Premier Investments Limited · ASX:PMV
Premier Investments — Investor Presentation (September 2022)
37 slides from Premier Investments's investor presentation, Sep 29, 2022
Slide 1: Premier Investments Limited 2022 Full Year Results Overview
Premier Investments Limited 2022 Full Year Results Overview 29 September 2022 X 0
Slide 2: Agenda
Agenda 1. Premier Investments Limited FY22 overview 2. Premier Investments Limited FY22 consolidated financial results 3. Premier Retail – delivers strong result 4. Peter Alexander – powerful designer brand delivering record results 5. Smiggle – powerful global brand rebounding 6. Apparel Brands – w
Slide 3: FY22 Overview
PREMIER INVESTMENTS LIMITED | FY22 OVERVIEW
Slide 4: Premier Investments Limited FY22 overview
1 Premier Investments Limited FY22 overview Statutory NPAT Dividends & capital management $285.2 million Final Ordinary Dividend 54 cps PMV Up +4.9% vs FY21 Special Dividend 25 cps GROUP Fully Franked Full Year Dividends Up +167.0% vs FY19 125 cps (up 45 cps vs FY21) On-market share buyback of up to
Slide 5: Premier Investments Limited FY22 overview
1 Premier Investments Limited FY22 overview Breville Investment Myer Investment Investment of 25.6% in BRG Investment at 30 July 2022 of Balance Sheet accounting value: 19.9% in MYR: PMV $312.2 million $75.9 million GROUP Market value at 30 July 2022: $760.3 million Property Premier Retail Head Offi
Slide 6: Premier Investments Limited summarised consolidated income statement
2 Premier Investments Limited summarised consolidated income statement $'M FY22 FY21 FY20 FY19 Premier Retail EBIT excluding one-off & significant items 335.0 304.3 187.2 167.3 Premier Retail EBIT including one-off & significant items 352.5 351.9 169.0 141.4 Premier Investments income from Associate
Slide 7: Premier Retail
PREMIER RETAIL
Slide 8: Premier Retail – Portfolio of Iconic Brands
3 Premier Retail – Portfolio of Iconic Brands Portfolio of 7 Iconic Brands Each brand has dedicated design & product development, inventory planning, retail operations and marketing teams to maintain & grow its distinctive market position Omni- Retail Stores Online Wholesale Channel 1,100+ stores 15
Slide 9: Premier Retail – Delivers strong result
3 Premier Retail – Delivers strong result SALES $1,497.5 million +5.2% vs FY21 42,675 store trading LFL Sales +5.4% days lost due to 1H22 +0.6%; 2H22 +10.5% Premier vs FY21 COVID-19 +17.8% vs FY19 Retail Peter Alexander Smiggle Apparel Brands FY22 Sales: $428.5 m Sales: $261.2 m Sales: $807.9 m Resu
Slide 10: Premier Retail – Delivers strong result
3 Premier Retail – Delivers strong result Gross Profit $ Gross Margin % $969.8 million 64.8% +6.0% vs FY21 +52 bps vs FY21 +23.3% vs FY19 +287 bps vs FY19 Premier Total Cost of Doing Business % 42.4% -51 bps vs FY21 Retail -637 bps vs FY19 Rent Expense % 13.0% Employee Expenses % 23.3% FY22 -44 bps
Slide 11: Premier Retail – Record result driven by Sales and Gross Margin
3 Premier Retail – Record result driven by Sales and Gross Margin • Premier Retail has seven iconic brands each with a strong, distinctive and competitive market position • Premier Retail strategies continued to deliver despite COVID-19 disruptions and ongoing supply chain challenges • Record FY22 r
Slide 12: Peter Alexander – Powerful designer brand delivering record results
4 Peter Alexander – Powerful designer brand delivering record results Peter Alexander Sales $'M • Record FY22 sales of $428.5 million, up 11.4% on FY21, 500 underpinned by strong growth both in stores and online • Peter Alexander delivered three year sales growth of 428.5 72.9% from pre-COVID FY19 t
Slide 13: Peter Alexander – Powerful designer brand delivering record results
4 Peter Alexander – Powerful designer brand delivering record results • Peter Alexander customers enjoy a truly unique shopping experience: • Products that excite • World class instore theatre and store window displays • Seamless online experience • Service teams who love and are immersed in the bra
Slide 14: Smiggle - Powerful global brand rebounding
5 Smiggle - Powerful global brand rebounding • Smiggle delivered global sales of $261.2 million in FY22, up 24.6% on FY21 (2H22 up 61.7%) The key to Smiggle’s success is children attending school Smiggle sales are rebounding as schools have reopened • Smiggle is a unique global brand and the ultimat
Slide 15: Smiggle - Powerful global brand rebounding
5 Smiggle - Powerful global brand rebounding Smiggle collaboration success • Highly successful global collaborations in FY22 including with Disney studios (Disney Princesses, Marvel), BBC studios (Bluey), Universal Studios (Minions) and first sporting collaboration with AFL, with results and respons
Slide 16: Apparel Brands – Well positioned to deliver future growth
9 6 Apparel Brands – Well positioned to deliver future growth Apparel Brand Sales $’M • Apparel Brands sales of $807.9 million, up 12.7% on FY19 • These results were delivered despite the significant impact 900 829.7 of COVID-19 government lockdowns in Australia and New 807.9 Zealand in 1H22 800 69.
