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.

• Transformation to a high-margin, two-brand business (Peter Alexander and Smiggle) after divesting Apparel Brands to Myer in January 2025.

• 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.

• Robust cash position and clean inventory entering FY26, with improved sales momentum in the first 6 weeks of 1H26.

Financial highlights

• Premier Retail FY25 sales from continuing operations (Peter Alexander & Smiggle) were $812.2 million, up 0.9% on FY24.

• Underlying EBIT for Premier Retail was $195.4 million, down 18.0% year-over-year.

• Underlying EBIT margin for Premier Retail was 24.1%.

• Gross margin for FY25 was 65.7%.

• Cash on hand at July 2025 was $333.3 million.

Outlook and guidance

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

• Early 1H26 trading shows Peter Alexander sales up 9.2% and Smiggle sales down 4.0% versus prior comparable period.

• Focus on maximizing EBIT growth for Peter Alexander and Smiggle, with continued international expansion and new loyalty programs.