Premier flags Smiggle expansion to Continental Europe as annual profit rises

The Solomon Lew-backed group reported sales revenue growth of 3.98 per cent to $1.1 billion as it shrugged off weak consumer sentiment to clock higher sales of Smiggle products and its Peter Alexander sleepwear.

Although Premier Investment’s lift in net profit to $105.1 million was slight, it was significant given the fragile retail economy and several external factors that impacted the business, according to the company.

Online channels delivered total sales of $68.1 million, up 44.3 per cent from the previous year, expected to exceed the original target of $100 million in annual sales sooner than 2020.

The investment vehicle of billionaire retailer Solomon Lew has continually outperformed rivals as it focuses on boutique, worldwide chains.

This poor winter season, weak consumer spending and aggressive discounting will likely weigh on Premier. Peter Alexander also saw strong sales growth for the 2017 financial year, with a 14% increase to $190.9 million, and 11 new stores opening.

The company announced a final dividend of 27 cents per share, compared to 25 cents from a year ago.

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