Slide 17: Online channel – Grows fivefold in 5 years
9 7 Online channel – Grows fivefold in 5 years 400 Online Sales Growth 22.7% • Record Online sales of $340.1 million, up $42.6 million or 14.3% on a previous record FY21 and contributed 22.7% 20.9% 350 340 of total FY22 sales (FY21: 20.9%) 20.0% 18.1% 297 • Online channel sales have grown fivefold i
Slide 18: Retail store channel – 1100+ stores in six countries
8 Retail store channel – 1100+ stores in six countries • Our strategy is to delight our customers however they choose to engage and shop with us - both instore and online • All our customers value our extensive network of bricks and mortar stores • With landlord’s support opportunities exist to refr
Slide 19: Sourcing & Supply Chain
9 Sourcing & Supply Chain Sourcing – high standards of ethical conduct and responsible sourcing • Long standing as well as new supplier partnerships underpinning product innovation, quality and value • Dedicated offshore sourcing office • Continued progress in how the Group responsibly manages its e
Slide 20: Premier Retail – Portfolio of Iconic Brands
10 Premier Retail – Portfolio of Iconic Brands Today, Premier Retail is well positioned for future growth: • FY22 Sales of $1.5 billion up 17.8% on ‘pre-COVID’ FY19 Sales • FY22 EBIT of $335.0m up 100% or double ‘pre-COVID’ FY19 EBIT • Portfolio of 7 iconic brands each with a strong, distinctive and
Slide 21: Dividends and Capital Management
11 Dividends and Capital Management • The Premier Board remains optimistic about the Group’s ability to continue to deliver, however also recognises the business is operating in highly uncertain times • The Board notes that the environment, whilst challenging for many businesses, may present new opp
Slide 22: Dividends and Capital Management
11 Dividends and Capital Management • Premier continues to have a strong and robust Balance Sheet which favourably positions the Company to consider a range of capital management initiatives in the future, including additional dividends and/or share buybacks, as well as being an enabler to take adva
Slide 23: Appendix A: Brand by Brand Performance
portmans PREMIER RETAIL Appendix A: BRAND BY BRAND PERFORMANCE
Slide 24: Highlights – Peter Alexander
A Highlights • Record FY22 sales of $428.5 million, up 11.4% on FY21, underpinned by strong growth both in stores and online • Peter Alexander delivered three year sales growth of 72.9% from FY19 to FY22, more than doubling sales in the last 5 years • Peter Alexander’s unique design led product exci
Slide 25: Highlights – Smiggle
A Highlights • Global sales of $261.2 million in FY22, up 24.6% on FY21 (2H22 up 61.7%) • The key to Smiggle’s success is children attending school. As schools have reopened, Smiggle sales are rebounding • Throughout FY22 the brand’s strength was reinforced despite the ongoing impact of COVID-19, de
Slide 26: Highlights – Just Jeans
A Highlights • Sales up 38.0% over 4 years from FY18 to FY22 • Improving sales momentum with 2H22 sales relatively stronger than 1H22 sales growth in a period still significantly impacted by COVID-19 • Online Sales continued to drive overall growth at a significantly higher EBIT margin than the stor
Slide 27: Highlights – Jay Jays
A Highlights • Sales up 12.6% over 4 years from FY18 to FY22, delivering 2nd best sales result in the past decade • Improving sales momentum with 2H22 sales relatively stronger than 1H22 sales growth in a period still significantly impacted by COVID-19 • Online Sales continued to drive overall growt
