Premier Investment Limited (ASX: PMV)- Stock plunged on lower net profit after tax for FY18

  • Sep 20, 2018 AEST
  • Team Kalkine
Premier Investment Limited (ASX: PMV)- Stock plunged on lower net profit after tax for FY18

Premier Investment Limited (ASX: PMV) today announced fiscal 2018 results, posting 9.2% growth in underlying net profit before tax to $160.3 million, including premier retail contribution of $150.1 million EBIT, up 10.3% on previous year. However, after taking into account the impairment expenses and the other one-off charges, the reported net profit after tax slipped to $83.6 million compared to $105.1 million in FY17.

During fiscal year 2018, the premier retail segment of the group has achieved record sales of $1.18 billion, showing an improvement of 8.2% over the previous year. This represents a strong sales growth recorded across its retail apparel brands including Smiggle and Peter Alexander with 22.7% and 14.5% sales increase, respectively, compared to FY17. The growth of 65.3% in online sales of $112.5 has been another principal driver to push the retail sales to record level. Over the last 6 years the Premier Retail has opened 307 new Smiggle and Peter Alexander stores globally along with the opening of 73 new stores, 52 of Smiggle and 21 of Peter Alexander in FY18.

Net cash generated by the Premier Investment has gone up 36% to $146.9 million which has enabled the group to enhance its investments and distribute greater dividends while sustaining cash at $178.6 million as at 28 July 2018. 

The Board of Directors have declared a record final dividend of 33 cents per share, fully franked, which has taken full year dividend to 62 cents per share, up 17% on FY17. The final dividend is scheduled for payment 16 November 2018 to shareholders on registry on the record date of 29 October 2018.

Premier Investment’s share price dropped by 2.314% to $19.00 on 20 September 2018. The stock has seen a performance change of +42.07% over the past one year while currently it has been trading at the PE of 27.430 x with market capitalization of $3.08 billion.

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