Feb 8, 2017
Premier Investments smashes half-year sales
Feb 8, 2017
Premier Investments released its first-half fiscal 2017 results a month early on Tuesday, saying the apparel group smashed sales levels for the same period last year, as revenues soared 7.1%.
The Solomon Lew-backed group, which operates fashion retailers Just Jeans, Portmans, Jay Jays, Jacqui E, Dotti and Peter Alexander and stationer Smiggle, was not expected to publish its first-half results until March 21.
However, trading results for Premier Retail (the firm's retail arm) were released to knock dead "recent press speculation around [first half] earnings risks for retailers in Australia including Premier," reported the Sydney Morning Herald.
Premier Investments saw total sales across the company's stores hit $588.6 million ($US449.45) - up 7.1 per cent from the previous year.
Underlying earnings before interest and tax are expected to reach $92 million to $93 million, up from $84 million in the same period of the prior year, or between 9.4% and 10.6%, Premier said.
The sales and earnings figures represent a record high for Premier. In full-year 2016, the group reported a 17.9% profit increase, hitting $103.9 million ($US79.34 million). Total sales broke $1 billion for the twelve month period, up 10.9% to $1,049.2 million.
The news softens a tumultuous month for competing high-end Australian fashion chains.
On Tuesday, premium suit brands Rhodes & Beckett and Herringbone went in to voluntary administration; a week after fellow Aussies fashion chains Marcs and David Lawrence appointed financial advisors upon administration.
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