Premier Investments chairman Solomon Lew has reported a record sales result for Premier Retail during Black Friday 2023.
The retail arm includes Peter Alexander, The Just Group and Smiggle.
Speaking with shareholders, Lew said Premier expects an earnings before interest and tax (EBIT) result of around $200 million for the first half of FY24 to January 27, 2024.
“The first half of FY24 commenced against a backdrop of a challenging general discretionary retail environment,” Lew said. “Consumers are facing increased cost-of-living pressures with rising interest rates and inflation.
“As we have always said around this time of year, the all-important Christmas, Boxing Day and ‘Back-to-school’ trading periods are still ahead, which are all significant drivers for the first half results.
“The group is well prepared for this critical trade period, through delivering wanted product and value for our customers across all channels and markets.”
Lew also shared an update on the formal review of Premier's corporate and operating structure, which began in August 2024.
This includes a possible demerger of both Peter Alexander and Smiggle, confirmed by Lew.
“Our focus during this first phase has been on assessing the respective future growth plans for each of Smiggle, Peter Alexander and the Apparel Brands, and challenging the businesses on their optimal operating structures, including the possibility of demerging Smiggle and Peter Alexander.
“The initial phase has confirmed the significant future growth opportunities available to each of the businesses.”
Lew said the review is a significant project, and is expected to take some time to complete.
“The board remains committed to conducting a thorough review, challenging the businesses to ensure each is best positioned to take advantage of future opportunities in the best interest of our shareholders.
“Given the range of issues still to be considered, there is no certainty that the review will result in a change to Premier’s current corporate, operating or capital structure.
“We will provide further updates as the review progresses through the next phase over the coming months.”