Premier Investments’ Black Friday trading week has shown “encouraging early signs” ahead of the upcoming peak period, Solomon Lew told shareholders this morning, with Peter Alexander posting record sales across the BF/CM promotional period.
In a quick trading update during his AGM address, Lew said Premier Retail – which includes stationery brand Smiggle and the sleepwear brand Peter Alexander – had commenced FY26 with a “clean inventory position.
“Discretionary spending remains under pressure with consumers cautious due to ongoing cost-of-living impacts,” he said.
After sharing the positive BF/CM results, he then confirmed that Premier Retail’s first half underlying earnings before interest and tax (EBIT) will be around $40 million lower than the same time last year, when Premier had also owned Just Jeans, Jay Jays, Jacqui E, Dotti and Portmans. For the 26 weeks to January 24, 2026, underlying EBIT is expected to hit around $120 million.
This estimation is stated pre-AASB 16 and excludes Peter Alexander’s UK market entry investment costs and other non-recurring costs.
It also excludes the results from the investment segment, and will be subject to finalisation and audit review, according to Premier.
“That said, we do not underestimate the significance of the December /January trading period ahead which is a critical driver for the group’s first half result,” Lew said. “The group is well prepared for this important trading period ahead.”
In the same address, Lew confirmed Premier Investments will run a 12-month share buyback scheme, expected to return up to $100 million of capital to shareholders.
He also confirmed that Georgia Chewing has accepted the role of interim chief operating officer of the Smiggle brand, in addition to her ongoing e-commerce and marketing role within the Group. This comes as Premier attempts to secure a new leader for the struggling stationery retailer.
Smiggle’s global sales for FY25 were down 10.7 per cent year-on-year to $264.2 million, with the second half showing improved momentum with sales down 4.7 per cent compared to the second half of FY24.
Trading in early FY26 was slightly more improved, down 4 per cent for Smiggle in the first six weeks of the new financial year. In comparison, Peter Alexander’s FY25 sales were up 7.7 per cent to $548.0 million, with trading in the first six weeks up 9.2 per cent.
Speaking on her promotion, Lew said Georgia has been a key executive within Premier Retail for over 12 years, and holds a deep understanding of retail, e-commerce, marketing and customer engagement.
“Georgia has been instrumental in growing the group’s online business, which accounts for over 20 per cent of the Group’s sales, into a significant and very profitable channel.
“We look forward to Georgia’s contribution to the Smiggle team.”
Lew added that he and the board continue its international search for the next Smiggle boss.