Premier Investments (PMV) H2 2026 earnings summary

Executive summary

• Statutory NPAT was $129.2 million for FY26, with profit before tax (excluding significant items) at $211.1 million, underpinned by strong retail brand performance and investment in Breville Group.

• Premier Retail EBIT (pre-AASB 16, excluding significant items) was $175.9 million, with an EBIT margin of 22.1%.

• The group maintained a strong balance sheet, with $391.4 million cash on hand as of July 25, 2026.

• 25.2% investment in Breville Group valued at $1.08 billion market value.

• Continued execution of growth strategies for Peter Alexander and Smiggle, focusing on inventory productivity and operational efficiencies amid challenging discretionary retail conditions.

Financial highlights

• Premier Retail FY26 sales were $795.5 million, with $565.3 million from Peter Alexander (up 3.2% year-over-year) and $230.2 million from Smiggle (down 12.9% year-over-year, reflecting a 13% reduction in store numbers).

• EBIT margin was 22.1% and gross margin was 65.2%.

• Cost of doing business rose 1.2% on FY25, with operational efficiencies offsetting inflationary pressures.

• Inventory at July 2026 was $96.7 million, down 8.9% from July 2025.

• Online sales contributed 23.3% of total sales.

Outlook and guidance

• Both Peter Alexander and Smiggle are well positioned for 1H27, with clean inventory and key growth initiatives delivered ahead of critical trading periods.

• For the first 7 weeks of 1H27, sales and gross profit dollars were within 1% of the prior corresponding period on a like-for-like constant currency basis.

• Board remains optimistic about delivering shareholder value and sees potential opportunities in the current challenging retail environment.

• Key gifting and peak trading periods are still ahead in 1H27.