Premier Investments flags rise in first-half earnings

The company behind franchises Just Jeans, Smiggle and Peter Alexander expects its first-half earnings to rise by as much as 85 per cent following a spike in online sales.

ASX-listed Premier Investments said its first-half earnings for the current financial would be between $221 million and $233 million, up 75-85 per cent on its first-half earnings in FY20.

The news sent Premier’s shares up by as much as 16 per cent, with the company trading at $26.01 per share at 11am AEST.

It comes about a month after Premier disclosed a surge in online sales.

Today, Premier said its online sales had reached $146 million within the first 24 weeks of FY21, up 60 per cent on the same time last year.

Meanwhile, total group sales reached nearly $717 million, up 5 per cent.

Premier said it achieved “outstanding” sales and gross margin growth at its Peter Alexander, Just Jeans and Jay Jays franchises in Australia and New Zealand.

The company’s shares price pulled back to $25.35 at the close of trade, up 13 per cent.