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PMV

Premier Investments Limited Release FY19 Results

Jordan Baird

Jordan Baird is the head ASR Wealth Advisers client services desk and has been with the organisation since 2017. He first started investing in his early years. While he believes that investors should leave no stone unturned he has a particular interest in trading based on broad macroeconomic trends along with specific analysis of innovative up-and-coming companies.

Premier Investment Limited (ASX: PMV) owns retail conglomerate the Just Group as well as a 28.06% stake in Breville a provider of small household electrical appliances. Just Group operates seven distinct brands in the retail sector that capture a significant portion of the market these being; Smiggle, Peter Alexander, Just Jeans, Jay Jays, Portmans, Jacqui E and Dotti. Breville specialises in local innovation in the appliance sector and the distribution of leading international manufactures including Ronson and Philip.

Premier Investissement Ltd - FY19 report

What are the FY19 results for PMV?

This morning (20th September 2019) Premier Investments Limited (ASX:PMV) released their FY19 results that are detailed below:

  • Net Profit After Tax (NPAT) up 27.7% to $106.8m
  • Underlying retail EBIT up 11.5% to $177.6m
  • Retail sales record up 7.5% to $1,271m
  • Total FY19 dividends of 70 cents per share with a final dividend of 37 cps.

Segment specific results for PMV include:

  • Apparel Brands sales growth up 6.9%
  • Online sales up 31.7% to $148.2m
  • Smiggle brand delivered record sales of $306.5m
  • Peter Alexander brand delivered record sales of $247.8m
  • Market value of Breville holdings at $691.7m

What are the key drivers of this result?

Premier Investments has clarified the market position of its individual apparel brands within the Just Group in order to successfully corner a larger portion of market share, despite strong competitors in the apparel sector PMV’s brands generated profit growth through the closure of unprofitable stores. The Company’s Peter Alexander brand capitalised on consumer demand with the opening of nine additional stores in FY19 contributing to sales growth. The Smiggle brand reported 18% growth in online sales as PMV looks to expand its operations to international markets through partnerships with third party retailers. Breville group reported strong results for FY19 with NPAT up 15.2%.

What is the future outlook for PMV?

Premier Investments has set goals of reaching retail sales of $450m for its Smiggle brand by 2021/22 as well as ambitions for Peter Alexander to increase sales to $250m by 2020, PMV believes it is in line to achieve these aims.

How has the market responded?

The market has responded positively with the share price moving up 8.59% on open to a price of $17.06.

 


 

Disclaimer:

This article has been prepared by the Australian Stock Report Pty Ltd (AFSL: 301 682. ABN: 94 106 863 978)

(“ASR”). ASR is part of Amalgamated Australian Investment Group Limited (AAIG) (ABN: 81 140 208 288 Level 13, 130 Pitt Street, Sydney NSW 2000).

This article is provided for informational purpose only and does not purport to contain all matters relevant to any particular investment or financial instrument. Any market commentary in this communication is not intended to constitute “research” as defined by applicable regulations. Whilst information published on or accessed via this website is believed to be reliable, as far as permitted by law we make no representations as to its ongoing availability, accuracy or completeness. Any quotes or prices used herein are current at the time of preparation. This document and its contents are proprietary information and products of our firm and may not be reproduced or otherwise disseminated in whole or in part without our written consent unless required to by judicial or administrative proceeding. The ultimate decision to proceed with any transaction rests solely with you. We are not acting as your advisor in relation to any information contained herein. Any projections are estimates only and may not be realised in the future.

ASR has no position in any of the stocks mentioned.

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