chairman Solomon Lew and CEO Richard Murray. (Source: Supplied)

Premier Retail has suffered a stop-start beginning to FY22, with total sales down 3.5 per cent throughout the half-to-date due to the mandated closure of more than half of its store network.

According to the business, which runs Jay Jays, Just Jeans, Peter Alexander, Smiggle, Portmans, Jacqui.E, and Dotti, it has already lost more than 42,000 trading days this financial year – though stores have already started reopening across key states in Australia and New Zealand.

Incoming chief executive Richard Murray said that he believed Premier’s retail team has done an amazing job navigating the complexities of the pandemic.

“Many retailers have had their best year in FY21, but many may find 2022 harder, whereas with Premier I feel the platform that has been created will ensure we have many great years of sustainable growth ahead,” Murray said.

Chairman Solomon Lew added that, as the business’ stores continue to reopen, he has been pleased with our Premier Retail’s offering has continued to resonate with its customers – pointing to the businesses like-for-like sales growth of 12.2 per cent during the half-to-date.

“While we acknowledge the Group is still operating in highly uncertain times, we are confident we are taking the actions we can to maintain flexibility and control our destiny,” Lew said.

“We have some significant trading weeks still ahead, [but] the customer reaction to our products provides us confidence for the remainder of the half.”

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