Premier Investments’ profit jumps

peteralexander, premier investmentsRetail group, Premier Investments, has lifted full year net profit by 20.7 per cent on the back of increased sales and higher margins.

Net profit for the 12 months to July 25 was $88.1 million. Given its strong financial position, the company will pay a fully-franked final dividend of 21 cents, up from 20 cents.

The company, whose major shareholder is Solomon Lew, said it planned to open Smiggle stores in two new markets – Malaysia and Hong Kong – and eight new Peter Alexander stores in Australia and New Zealand this financial year.

Peter Alexander sales were up 14.9 per cent on last year and Smiggle sales increased 26 per cent globally.

“Premier has a clearly defined growth strategy,” Chairman, Solomon Lew said. “Key highlights include the ongoing Smiggle UK expansion with plans for up to 16 new stores to open by Christmas 2015 and entry into Wales and Scotland as we progress towards our objective of 200 stores in the UK market.”

During FY15, Premier Retail’s brands delivered 31 per cent online sales growth, Lew said, helped by the launch of in New Zealand and in the United Kingdom.

“The Premier Retail team, led by Premier Retail CEO, Mark McInnes, is to be commended for the high quality of this results,” Lew said.

Premier Retail CEO, Mark McInnes, said Smiggle is delivering on its potential as a “truly unique global brand.”

Premier Investments believes Malaysia and Hong Kong combined could support 50 Smiggle stores within five years.

The business reported that the JayJays turnaround strategy was on track and delivering sales growth, margin expansion and positive customer reactions to its new store format. While sales growth was also achieved by Portmans, Dotti, Just Jeans and Jacqui E.

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