Fashion giant Premier (ASX:PMV) zips up sales as stores reopen

Fashion retailer Premier Investments (ASX:PMV) has seen sales recover over the first half of the new financial year despite lockdowns across New South Wales, Victoria, and New Zealand forcing the retail giant to close more than half of its stores.

The owner of Just Jeans, Jay Jays, Portmans, Dotti, Smiggle, Peter Alexander, and JacuiE said that total sales for the 17 weeks to the end of November fell 3.5 per cent, a recovery compared to the first seven weeks of the half where sale tumbled 9.5 per cent.

Over the past three weeks, stores around the globe have progressively re-opened, with sales up 10.1 per on the same three weeks last year.

With the forced shutdown to combat the spread of the coronavirus, retailers were one of the worst hit during the pandemic. The company said it lost a total of 42,000 trading days this financial year with more than half its stores close due to government mandates.

Looking ahead as we dash into the Christmas period, the fashion retailer are feeling optimistic ahead of their next results slated for March next year.

“Whilst there are some significant trading weeks ahead, the customer reaction to Premier Retail’s product provides the Group confidence for the remainder of the half,” the company said.

Shares in Premier Investments (ASX:PMV) are down 0.7 per cent at $30.03.