Premier Retail has cited the strength of its seven brands, its online sales and its ownership of its distribution centre and headquarters as key factors in its performance throughout the pandemic.
Ahead of its annual general meeting (AGM) today, Premier has released a trading update alongside the Chairman and CEOs' speeches.
Updating the FY22 figures released alongside its FY21 results in September, Premier Retail reported that total sales for the 17 weeks to November 27 2021 (half to date) were down 3.5%.
This is an improvement on the 9.5% decline that was reported during the first seven weeks (to September 18) of FY22, when stores across key states were closed, resulting in a loss of more than 42,000 trading days.
Further demonstrating the improvement in sales as stores across Australia and the globe reopened, in the three weeks to November 27 - with all stores globally trading - Premier Retail's total sales were up 10.1% compared to the same period in FY21.
Additionally, like-for-like sales for the half to date were also up 12.2% compared to last year.
"As stores have progressively re-opened in New South Wales, ACT, Victoria and across New Zealand, we have been pleased with how our product has resonated with our customers," Premier Investments Chairman Solomon Lew said in his address.
"Whilst we have some significant trading weeks still ahead, the customer reaction to our products provides us confidence for the remainder of the half.
"While we acknowledge the Group is still operating in highly uncertain times, we are confident we are taking the actions we can to maintain maximum flexibility and control our destiny.
"We continue to invest in inventory, and we have the very much wanted inventory on hand.
"We own our own brands. We own our own critical infrastructure, like our distribution centre and our group headquarters.
"We have a proven first-class management team. We manage our other major costs, including our rent, for maximum flexibility in a changing market," he said.
Looking ahead, newly appointed Premier Retail CEO Richard Murray said the Group remains focused on growth, with key strategies in the pipeline.
According to his address, Premier Retail will look to grow the Dotti and Jay Jays businesses through refreshed stores.
Additionally, the business will work to grow both organically and through considered acquisitions.
Meanwhile, Lew stated that plans are in motion to expand its wholly owned Australian distribution centre to meet growing eCommerce demand.
"Great retailers put their customers at the heart of their business," Murray said.
"Our recent strong sales highlight that our offer is resonating with our customers.
"Our investment in digital, online and the Australian Distribution Centre has enabled us to stay engaged with our customers whilst our physical stores have been closed and deliver for our shareholders.
"I want to acknowledge our supplier partners, both locally and overseas, our landlords and logistics providers whose support ensures that Premier Retail remains one of Australia and New Zealand's leading specialty retailers.
"We consider each area of our business a profit centre.
"This focus means we need to continue to work actively with our landlords to ensure the Group continues to receive rental agreements that reflect the financial security, scale and opportunities our brands bring to shopping centres," he said.
Premier Investments' AGM will take place today December 2 at 10.30am.