Premier Investments profit surges on Smiggle

Friday, 18 Mar 2016 06:41:47 | Rebecca Hyam

A Just Jeans store in Chapel Street in Melbourne. (AAP: Julian Smith)

Clothing and stationery retail group, Premier Investments has reported a record half-year profit and says its sales growth, both in store and online, is strong.

In the six months to January 30, the company made a net profit of $71.5 million.

That was a 25.9 per cent increase on its profit from the same period a year earlier.

Premier Investments owns clothing retailers Just Jeans, Dotti, Peter Alexander, Portmans, Jacqui-E and Jay-Jays, and stationary chain Smiggle.

Premier's total sales rose by 15.1 per cent to $565 million, while like-for-like sales increased by 6.9 per cent.

Online sales surged by almost 47.7 per cent in the six-month period.

In a statement to the ASX, the chairman of Premier Investments Solomon Lew said it was a high quality result.

"Sales growth is strong both in-store and online, proving again that we are delighting our customers across all of our brands," he said.

The Smiggle stores performed especially well, with global sales growth of 46.5 per cent, and Mr Lew said the rollout of those stores in the UK was progressing "well ahead of schedule".

Smiggle UK opened 18 new stores in the first-half of the current financial year, bringing to 42 the number of stores operating there.

Premier Investments was targeting a total of 100 Smiggle stores to be operating in the UK by Christmas.

Premier Retail's chief executive Mark McInnes said the entire portfolio was delivering growth and great returns for shareholders.

"The strong sales performance, our targeted capital investments and our disciplined approach to cost, labour, rents and inventory management has allowed us to post a record sales and EBIT result," he said in the statement.

Premier Investments shareholders will receive a a fully-franked interim dividend of 23 cents per share.

That represents a two cent per share increase compared to the same period a year ago.

AustraliaPlus

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Premier Investments profit surges on Smiggle

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