By David Winning
SYDNEY–Retail conglomerate Premier Investments said its annual profit fell by 4.9% as it weighs a possible breakup as part of a strategic review.
Premier Investments reported a net profit of 271.1 million Australian dollars (US$172.2 million) for the 12 months through July 29, compared to A$285.2 million a year earlier. Annual revenue rose by 11% to A$1.66 billion.
Directors of the company, which owns brands including the Peter Alexander sleepwear chain and Smiggle stationery stores, declared a final dividend of 60 Australian cents per security.
Premier had cemented expectations for its annual result when telling shareholders last month that it could demerge one or more of its brands into standalone businesses. The potential breakup prompted the resignation of Chief Executive Richard Murray.
John Bryce, Premier’s interim CEO, said Peter Alexander, Smiggle and its apparel brands all delivered record sales in fiscal 2023 despite a challenging macroeconomic environment and cost-of-living pressures felt by customers.
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