Smiggle claims sales were not affected by the polarising vote, however it has slowed its new store roll out which was originally for 100 stores in the United Kingdom by Christmas this year.
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While stationary brand Smiggle is the star performer, with sales up 41.8% for the year, sleepwear brand Peter Alexander is the fashion front runner.
Premier reported an underlying net profit of $145.4 million on record-breaking total sales of $1.05 billion, with total like-for-like sales up 3.5% across the entire group.
This popular home-wear business delivered sales growth of 20.4% for the year thanks mainly to the opening of 11 new stores and what the group described as “strong” like-for-like sales growth.
“The 2016 result demonstrates the continued successful implementation of the Premier Retail Strategy to drive growth through Smiggle, Peter Alexander and our online offer while rejuvenating our core brands and improving efficiencies”.
The review found Smiggle’s post-Brexit sales were equal to or better than its sales before the vote, Mr Lew said.
Premier Investments chair, Solly Lew (right) and chief executive, Mark McInnes (left) are exploring an off-shore expansion for Peter Alexander as the brand reaches maturity in Australia.
This colourful children’s stationery business is the real growth driver with Australia and New Zealand like-for-like sales growth described as “strong” and seven new stores opened over FY16 in the region.
Broker Credit Suisse said the result was in line with market expectations despite comparable store sales growth sliding from 6.9 per cent in the first half of the financial year to flat in the second half as the warm start to winter weighed on apparel sales across the sector.
Premier’s share price was under pressure, down more than 3 per cent after trading as low as $15.09.
“During the year we opened 52 new stores worldwide, more than 50 per cent of Smiggle’s revenue for the financial year was delivered by global stores, underscoring our decision to invest in the brand globally”, Mr McInnes said.
The group, which includes stationery chain Smiggle and sleepwear chain Peter Alexander, reported total sales revenue growth of almost 11 per cent to $1.049 billion for the year to July 30.
The company is a stand out among Australian retailers, growing sales where others struggle.
“Once again our online sales significantly outperformed the market, with our online sales growing by 39.6%”.
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Premier announced a fully franked final dividend ot 25 cents per share payable on Friday November 18.
