Premier Investments (ASX:PMV) doubles profits as Smiggles draws growth

Premier Investments (ASX:PMV) has almost doubled its profits for the financial year 2021 led by a surge in demand for Peter Alexander sleepwear and a bounce back in back-to-school stationary.

The retail chain owner who also owns Portmans, Just Jeans, and Dotti reported after tax profit of $271.8 million, up 97.3 per cent for the 53 weeks ending on the 31 July this year.

Contributing to the growth was the record sales from pyjama line Peter Alexander clocking in $388.2 million in sales, a surge of 34.7 per cent or $100 million from the year before.

While in the U.K., Smiggle retail stores like-for-like growth jumped 69 per cent while in Ireland, sales rose 64 per cent offsetting the losses from the other stores around the globe.

Collectively, Premier’s retail sales came in 18.7 per cent higher at $1.4 billion with EBIT 88 per cent higher at $352 million from the year before.

The company will pay a fully franked 46 cents per share final dividend. This will bring its full-year fully franked dividend to 80 cents per share, up 14.3 per cent. This is set to be paid in January next year.

Shares in Premier Investments (ASX:PMV) are trading 3.3 per cent higher at $27.69.