The Premier Investments Limited (ASX: PMV) share price is down more than 4% after revealing a FY24 update.
Premier Investment owns various retail businesses including Smiggle, Peter Alexander, Just Jeans, Jay Jays, Dotti, Jacqui E and Portmans.
FY24 update
The company said it’s due to release its FY24 result for the 52 weeks on 27 July 2024 on Wednesday 25 September 2024.
Premier Investments decided to release an unaudited trading update for Premier Retail, which is Premier’s wholly owned retail brands.
The company said its total global retail sales were $1.6 billion, which compares to $1.64 billion. That suggests its retail sales have slightly fallen over the year.
The business also reported it made underlying EBIT (learn here what EBIT means) of $326 million in FY24, compared to $357.9 million of EBIT in FY23.
Premier Investments said the trading update excludes any results from its investment portfolio, which refers to its investments in Myer Holdings Ltd (ASX: MYR) and Breville Group Ltd (ASX: BRG).
Smiggle CEO fired
According to reporting by various media, including Insideretail, Smiggle Managing Director John Cheston has been fired for alleged serious misconduct.
Just Group, owned by Premier Investments, said in a statement:
The Just Group board considers that Mr John Cheston has engaged in serious misconduct and a serious breach of his employment terms and on that basis his employment has been terminated today.
Not only is this not a good look for Smiggle and Premier Investments, but John Cheston had been announced a few months ago as the next CEO and Managing Director of Lovisa Holdings Ltd (ASX: LOV). His announced date to become the Lovisa boss was 4 June 2025, with fixed annual remuneration of A$2.35 million.
Final thoughts on the Premier Investments share price
The Premier Investments share price is still 10% higher than it was a month ago, so it’s not as though today’s decline is a major drop.
I generally like to look at ASX retail shares when there’s fears about household spending and that’s reflected in the share price. I don’t think that’s applicable right now, so I’m willing to wait for a better valuation and look at other ASX dividend shares.
