Premier Investment's (ASX:PMV) global sales hit A$769M, shares up

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Highlights

  • Premier Investments’ retail unit Premier Retail is expected to deliver AU$769 million sales in H1 FY22. 
  • Premier Retail's EBIT is expected to fall between AU$209.5 million to AU$211.5 million during H1 FY22. 
  • Premier Retail's disciplined cost control and other strategic business operations have helped it achieve this height despite all obstacles.  

The ASX-listed investment firm, Premier Investments Limited (ASX:PMV) shared the H1 FY22 trading updates regarding its wholly-owned retail segment, Premier Retail.

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PMV stated that it is impressed with Premier Retail's strong performance despite the stores being closed for more than 42,000 trading days during H1 FY22 due to the imposed restrictions in response to the COVID-19 pandemic. Moreover, Premier Retail is expected to deliver sales worth circa AU$769 million and Earning Before Interest and Tax (EBIT) in the range of AU$209.5 million to AU$211.5 million for the 26 weeks ending on 29 January 2022 (1H22).

The following were the key drivers of Premier Retail's strong results: 

  • Premier Retail has maintained a disciplined cost control, including reaching mutual agreements with landlords regarding rent reductions to deal with the impact of the COVID-19 pandemic.
  • Premier Retail has reported an increase in total global sales by 0.5% in H1 FY22 at AU$769 million.
  • Premier Retail's online sales grew by 27.0%. It had also represented a 25% of total global sales.  
  • Premier Retail's rebounding of the global business of Smiggle during the given period as children returned to school and COVID-19 restrictions eased.  
  • Premier Retail's delivery of solid results consistently from Peter Alexander and excellent results from Portmans.

Meanwhile, on the ASX, PMV closed 2.071% higher at AU$27.100 per share today.


 

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