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Premier Reports Strong Online Growth in FY21, Plans to Expand Offering
Premier Global Retail is reporting a strong end to the FY, with increases in total sales and online sales, with plans to further expand its online offering.
Premier Investments houses retail brands including Peter Alexander, Just Jeans, Smiggle, JayJays, Portmans and Dotti, among others.
The Group has reported global sales of $1.4 billion, increasing by 18.7 percent compared to FY20. Retailer, Peter Alexander, has recorded a 34.7 percent increase in sales – $388.2 million – this is a $100 million increase from the same period last year.
Online sales have risen to $300.7 million, an increase of 36.4 percent on FY20, contributing to 20.8 percent of global FY sales. Apparel Brands have also recorded an increase of 25 percent to $841.6 million. Gross profit has increased 25.1 percent to $927.9 million, up $186.2 million of FY20, with Gross Margin up 331 bps.
“Throughout this devastating COVID-19 global health crisis, our absolute priority has and continues to be the safety and wellbeing of all our teams, especially our store teams and customers,” said Solomon Lew, the Chairman of Premier. “For 52 of the 53 trading weeks during the 2021 financial year, Premier faced temporary store closures across our global store network due to government-mandated closures. On average, 176 stores were forced into temporary closures in any given week during the year. This resulted in 50,581 lost retail store trading days during FY21.”
Despite these closures, Lew is ‘very pleased’ with the annual results. “Today’s announcement is a testament to the skills and dedication of our entire global team. To have delivered these record results in a very difficult and volatile environment is a truly outstanding achievement,” he said.
Currently, Premier plans to further invest in its distribution centres to expand its online capabilities. “Plans have progressed to expand the 100 percent owned Australian Distribution Centre in calendar 2022 to meet
ongoing demand resulting from the accelerating industry restructure as customers increasingly choose
to shop online,” the Group shared.
“Premier remains optimistic about the all-important second quarter of FY22 as the vaccine rollout progresses and the economy re-opens. Premier Retail has again made the strategic decision to invest in inventory, and we have the appropriate supply chains to support this decision and ensure we are in stock of wanted product,” he said.
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