The continuing operations of Premier Investments – including Peter Alexander and Smiggle, but excluding the Apparel Brands offloaded to Myer earlier this year – has faced a 14.9 per cent fall in profit before tax (PBT) in FY25.
Premier’s PBT was $220.3 million in FY25, which also excludes Peter Alexander's UK market entry and investment costs of $10.9 million and one-off Apparel Brands separation costs of $2 million.
Including Apparel Brands – consisting Just Jeans, Jay Jays, Jacqui E, Dotti and Portmans, with the segment recorded up until January 25 this year – Premier Retail’s net profit after tax (NPAT) was up 31.13 per cent to $338.2 million.
This comes alongside a 0.9 per cent sales lift in Premier Retail’s divisions, excluding performance for Peter Alexander’s UK market, with revenue hitting $812.2 million for FY25.
This sales lift was driven by Peter Alexander, with the sleepwear brand’s sales lifting 7.7 per cent to $548 million. Smiggle offset this growth with a 10.7 per cent global sales fall, hitting $264.2 million.
Premier Retail’s underlying earnings before interest and tax (EBIT) had a margin of 24.1 per cent, with underlying EBIT itself hitting $195.4 million, down from $238.4 million in FY24.
Premier chairman Solomon Lew said FY25 has been a year of significant change for the business.
“From working through a robust due diligence process with Myer, to completing the sale of the five-brand Apparel Brands business to Myer on 26 January 2025, to emerging as a high-margin two brand business across multiple countries – this year has been both challenging and exciting,” Lew said.
“Premier’s transformation, although still ongoing, ensures that the business is best placed to maximise future opportunities and deliver for shareholders.”
Following these results, Premier approved a final fully franked FY25 ordinary dividend of 50 cents per share.
According to Lew, Peter Alexander and Smiggle are both high margin brands. He said the team is focused on leveraging growth in existing markets and expanding the reach of both brands in new international markets over the coming years.
Peter Alexander’s UK entry commenced in September last year, with Premier’s results indicating the sleepwear brand likely saw a few million dollars in sales. Premier Retail’s total global sales were $816.8 million, with that number up 1.52 per cent.
Premier’s total income is also being bolstered by its substantial investment in Breville Group Limited, strategic property ownership and cash reserves. The group recorded cash on hand of $333.3 million as at July 26, 2025. This is down from $409.5 million recorded at the end of FY24.
On the 50 cps dividend announcement, Lew said this means that, over the past five years, Premier has rewarded shareholders with $825.4 million in cash dividends, a $1.03 billion In-Specie Distribution of Myer shares and a total of $740.9 million in franking credits.
The lightened retail business model of Peter Alexander and Smiggle also reported a gross profit margin of 65.7 per cent, which is down 142 basis points from FY24.
Premier noted there was improved momentum for both Peter Alexander and Smiggle in the second half of FY25 through key promotional events, with sales of $357.2 million, up 4.6 per cent on the prior corresponding period. In this, Peter Alexander’s sales were up 9.2 per cent, while Smiggle’s sales were down 4.7 per cent.
This sales momentum continued into the new year, with Peter Alexander sales up 9.2 per cent in the first six week of FY26, while Smiggle sales are down 4 per cent.
Premier Retail’s interim CEO John Bryce said the EBIT margin under the new business model remains best in class, despite continuing cost of living pressures in all its markets.
He added that Peter Alexander continues to delight with another record full year sales result.
“The teams at Peter Alexander and Smiggle remain committed to delivering innovative products and seamless shopping experiences that delight our customers,” Bryce said. “To enhance this further, Peter Alexander will launch the ‘Peter’s Dreamers Rewards’ loyalty program in October 2025.
Smiggle is well progressed on developing its own new loyalty program, which is planned to launch in early CY26.”
Bryce further noted that the Premier Retail team continues to oversee a smooth transition under the Transitional Services Arrangement that currently supports the Apparel Brands, now owned by Myer.
“As part of this process, the teams are focused on tailoring and separating systems, processes and expertise required to place Premier Retail in the best position to maximise future EBIT growth for these two unique global high-margin brands.”