Premier Investments Limited (ASX: PMV) released its 2018 financial results to the market today revealing a 9.2% rise in underlying net profit.
Premier Investments is a retail business with brands such as Peter Alexander and Smiggle. It also has investments in Breville Group Ltd (ASX: BRG) and Myer Holdings Ltd (ASX: MYR).
Premier Investments Result:
Here are some of the highlights from its result:
- Retail sales grew by 8.2% to $1.18 billion
- Retail underlying EBIT went up by 10.3% to $150.1 million
- Group underlying net profit grew by 9.2% to $160.3 million
- Total dividends grew by 17% to 62 cents per share
The retail result was achieved with like for like sales up by 3.3% on a constant currency basis. It achieved online sales of $112.5 million, which was 65.3% higher than FY17. Management were pleased to point out that the online sales target of $100 million was achieved two years early.
Premier Chairman Solomon Lew said: “This year’s result was driven by the continued growth of Smiggle and Peter Alexander as well as positive momentum within the apparel brands.”
In the first five weeks of FY19, global sales were up 10.2% and it also achieved a higher gross margin compared to last year.
Premier Investments is now targeting $450 million global Smiggle retail sales by FY20 and $250 million of annual sales for Peter Alexander.
The Premier Investments share price is unmoved in morning trade according to Google Finance.
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