Premier Investments’ European sales fell 12.4 per cent in FY26, as the group closed all three Peter Alexander stores in the UK and trimmed Smiggle’s store network in the region.
Premier’s latest annual report showed revenue from Europe fell to $90.4 million in the 52 weeks to July 25, down from $103.2 million a year earlier. The region accounted for 11 per cent of Premier Retail’s $793.7 million in global sales for FY26.
Europe was among the group’s weaker markets. Australian revenue edged up 0.4 per cent to $612.5 million, while New Zealand fell 6.7 per cent to $53 million and Asia dropped 19.3 per cent to $37.8 million.
Spending in the region also slowed sharply. Premier’s capital expenditure in Europe fell to $315,000, from $7.7 million in FY25, the year Peter Alexander opened its three UK stores. The value of the group’s non-current assets in Europe almost halved to $23.9 million.
Peter Alexander’s UK business generated $5.9 million in sales in FY26 and posted an $8 million operating loss, following a $10.9 million loss the previous year. Premier also booked $9 million in closure costs after deciding to shut the brand’s stores at Bluewater, Stratford and White City. The brand will continue to sell to UK customers online.
Premier noted the decision followed sustained difficult trading conditions and a continued negative outlook for the UK economy.
The UK figures are excluded from Peter Alexander’s record sales result of $565.3 million, which was up 3.2 per cent on the previous year.
Smiggle also scaled back in Europe, where it trades in the UK and Ireland. The brand closed 18 European stores and opened one during the year, taking its network in the region from 102 stores to 85, according to Premier’s FY26 results presentation. Smiggle’s global sales fell 12.9 per cent to $230.2 million.
For comparison, Smiggle’s largest market is Australia and New Zealand, with 141 stores at FY26 end. The retailer also holds 36 stores across Asia.
Premier continues to list the UK and Ireland among Smiggle’s established markets, and has flagged an ongoing focus on operational efficiencies across the brand’s global store network.
Premier’s annual general meeting is scheduled for December 4.