Premier Investments (PMV) H2 2025 earnings summary

Executive summary

• Net profit after tax (NPAT) reached $338.2 million, up 31.1% year-over-year, reflecting both continuing and discontinued operations.

• Statutory NPAT for 1H26 was $101.7 million, with PBT (excluding significant items) at $141.9 million, down 4.3% vs 1H25.

• Sale of Apparel Brands to Myer completed after 1H25, streamlining focus to Peter Alexander and Smiggle.

• Shareholders received an in-specie distribution of Myer shares valued at $1.03 billion, plus $387.1 million in franking credits.

• Board declared a final fully franked ordinary dividend of 50 cents per share, payable January 2026, and an interim fully franked dividend of 45 cents per share, with a $100 million share buyback program underway.

Financial highlights

• Premier Retail FY25 sales from continuing operations (Peter Alexander & Smiggle) were $812.2 million, up 0.9% on FY24; 1H26 group sales were $452.8 million, down 0.5% on 1H25.

• Underlying EBIT for Premier Retail was $195.4 million in FY25, down 18.0% year-over-year; 1H26 EBIT (pre-AASB 16, excluding significant items) was $119.3 million.

• Gross margin for FY25 was 65.7%; 1H26 gross margin was 66.9%.

• Cash on hand at July 2025 was $333.3 million; at 1H26 period end, $360.1 million.

Outlook and guidance

• Board remains confident in delivering during the critical second quarter of 1H26, despite ongoing retail volatility.

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

• Smiggle targets a return to growth in 1H27, with 2H26 as a transition period for inventory reset and new product launches.

• FY26 underlying EBIT for Premier Retail is expected to be around $183 million, subject to trading conditions.