Company Reports

Premier Investments has a strong record of buying and selling interests in listed companies. In 2025, Premier divested the mature apparel brands it acquired with Just Group in 2008. It also divested its equity stake in the Myer department store chain.

Premier's fiscal 2026 underlying retail EBIT fell 10% to AUD 176 million on 2% lower sales. Peter Alexander grew 3%, partly offsetting a 13% decline at Smiggle. In the first seven weeks of fiscal 2027, like-for-like sales were roughly flat compared with last year. Nevertheless, shares rose 7%.

Premier Investments has a strong record of buying and selling interests in listed companies. In 2025, Premier divested the mature apparel brands it acquired with Just Group in 2008. It also divested its equity stake in the Myer department store chain.

Premier Investments sales declined 2% year-on-year. Unaudited underlying EBIT of AUD 176 million is down 10% year-on-year, missing prior guidance by 4%. Unable to replicate the success of the core Peter Alexander brand in the United Kingdom, it is closing all three physical stores there.

Premier Investments: Consumer spending is robust despite higher interest rates and inflation weighing on household budgets. While consumer sentiment is pessimistic, according to CBA and NAB transaction data for June 2026 their spending increased by midsingle digits year on year.

Premier Investments has a strong record of buying and selling interests in listed companies. In 2025, Premier divested the mature apparel brands it acquired with Just Group in 2008. It also divested its equity stake in the Myer department store chain.

On a pro forma basis, Premier's sales fell 1% to $453 million in the first half of fiscal 2026. The 5% growth in Peter Alexander was more than offset by an 11% decline at Smiggle. Soft sales, together with decreasing operating margins, drove down underlying retailing profit by 4%.

Premier Investments has a strong record of buying and selling interests in listed companies. In 2025, Premier divested the mature apparel brands it acquired with Just Group in 2008. It also divested its equity stake in the Myer department store chain.

Premier expects lower profits from its retail operation in the first half of fiscal 2026 on last year. Despite record Black Friday and Cyber Monday sales at pajamas specialty retailer Peter Alexander, it is guiding to a 7% decline in underlying retail EBIT to about AUD 120 million. Shares fell 16%.

Premier Investments' sales from continuing operations increased 1% to AUD 812 million in fiscal 2025. An 8% lift at Peter Alexander offset an 11% decline at Smiggle. But underlying EBIT from the retailing segment fell 18% to AUD 195 million as wages, rent, and marketing spending jumped sharply.

Premier Investments has a strong record of buying and selling interests in listed companies. In 2025, Premier divested the mature apparel brands it acquired with Just Group in 2008. It also divested its equity stake in the Myer department store chain.

Household incomes are growing in real terms after a period of rampant inflation. With inflation back within the Reserve Bank of Australia’s target range, the focus is shifting to keeping the job market in good shape. Monetary settings are slightly restrictive, providing room for more easing.

Tariffs are softening Australian consumer sentiment and investors are preferring defensive over cyclical retailers. Since sweeping US tariffs were announced April 2, our Morningstar Australia Consumer Defensive Index is up 3%, but the Morningstar Australia Consumer Cyclical Index is flat.

Premier Investments has a strong record of buying and selling interests in listed companies. In 2025, Premier divested its mature apparel brands it acquired with Just Group in 2008. It also divested its equity stake in the Myer department store chain.

Premier Investments' first-half fiscal 2025 sales and earnings were in line with guidance from January 2025. Sales from continuing operations dropped to AUD 457 million, down 1% year on year. Underlying EBIT from them dropped 16% to AUD 129 million. Surprisingly, no interim dividend was declared.

Premier Investments has distributed all Myer shares it owned to its shareholders, with an in-specie distribution of about 7.2 Myer shares for each Premier share. Following the distribution, Premier shareholders will collectively own about two-thirds of Myer's outstanding shares directly.

Premier Investments has a strong record of buying and selling interests in listed companies. In 2025, Premier divested its mature apparel brands it acquired with Just Group in 2008. It also divested its equity stake in the Myer department store chain.

Myer and Premier propose merging five of Premier's apparel brands with Myer's department stores. Subject to conditions, including approval from both Myer and Premier shareholders, the deal transforms Myer into a discretionary retailing juggernaut with annual sales of more than AUD 4 billion.

Retail spending is rebounding due to a larger workforce, higher wages, and meaningful fiscal stimulus. Discretionary categories are benefiting more than defensives from rising household incomes.

After months of due diligence, Myer and Premier Investments have a binding agreement to create an Australian apparel retailing juggernaut. The structure is complex, including issuance of new shares, cash payment, dividends, cost savings, and a franking credit distribution.