Premier Investments chairman Solomon Lew has announced strong results for the company's retail sector at its AGM, while also revealing his intentions for Myer.
Premier Retail delivered a strong operating result, with sales for the year up 5.7% on prior year to $1.1 billion and underlying earnings before interest and taxation (EBIT) of $136.0 million.
Lew once again attributed the company's success to the strong performances by both the Peter Alexander and Smiggle brands.
Smiggle's global sales soared by 28.8% when compared to FY16, with the company reaching $238.9 million in sales and opening 58 new stores globally.
Peter Alexander sales were up 14% on FY16. reaching $190.9 million, following the opening of 11 new stores.
Peter Alexander also announced a growth plan that would see brand reach revenues in excess of $250 million by FY20.
In his statement to the board Lew said both brands would play a key role in the overall ongoing success of Premier retail.
"Smiggle is now truly an international retailer, generating the majority of its sales outside of Australia.
"Your Board believes that Smiggle has the potential to become one of the most valuable retail brands in the world. A statement which we do not make lightly.
"We are also extremely proud of Peter Alexander and excited about the future of this unique brand.
"Total sales at Peter Alexander grew by 14.0% in FY17 to $191 million, with strong total and like-for-like sales."
Lew also took the opportunity to draw attention to the ongoing battle between department store Myer, warning that 'summer is coming'.
"At the Myer Annual General Meeting last week Premier received the support of approximately 10,000 shareholders in the positions we proposed for accountability and change.
"The support of many thousands of small shareholders is both encouraging and understandable given the massive destruction of value which is so evident.
"However, the passive role of a number of institutional shareholders, who are responsible for managing ‘other people’s money’, was deeply disappointing given that they are serving only to delay the inevitable as the business continues its very clear downward trajectory and further value is destroyed under this current Myer Board.
"Premier will continue to use all of the options at our disposal to ensure the protection of our investment. The pressure is on the Myer Board - having aggressively denied our help - they must now deliver.
"For the Myer Board to rebuff our retail performance and experience, to protect their own jobs, is bad for the Myer business and shareholders."