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Premier reports record sales

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By Published On: September 28, 20230 Comments

Premier Investments Limited has released its FY23 results, reporting record sales amid tumultuous conditions.

Premier Investments, the parent company of Peter Alexander, Smiggle, Apparel Brands, and a recent investor in Breville Group, has reported its FY23 results. The company operates over 1,100 stores across six countries and has an ecommerce presence across four countries to support its further expansion.

With a record EBIT of $357.9 million, Premier has reported sales growth of 9.7 percent to $1.64 billion for the 2023 financial year. The company’s NPAT was down 4.9 percent on 2022 at $271.1 million

“Our wholly owned and operated retail brands under the banner of Premier have again outperformed the market, delivering both record sales and record EBIT results,” said Premier’s Chairman, Mr Solomon Lew. “The team remains focused on delivering quality products, enhancing our digital offering and optimising the store portfolio. Under the stewardship of the Premier Board, the Group has also commenced work on the strategic review, designed to assess the opportunities and the growth pathways available. This work will support the Board in assessing the optimal future structure for the Group to maximise the longterm potential of our iconic brands.”

Operating in just four countries globally, Premier’s ecommerce channels bought in $324.7 million in online sales, while this was expectedly down 4.5 percent on FY22 as shoppers returned to in store shopping in droves, sales are still up on the pre-covid period by 119.2 percent (FY19). Online sales made up 19.8 percent of total sales for FY23.

Sleepwear and homewares retailer Peter Alexander was the stand out performer for the company with record sales of $478.9 million, up 11.8 percent on FY22 and up 93.3 percent on ‘pre-COVID’ FY19 (with 10 less stores than end of FY19). The brand is also positioned well for future growth. Six new stores and four relocations/expansions into larger formats have already been confirmed to open in 1H24, and the company announced plans for a global cross border ecommerce platform provider to grow the brand across 35 countries. Supported by digital marketing programs in select countries, this platform will allow international customers a simpler and faster online shopping experience and is set to launch in November 2023. 

Kid’s stationery brand Smiggle also broke its global sales record with $319.8 million, up 22.4 percent on FY22 and up 4.3 percent on ‘pre-COVID’ FY19 – with 51 less stores than at the end of FY19. The report highlighted that an agreement has been reached with a key wholesale partner to open freestanding Smiggle stores in UAE, Qatar, Kuwait, Oman and Bahrain, in addition to the current ‘store-in-store’ arrangements.

Accompanying its results, Premier also today announced the appointment of a new non-executive director to its Board. Andrea Weiss will be taking the role, based in The United States, in December. She brings with her the experience of a thirty-year career in senior leadership with some of the world’s  foremost retailers across the United States and Europe including senior executive roles with Guess Inc, L Brands, The Walt Disney Company, and more. Premier Chairman Solomon Lew said: “The Premier Board is delighted to welcome Andrea, our first overseas Director, to the Board. Andrea’s extensive retail, e-commerce and overseas experience will further enhance the skills of the Premier Board and we look forward to her contribution.”

About the Author: Rosalea Catterson

Rosalea is the Editor of Power Retail. With a keen interest in consumer behaviour and tech, she covers everything ecommerce and hosts the Power Retail Power Talks Podcast.

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