Premier Investments profit rises 0.6% in 1H17

Company News

by David Chau

Retail group, Premier Investments Ltd (ASX:PMV), has released its 1H17 results, for the six months ending 28 January 2017.  Premier’s brands include retailers Smiggle, Peter Alexander, Just Jeans and Portmans.

The group’s net profit rose just 0.6% to $71.9 million.

As for Premier Retail’s total sales, that increased by 7 .1% to $588.6 million. In the first half, Peter Alexander’s total sales were up 13.8%.

Though Smiggle is Premier’s star performer – with sales up by 26.4%. Smiggle opened 26 new stores in the UK, 7 new stores in Asia and entered the Eurozone by opening two new stores in the Republic of Ireland. Premier currently has 272 Smiggle stores, but expects this to grow to around 330 stores by Christmas.

As for Premier’s online channel, that also performed strongly with total sales surging 48% in the first half.

The company will pay an interim dividend of 26 cents per security (which is up 13% over last year’s interim dividend).

This morning, Premier shares are tracking 0.36% higher at $13.77.

Copyright 2017, Finance News Network

David Chau

Finance News Network
David joined FNN in April 2016. In addition to presenting the Market Outlook and latest business news stories, David interviews senior economists and CEOs of ASX-listed companies. Prior to working for FNN, David was a litigation lawyer.