Slide 28: Highlights – Portmans
A Highlights • Portmans delivered a stand-out performance in a period significantly impacted by COVID-19 store closures • Record sales of $156.7 million, up 11.7% on FY21, underpinned by strong LFL growth both in stores and online • Online Sales continued to drive overall growth at a significantly h
Slide 29: Highlights – Dotti
A Highlights • Improving sales momentum with 2H22 sales up 5.2% on 2H21 • Continued improvement in gross margins being delivered through ongoing changes to sourcing strategy • Online Sales continued to grow ahead of the market with this channel delivering significantly higher EBIT margin than the Br
Slide 30: Highlights – Jacqui E
A Highlights • Improving sales momentum with 2H22 sales up 5.3% on 2H21 • Online Sales continued to drive overall growth at a significantly higher EBIT margin than the store portfolio • Jacqui E has an extremely strong and distinctive market position and is well positioned for future growth, particu
Slide 31: Appendix B: Impact of AASB and other information
Appendix B: Impact of AASB 16 and other information Zz: dotti sniggie JACQUIE Porenons JUST 30
Slide 32: Appendix: Implementation of lease accounting standard AASB 16
B B Appendix: Implementation of lease accounting standard AASB 16 • The new lease accounting standard AASB 16 was adopted at the start of the FY20 reporting period effective from 28 July 2019 • The implementation of AASB 16 has significantly changed reported results, however the standard does not ha
Slide 33: Appendix: Premier Retail segment One-off & significant items reconciliation history
Appendix: Premier Retail segment BB One-off & significant items reconciliation history (pre AASB 16) Premier Retail: One-Off & Significant Items Pre-COVID 52 weeks 53 weeks 52 weeks 52 weeks to 30 Jul 2022 to 31 Jul 2021 to 25 Jul 2020 to 27 Jul 2019 $'M FY22 FY21 FY20 FY19 Premier Retail EBIT befor
Slide 34: Appendix: Premier Retail segment Profit and Loss impact of AASB 16 and Significant Items
Appendix: Premier Retail segment BB Profit and Loss impact of AASB 16 and Significant Items FY22: Period Ended 30 July 2022 FY21: Period Ended 31 July 2021 FY22 vs FY21 Post AASB16 Pre AASB16 Pre AASB16 Post AASB16 Pre AASB16 Pre AASB16 Pre AASB16 Statutory Including Excluding Statutory Including Ex
Slide 35: Appendix: Premier Investments Limited (Consolidated) Balance Sheet
Appendix: Premier Investments Limited (Consolidated) BB Balance Sheet Balance Sheet $'M 30 Jul 2022 31 Jul 2021 Assets Note 1: Net Cash 1 Cash and cash equivalents 471.3 523.3 • July 2022 Net Cash of Inventories 224.4 208.8 $402.3m (Cash $471.3m less Property, plant and equipment 125.3 137.8 Debt $6
Slide 36: Appendix: Consolidated Profit and Loss Statement and impact of AASB 16
Appendix: Premier Investments Limited (Consolidated) BB Profit and Loss Statement and impact of AASB 16 Profit & Loss Pre AASB16 Pre AASB16 Post AASB16 Post AASB16 52 weeks 53 weeks 52 weeks AASB16 53 weeks AASB16 $'M to 30 Jul 2022 to 31 Jul 2021 Var LY to 30 Jul 2022 Impact to 31 Jul 2021 Impact S
Slide 37: Appendix: Overview of Premier's non-IFRS financial information
B B Appendix Overview of Premier’s non–IFRS financial information • IFRS financial information is financial information that is presented in accordance with all relevant accounting standards. • Non-IFRS financial information is financial information that is presented other than in accordance with al
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