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Premier Investments (ASX:PMV) share price rises on FY22 result

The Premier Investments Limited (ASX: PMV) share price is rising after the retailer revealed how it performed for the 12 months to 30 July 2022.

Premier Investments is the parent company of a number of different brands including Just Jeans, Jay Jays, Portmans, Dotti, Jacqui E, Smiggle and Peter Alexander. All of those businesses represent the ‘Premier Retail’ segment It also owns large stakes of Breville Group Ltd (ASX: BRG) and Myer Holdings Ltd (ASX: MYR).

FY22 result

Sometimes Premier Investments’ financial year is 52 weeks and sometimes it’s 53 weeks.

This result is for the 52 weeks from 1 August 2021 to 30 July 2022. Last year, FY21, was for 53 weeks from 26 July 2021 to 31 July 2021.

To enable a good comparison, Premier Investments told investors about its numbers on a comparable 52-week period. But, the statutory net profit is for actual comparison between the two financial years.

  • Premier Retail sales rose 5.2% to $1.5 billion
  • Online sales of $340.1 million was an increase of 14.3%
  • Premier Retail gross profit increased 6% to $969.8 million
  • Premier Retail EBIT (EBIT explained) went up 2.8% to $352.5 million
  • Underlying Premier Retail EBIT increased 10.1% to $335 million (this excludes ‘significant items’)
  • Statutory profit rose 4.9% to $285.2 million
  • Final dividend of $0.54 per share
  • Special dividend of $0.25 per share
  • Full year dividend of $1.25 per share, up 56.3%
  • Share buyback of $50 million announced

There was good performance from two of its most promising brands. Peter Alexander sales increased 11.4% to $428.5 million, while Smiggle sales rebounded, rising by 24.6% to $261.2 million.

The business reported that all operating debt had been repaid during the year, with FY22 closing cash on hand of $471.3 million.

The future looks good

In what could help drive the Premier Investments share price, the company outlined some positives for FY23 and beyond.

With Peter Alexander, new and larger format stores have been identified as a runway for future growth. It has recently expanded three stores and four new stores have been confirmed to open in the first half of FY23 as part of the next wave of store openings.

With its retail brands, management said that after reaching agreements with key landlords, opportunities exist to refresh, upgrade and/or expand stores across all of its brands over the next three to five years.

In terms of FY23, it has started “strongly” with total global sales for the first seven weeks up 46.7% as it compares against locked down periods.

Final thoughts on the Premier Investments share price

I think this result again reinforces that Premier Investments is one of the best retailers on the ASX. It has a strong stable of brands, a promising growth runway with Peter Alexander, Smiggle and Breville.

It’s not surprising that the Premier Investments share price has gone up by 7% this morning. But, with it still down noticeably in 2022, I think it could be worth buying for the long-term.

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At the time of publishing, Jaz does not have a financial or commercial interest in any of the companies mentioned.
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