Premier Investments hits online benchmark two years early
Solomon Lew-backed Premier Investments has hit its goal of reaching $100 million in online sales more than two years early.
The retail company, which owns Smiggle, Peter Alexander, Just Jeans, Portmans, Dotti, Jacqui E, Jay Jays and The Just Group, reported a record $1.18 billion in total sales in FY18, 8.2 per cent up from the previous fiscal year.
Roughly 10 per cent of sales – $112.5 million – were made online, a 65 per cent increase from FY17.
Premier Investments chairman Solomon Lew said he was “delighted” to hit the target more than two years early.
Stationery retailer Smiggle delivered $293 million in global retail sales, up 22.7 per cent on FY17. The brand is targeting $450 million in global retail sales by FY20 through accelerated expansion in online, concession partnerships, wholesale arrangements as well as new store growth.
Sleepwear brand Peter Alexander posted $218.7 million in sales, up 14.5 per cent on FY17. The business opened 21 new stores in the year.
“We have seen significant growth of our unique brands Smiggle and Peter Alexander which benefit from in-house design, research and constant innovation,” Premier Retail chief executive Mark McInnes said.
“In our apparel brands where we foresaw increase competition, we clarified our market position and invested in product merchants. In Q4 FY18 these brands delivered sales growth of 8.1 per cent.”
Portmans posted a 17.4 per cent in sales in the second half, while Jacqui E saw a 9.4 per cent lift and Just Jeans was up 3.2 per cent.
Despite the overall strong sales figures, the company reported a 20.4 per cent decrease in net profit to $83.6 million in the year, after booking $30 million in impairments to its casual apparel brands.