Premier Investments, owned by Solomon Lew, has recorded an increase in EBIT of $136.0 million, jumping 7.3% from the previous financial year.
The company also reported a net profit after tax (NPAT) of $105.1 million.
The company's success was attributed 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.
Peter Alexander’s 2020 growth plan includes:
- Targeting 40 new stores over next three years
- 12 existing stores identified to be upsized or refurbished by 2020;
- Continued investment and growth from online;
- Extension of the Peter Alexander brand into the bath and body category; and
- Significant expansion of Peter Alexander’s childrenswear and P.A. Plus Size ranges.
Commenting on the results, Lew said the company was happy with the overall performance, praising the leadership of CEO Mark McInnes.
Lew also took the opportunity to announce further growth plans for the Smiggle brand.
"The Premier Retail team, led by Premier Retail CEO Mark McInnes, has again delivered a very strong performance with solid growth in sales and underlying earnings despite the very difficult retail conditions.
“I am delighted to today announce that Smiggle will enter Continental Europe during CY2018 with the first stores to open in the Netherlands and Belgium. The Smiggle global business plans to deliver in excess of $400 million in revenue by FY20."
Online strategy remains a focus for the company, as overall online sales for the year grew by 44.3% to $68.1 million.
Apparel results were downplayed in today's announcement to the market, with the company acknowledging several external events that impacted the business.
The company stated that Just Jeans and Jay Jays delivered solid results in very competitive markets, while other brands such as Portmans and Jacqui E continued to drive a turnaround under new leadership.
McInnes said the company would continue to focus on the rejuvenation of core apparel brands in the year ahead.
“Focussing on our customer and delivering great product will continue to improve our core clothing brand business while offering customers the product through the channels and locations the customer chooses. The group will continue to invest in people to drive better product for our customers."