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Premier Investments Report 11.9% Growth in FY15 Profits

Premier Investments Report 11.9% Growth in FY15 Profits
Sep 18, 2015 By Ben Visser

Premier Investments Limited (ASX:PMV) announced its full FY15 results, reporting strong growth in sales and underlying profits.

Premier Investments reported statutory net profit after tax of $88.1 million, up 20.7 per cent on the previous year, with underlying net profit before tax coming in at $118.6 million, up 11.9 per cent on the previous year.

Premier Retail’s underlying net profit before tax increased 16 per cent to $100.9 million. According to the company this reflects the momentum being created by the growth platforms of Smiggle, Peter Alexander and Online as well as the continuing transformation of Premier Retail’s core brands.

Underlying profits do not include the one-of cost associated with the exit from South Africa joint venture of $1.7 million, UK market entry of $1.3 million, and supply chain transformation of $4.5 million.

Growth in total sales and growing LFL sales, combined with margin expansion, contributed to higher earnings. Total sales for the group were up 6.4 per cent to $945.7 million and LFL sales were up 2.2 per cent across the group with all brands experiencing sales growth for the year.

Gross margin was up 1.03 per cent to 63.1 per cent despite increasing competition and the impact of the weaker Australian dollar. Underlying EBIT margin increased 0.74 per cent to 11.2 per cent.

Premier’s Chairman, Mr Solomon Lew commented, “The Premiere Retail team, led by Premiere Retail CEO Mark McInnes, is to be commended for the high quality of this result. The FY15 results reflect the outcomes of carefully targeted investments made both in growth areas of the business and in transforming the core brands.

The Premier Board has declared a final dividend of 21 cents per share, bringing the total fully franked annual dividend to 51 cents.

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Ben Visser Author: Ben Visser Sep 18, 2015

Ben is a Wise-owl equity analyst focusing on ASX blue-chips stocks. Ben has a Bachelor of Business in Finance majoring in property valuations and management. In his role at Wise-owl Ben conducts in-depth fundamental and technical analysis which helps him to find profitable investment opportunities on the ASX and abroad.

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