Premier Investments (ASX:PMV) Reports Strong 1H25 Results with $1.03 Billion Myer Distribution

2 min read | March 21, 2025 05:24 PM AEDT | By Team Kalkine Media

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Premier Investments (ASX:PMV) Reports Strong 1H25 Results with $1.03 Billion Myer Distribution — Image source: Shutterstock

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Highlights

1H25 net profit hits $117.1 million

Record result from Peter Alexander brand

$1.03 billion Myer (ASX:MYR) shares distributed to shareholders

Premier Investments (ASX:PMV) has released its results for the first half of FY25, delivering a statutory net profit after tax (NPAT) of $117.1 million for the 26 weeks ending January 25, 2025. The company’s retail portfolio, comprising well-known brands including Peter Alexander and Smiggle, reported global sales of $857.8 million and an underlying EBIT of $162.0 million, with an impressive gross margin of 62.7%.

A major milestone in the period was the completion of the Apparel Brands sale to Myer (ASX:MYR). This move resulted in a significant in-specie distribution to shareholders, valued at $1.03 billion in Myer shares along with $387 million in franking credits. Following this transaction, Premier Investments no longer holds any stake in Myer.

Chairman Solomon Lew acknowledged the strong performance in what he described as "very difficult times," noting the group’s ability to outperform competitors amid ongoing challenges in the retail environment.

Interim CEO John Bryce highlighted the robust EBIT margins achieved by Peter Alexander and Smiggle, even as global consumers face pressure from higher living costs. Peter Alexander, in particular, delivered a record half-year result, reinforcing its position as a top-performing brand within the group.

Looking ahead, Premier Retail remains focused on international expansion and in-store experience upgrades. New store rollouts for both Peter Alexander and Smiggle are part of the strategy, alongside continued investment in customer engagement. The group’s balance sheet remains strong, supported by substantial holdings in Breville (ASX:BRG), strategic property assets, and considerable cash reserves.

In terms of shareholder returns, Premier Investments has returned over $850 million in fully franked dividends over the past five years. The recent in-specie distribution in February 2025 further enhanced shareholder value. The Board has signaled its intention to announce another dividend in September 2025.

With a focus on high-margin brands and a strategic investment approach, Premier Investments (PMV) continues to position itself for sustainable growth in a dynamic retail landscape.

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