Peter Alexander has delivered another record result for FY22, buoyed by strong demand in its plus-size category.
Following on from its record half-year results, Peter Alexander reported a 11.4% growth in year-on-year sales to $428.5 million.
Peter Alexander delivered three year sales growth of 72.9% from pre-COVID FY19 to FY22, more than doubling sales in the last five years.
The sleepwear retailer cited strong demand for its plus-size category, with PA Plus sales surging 135% from FY19 to FY22.
Childrenswear also continued to deliver strong results, up over 75% from FY19 to FY22.
In order to showcase the wider product offering developed in recent years, Peter Alexander has flagged larger format store expansion for future growth.
Three larger format stores have already opened at Karrinyup (WA), Joondalup (WA) and Canberra (ACT).
The results were reported as part of a trading update from parent company Premier Investments.
The Group’s five apparel brands, excluding Peter Alexander, delivered sales for the year of $807.9 million, down 2.6% on FY21 and an increase of 12.7% on FY19.
Significant impacts from mandated lockdowns in Australia and New Zealand during the first half of FY22 are cited as contributing factors.
Following on from the decline in sales in Premier’s other apparel brands in its 1H22 results, Jacqui E managed to scrap through with a 0.5% growth in sales from FY21.
Just Jeans sales dropped by 5.6%, Jay Jays dropped by 10.5%, with Dotti neared close to FY21 results at -0.4%.
Despite the negatives, Just Jeans sales were up 38% over four years from FY18 to FY22, with Jay Jays sales up 12.6% over the same time. Jay Jays delivered its second-best sales result in the past decade, according to Premier Retail.
Meanwhile, womenswear retailer Portmans continued to produce record results, with FY22 sales reaching $156.7 million, up 11.7% on FY21.
Premier chairman Solomon Lew said despite the lockdowns, supply chain disruptions, and omicron impacts, the result is impressive for shareholders.
“Premier Retail EBIT is up 10.1% on the prior year and is more than double pre-pandemic levels,” Lew said.
“This is testament to the seamless leadership transition to Richard Murray, the unrelenting focus on execution by our management team, and the commitment of our people.”
Premier Retail delivered global sales for the year of $1,497.5 million, up 5.2% on FY21 and up 17.8% on ‘pre-COVID’ FY19. Like-for-like sales growth for the year was 5.4%.
Premier is “particularly pleased” with the results given the Group’s stores were closed for 42,675 trading days during the first half due to the pandemic.
Premier Retail’s gross profit for the year was $969.8 million, an increase of 6.0% on FY21 and up 23.3% on FY19. Gross margin increased by 52 bps on FY21 (up 287 bps on FY19).
Total cost of doing business decreased by 51 bps on FY21 and by 637 bps on FY19.
Premier Retail CEO and executive director Richard Murray echoed Lew’s comments, saying the result is “ deeply rewarding” given “ the background of such a difficult environment.”
“I acknowledge the hard work and dedication of our over 9,000 team members across our stores, distribution centres and support offices who deliver for our customers every day,” Murray said
“Our portfolio of seven iconic brands has continued to perform, building on their distinctive market positions during the year.
“We continue to invest in our omni-channel offering, delighting our customers however they choose to engage with us.
“FY23 has started strongly, and we remain well-positioned to drive growth from our unique retail model.”
Across Premier’s seven retail brands, there are more than 1,100 stores across 6 countries, and 15 websites across four countries.