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Premier Investments lifts FY profit

Prashant Mehra  |  25 Sep 2017Text size  Decrease  Increase  |  
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SYDNEY - [AAP] Retail group Premier Investments (ASX: PMV) has lifted full-year net profit by 1.2 per cent to $105.1 million, helped by strong growth in stationery chain Smiggle and sleepwear chain Peter Alexander.

The Solomon Lew-backed group's sales revenue for the 52 weeks to July 29 has risen 3.98 per cent to $1.1 billion, while like-for-like sales have lifted 1.1 per cent on a constant currency basis.

Underlying earnings before interest and tax rose 7.3 per cent to $136 million, beating analyst expectations for earnings of around $130 million.

The improvement was achieved despite very difficult retail conditions, as well as significant external events that impacted the business, the company said.

Sales for the Smiggle brand jumped 28.8 per cent to $238.9 million, helped by the opening of 58 new stores globally and continuing very solid like-for-like sales globally, while Peter Alexander sales were up 14 per cent at $190.9 million, with 11 new stores.

The online business also significantly outperformed the market, with sales up 44.3 per cent at $68.1 million, it said.

Premier announced Smiggle will enter the Continental Europe market with the first stores to open in the Netherlands and Belgium in the 2018 calendar year.

It expects to operate 40 to 50 stores in these two countries over the next four to five years.

Premier also expects to exceed its annual online sales target of more than $100 million earlier than the originally planned 2020.

The company lifted its final dividend 2 cents to 27 cents a share, fully franked.

PREMIER INVESTMENTS LIFTS FY SALES, PROFIT:

* Full-year net profit up 1.2pct to $105.1m

* Sales revenue up 3.98pct to $1.1bn

* Fully-franked final dividend up 2.0 cents to 27 cents

 

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