Premier Investments (PMV) H1 2026 earnings summary

Executive summary

• Statutory NPAT for 1H26 was $101.7 million, with Premier PBT (excluding significant items) at $141.9 million, down 4.33% vs 1H25, while net profit after tax from continuing operations was $101.7 million, up slightly from $101.3 million in the prior period.

• Premier Retail EBIT (pre-AASB 16, excluding significant items) was $119.3 million, maintaining a 26.4% margin.

• Peter Alexander achieved record sales of $312.3 million, up 4.9% year-over-year, while Smiggle sales declined 10.7% to $140.5 million due to store rationalization.

• Interim fully franked dividend of 45 cents per share declared, payable August 2026, and a $100 million share buyback program was announced.

• Leadership changes include Georgia Chewing appointed Managing Director of Smiggle, with a renewed focus on brand growth.

Financial highlights

• Premier Retail 1H26 sales were $452.8 million, down 0.5% year-over-year.

• Gross margin for 1H26 was 66.9%, with EBIT margin at 26.4%.

• Inventory at January 2026 was $105.2 million, down 1.9% from January 2025.

• Cash on hand at period end was $360.1 million.

• 25.2% investment in Breville Group valued at $1.13 billion (market) and $386.1 million (balance sheet).

Outlook and guidance

• Peter Alexander's strong growth is expected to continue, with the first 7 weeks of 2H26 exceeding 1H26 trends.

• Smiggle is undergoing a strategic reset, with 2H26 as a transition period and new product launches planned for 1H27.

• Full year FY26 underlying EBIT for Premier Retail is expected to be circa $183 million, pre-AASB 16 and excluding significant items.

• The group remains confident in its ability to pay debts as they become due.