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Premier Investments held its Annual General Meeting today, 29 November 2018, in Melbourne. The stock price surged after the company announced that online sales target for FY20 has already been achieved.
Myer Chairman Solomon Lew said that online business sales of $100 million is two years ahead of plan. It translates the delivery of $112.5 million sales from online business in Fiscal 2018, reflecting an improvement of 65.3% on FY17.
Under the companyâs global growth plan, Premier aims to deliver the targeted retail sales of $450 million in its Smiggle business and $250 million in Peter Alexander, by the 2020 financial year.Â
For the Fiscal Year 2018, Premier Investments Limited  (ASX:PMV) reported 9.2% year-on-year growth in underlying net profit before tax of $160.3 million. Premier Retailâs underlying EBIT has almost doubled in the past six years, growing from $80.4 million in 2012 to $150.1 million in the 2018 financial year.
Moreover, highlights for the 2018 financial year include, Peter Alexander's record sales increase of 14.5%, and 31% rise over two years. Companyâs five apparel brands all showed strong momentum, particularly in Q4, with sales up 8.1%. Premier Retailâs revenue grew 8.2% on FY17 to deliver record total sales of $1.18 billion and a record underlying EBIT of $150.1 million, an increase of 10.3% on FY17. Smiggle posted record sales of $293.0 million, up 22.7% on FY17 and up 58% over two years. Companyâs online division sales for the year were up 65.3% on last year, representing 11% of total sales in countries and brands with a transactional website.
Board of Premier Investments declared total full year FY18 dividends of 62 cps fully franked, up 17% on FY17. Mr. Lew stated dividends have followed the same trajectory growing from 36 cents per share in 2012 to 62 cents this year.
Net cash generated was up 36% on FY17 to $146.9 million. As at the end of Fiscal 2018, cash in hand of the company stood at $178.6 million. The company further informed the retirement of Mr. Lindsay Fox AC and Dr Gary Weiss from the Premier Board in July 2018.
Commenting on Premierâs investment in Myer, Mr. Lew said Premier has been constantly asking Myer to replace its Board and the company continues to take all necessary steps to ensure the protection of its investment in Myer.
On the day of AGM, Premierâs share price edged up 0.596% to last trade at $16.890 on 29 November 2018. Its PE ratio was 31.700 x with market capitalization of $2.66 billion. The stock has witnessed a positive performance change of 19.84% in one year.
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