Premier Investments has reported a significant increase in statutory net profit, posting $338.2 million for the year ending July 26, a 31.1 per cent rise. This surge was largely fuelled by the sale of its Apparel Brands portfolio to Myer. Premier Investments is an Australian retail group that owns and operates a variety of well-known fashion and stationery brands. The company also holds a significant stake in Breville, the kitchen appliance manufacturer and distributor.
The sale of Apparel Brands resulted in a substantial $1.03 billion in-specie distribution to shareholders. This distribution was equivalent to 7.2 Myer shares for each Premier share held. However, the underlying performance of Premier Investments’ continuing operations, which include brands such as Peter Alexander, Smiggle, and the company’s stake in Breville, experienced a decline.
Profit from these continuing operations fell by 22.5 per cent to $144 million. Peter Alexander bucked the trend, with sales increasing by 7.7 per cent to reach a record $548 million. In contrast, Smiggle’s revenue saw a downturn, decreasing by 10.7 per cent to $264 million.
The board has declared a final dividend of 50¢ per share, fully franked, which is scheduled to be paid on January 23 of the following year. This dividend is lower than the 70¢ dividend paid out last year and does not include the previous $5.65 in-specie dividend related to the Myer transaction.
