Premier Investments (ASX:PMV) to open stores on Friday

Company News

by Rachael Jones

Premier Investments (ASX:PMV) is to reopen the rest of its Australian stores on Friday, excluding airports and some CBD stores.

The company had already reopened all of its Queensland and Northern Territory stores (except airports and some CBD stores) on Thursday 7 May following government direction in those states and territories.

Global sales have been hit by the store closures which began on 22nd April with total sales down 74 per cent for the 6 weeks to 6 May 2020 vs the prior year comparable period.

However, online sales have surged by 99 per cent.

Premier’s largest online brand in Australia, sleepwear brand Peter Alexander, has consistently broken its own weekly records during this period, with online sales up 295 per cent.

New Zealand stores will reopen from Thursday. Smiggle stores in the UK and Ireland will remain closed until at least June 1.

Shares in Premier Investments (ASX:PMV) are trading 1.4 per cent higher at $15.64.

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.