Premier Investments (PMV) H1 2025 earnings summary

Executive summary

• Completed sale of Apparel Brands (Just Group) to Myer Holdings Limited post-1H25, streamlining focus to Peter Alexander and Smiggle.

• In-specie distribution of $1.03 billion in Myer shares and $387.1 million in franking credits to shareholders.

• No interim dividend declared for 1H25 due to substantial distribution; dividend expected to resume at FY25 results.

• Net profit after tax from continuing operations was $101.3 million, down from $124.1 million year-over-year.

• Discontinued operations (Apparel Brands and Myer investment) contributed $15.7 million profit after tax, down from $53.1 million year-over-year.

Financial highlights

• Statutory NPAT: $117.1 million, down 34.0% vs 1H24, impacted by significant transaction costs.

• Premier Retail EBIT (continuing): $129.4 million, down 16.0% vs 1H24; EBIT margin 28.4%.

• Sales (continuing): $455.0 million, down 1.8% vs 1H24; gross margin 67.8%.

• Basic EPS from continuing operations: 63.47 cents (down from 77.88 cents year-over-year).

• Operating cash flow: $223.4 million (down from $271.3 million year-over-year).

Outlook and guidance

• Focus on growth for Peter Alexander and Smiggle, with identified opportunities for new and expanded stores in Australia, New Zealand, and the UK.

• Peter Alexander loyalty program to launch in CY25; Smiggle reviewing loyalty program and customer research.

• Board expects to return to dividend payments at FY25 results.