Premier Investments’ bumper profit lift

Solomon Lew (right) and Premier CEO Mark McInnes oPremier Investments has posted a full-year net profit of $103.9 million, up nearly 18 per cent on the prior year.

The Solomon Lew-led group, whose retail brands include the likes of Smiggle, Peter Alexander, the Just Group and Portmans, reported total sales revenue growth of nearly 11 per cent to $1.049 billion for the year to July 30.

Premier Investments’ underlying earnings before interest and tax increased 26.1 per cent to $133.3 million, with like for like sales up 3.5 per cent.

Lew, Premier’s chairman, said new store openings and strong like for like sales growth for the group’s core brands, Smiggle and Peter Alexander, were behind the strong result.

“The Premier Retail team, led by Premier Retail CEO, Mark McInnes, has again delivered a very strong performance in a difficult retail environment,” Lew said.

“The 2016 result demonstrates the continued successful implementation of the Premier Retail Strategy to drive growth through Smiggle, Peter Alexander and our online offer while rejuvenating our core brands and improving efficiencies.”

Smiggle sales are up 41.8 per cent for the year, and 79 per cent over two year. The popular stationary retailer now has stores in Australia, New Zealand, Singapore, England, Scotland, Wales, Malaysia and Hong Kong.

“Our strong trading results in each country confirms the long-term store roll out targets management have set, and we continue to actively review opportunities in new geographies.”

“Peter Alexander achieved sales growth of 20.4 per cent for the year driven by the opening of 11 new stores, strong LFL growth, innovative products and campaigns that resonate with our customers,” he said.

Lew said Premier Investments will continue to roll out new stores for Peter Alexander and invest in the instore experience throughout their existing network.

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