Smiggle, Peter Alexander star for Premier Investments


Smiggle, Peter Alexander star for Premier Investments
  1. Smiggle, Peter Alexander star for Premier Investments
    theage.com.au
    Premier Investments' half year profit has come in under consensus estimates, inching just 0.46 per cent higher to $71.9…
    Health

Sales from four of Premier Investment's mid-market apparel brands reversed in the first half, including a 5.8 per cent slump in Portmans' total sales for the half and a 4.1 per cent slide in Jacqui E's total sales over the same period.

Dotti's total sales fell by 0.4 per cent in the half while Jay Jays were 1.2 per cent weaker, however Just Jeans sales grew by 4.7 per cent to $114.3 million.

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Smiggles total sales are up more than 80 per cent over the past two years. Smiggle's total sales are up more than 80 per cent over the past two years. Photo: Adam McLean

But it was Premier's stationery superstar Smiggle and Peter Alexander that powered its first-half performance and ensured its net profit inched 0.46 per cent higher to $71.9 million.

In stark comparison to some of its apparel brands, Smiggle's total sales are up more than 80 per cent over the past two years to $134.7 million in the half, with total sales up 26.4 per cent on the previous period and it reports strong, global like-for-like growth.

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Smiggle's expansion into the UK is expected to drive sales of $200 million by 2019 and there will be 50 Smiggle stores in Hong Kong and Malaysia within five years.

Peter Alexander's sales jumped by almost 14 per cent to $99.4 million in the half and the maturing leisurewear label is planning to launch between three five and seven new stores a year between calendar 2017 and calendar 2019.

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Chairman Solomon Lew, who is also Premier's biggest shareholder reassured investors in February that the group's apparel labels had not been hit by the weak trading conditions that triggered the collapse of a number of high profile brands, including Marcs and David Lawrence since December.

Premier announced its underlying earnings would come in at between $92 and $93 million and it announced today a 10.6 per cent increase in underlying earnings to $93 million.

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Premier Investments CEO Mark McInnes (left) and chair Solomon Lew. Premier Investments CEO Mark McInnes (left) and ch…
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