Premier Investments Limited (ASX:PMV) has announced a half-year profit of $56.83m, a 9.07 per cent increase from the previous year. Revenue rose 4.15 per cent. Premier Investments is performing slightly better than expected. The falling value of the Australian dollar and volatile consumer confidence has been putting pressure on the retail industry. “We are also pleased to have delivered strong margin expansion in the context of a weaker Australian dollar and mixed consumer confidence,” said chief executive Mark McInnes. “Our relentless and continued implementation of our six point transformation strategy has been instrumental in achieving today’s result.” The company has cited Smiggle as their leading brand in terms of sales growth. Smiggle grew 18.9 per cent, followed by the 14.6 per cent total sales growth of the Peter Alexander brand. The company has also cited the growth of its online business as a reason for their success. They also said they intend to launch 14 more Smiggle stores in the UK this year, adding to the 19 stores already in service
Share of PMV are up around $1.28, or 11.37 per cent, at $12.57 per share about half way through trading hours today. Premier Investments has been performing well despite the struggling retail industry. PMV is up 27.61 per cent so far this year and its one-year return is up 57.92 per cent. The company will also be increasing its fully-franked interim dividend while also implementing a special dividend. The fully-franked interim dividend will be increased by 1c to 21c per share while the special dividend will be 9c per share.
Author: Matthew Dibb
Mar 23, 2015
Matthew has an extensive track record in equity markets and derivative advisory. Spanning a career in several investment banks and prviate wealth groups including Macquarie Bank, his specialist knowledge relates to capital market advisory and equity market analytics. Matthew has a diploma in Financial Advisory, Applied Finance and is ADA 1 & 2 accredited.