MELBOURNE: Premier Investments has released its official financial results for the 2009/10 period, confirming that Portmans suffered the biggest drop in sales.
The retail company, which owns the Just Group stable of brands, reported a net profit after tax of $79.6 million, down from $82.7 million in the previous financial year.
Sales for the group were up 3 per cent to $870.4 million, with like for like sales down 3.7 per cent.
Portmans experienced a 13.5 per cent drop in sales and a loss of $18.5 million. This was reportedly linked to the overhaul of the brand, which included a new image, styling, signage and staff.
Young womenswear brand Dotti recorded the highest jump in sales, up 22.4 per cent on the previous year. Sales for Peter Alexander were up 20.7 per cent and for Just Jeans sales increased by 0.9 per cent.
Sales for womenswear brand Jacqui E were down by 4.7 per cent, while denim brand Jay Jays dropped sales by 2.7 per cent.
The company has announced its intent to resurrect the label in the next financial year. A key change will be the closure of 15 to 20 marginally performing stores. It has closed nine Portmans stores since June 10 this year.
Just Group runs around 1000 stores across and opened 92 new locations in the period.