Premier Retail report strong FY22 results driven by online sales growth

Speaking to investors today, Premier Investments declared promising growth results from the FY22 period for their brand portfolio, headlined by a NPAT of $285.2 million and total sales results for the financial year exceeding $1.49 billion. Both are reported as increases from the previous financial year, NPAT results being up 4.9 percent from FY21 and sales results growing by 5.2 percent from the previous year.

These results grow in significance considerably when being compared to annual results for the investment group’s ‘pre-pandemic’ FY19 period, with the company’s statutory NPAT seeing an increase of a staggering 167 percent in FY22 when compared to results for FY19. The results were particularly celebrated by Premier Investments Executive Director and Premier Retail CEO Richard Murray, with Murray having only assumed his role as CEO for Premier Retail in September of last year after more than 15 years with JB Hi-Fi Limited, including seven years as CEO.

“The continuing challenges of the pandemic have been a focus in my first year with Premier, so it is deeply rewarding to announce a successful result to our stakeholders against the background of such a difficult environment,” said Murray, “Our portfolio of seven iconic brands has continued to perform, building on their distinctive market positions during the year. We continue to invest in our omni-channel offering, delighting our customers however they choose to engage with us.”

The omni-channel strategy has proved a particularly strong boon for the investments group, with significant growth in online sales for the company’s brands standing out as a chief driver of the financial year’s positive results. Making up a total of 22.7 percent of Premier Retail sales, revenue from online retail for the group saw an increase greater than 14 percent in FY22 from the results of FY21 and hit levels more than 129 percent higher than pre-pandemic results in FY19, reflecting industry trends demonstrating greater widespread adoption since 2020 of online shopping.

All told, online sales results for the retail group are reported to have increased fivefold in the last five years, up from $68 million declared in FY17 results to $340 million in FY22.

Designer sleepwear brand Peter Alexander was the standout brand for the retail group, achieving record high results accounting for $428.5 million in sales, an increase of 11.4 percent from the previous financial year’s results for the brand.

Share prices for Premier Investments saw a boost in response to the release of their FY22 results, rising from a closing result of $20.67 yesterday to $22.29 – its highest level since September 13 and a 14.6 percent increase from prices at the beginning of July.

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