Premier Investments Ltd
(ASX:PMV) has today issued a profit upgrade after its wholly owned subsidiary Just Group reported better than expected sales for the full year.
The investment company says it now expects its fiscal 2009 profit before tax to be between $106 million and $108 million.
Premier says sales for the full year to July 25 for Just came to $845 million, up 4 per cent on the year before, with same store sales down 1.6 per cent.
The company says Just’s fiscal 2009 earnings before interest, tax, depreciation and amortization was previously forecast to be 10 per cent lower than fiscal 2008, however given the higher sales performance it is now forecast to be between two and four per cent higher.
Premier says Just’s earnings before interest, tax, depreciation and amortization contribution to the company is expected to be within the range of $94 million to $96 million.
Looking back over the past five years, 2007 was by far the company’s best result.
