Premier Investments Limited · ASX:PMV
Premier Investments — Investor Presentation (March 2023)
38 slides from Premier Investments's investor presentation, Mar 27, 2023
Slide 1: Premier Investments Limited 2023 Half Year Results Overview
Premier Investments Limited 2023 Half Year Results Overview 27 March 2023 X 0
Slide 2: Agenda
Agenda 1. Premier Investments Limited 1H23 overview 2. Premier Investments Limited 1H23 consolidated financial results 3. Premier Retail – delivers record result 4. Peter Alexander – powerful designer brand delivering record results 5. Smiggle – strong and sustainable momentum globally 6. Apparel Br
Slide 3: 1H23 Overview
PREMIER INVESTMENTS LIMITED _ 1H23 OVERVIEW
Slide 4: Premier Investments Limited 1H23 overview
1 Premier Investments Limited 1H23 overview Statutory NPAT Dividends Interim Ordinary Dividend 54 cps $174.3 million Special Dividend 16 cps PMV Up +6.5% vs 1H22 Total Fully Franked Interim Dividends GROUP Up +75.0% vs 1H20 70 cps (up 24 cps vs 1H22) 1H23 Results Premier Retail EBIT Associate Income
Slide 5: Premier Investments Limited 1H23 overview
1 Premier Investments Limited 1H23 overview Myer Investment Breville Investment Investment at 28 January 2023 of Investment of 25.6% in BRG 22.9% in MYR: Balance Sheet accounting value: $179.3 million PMV $327.1 million GROUP Market value at 28 January 2023: $809.9 million Property Premier Retail He
Slide 6: Premier Investments Limited summarised consolidated income statement
2 Premier Investments Limited summarised consolidated income statement Pre-COVID $'M 1H23 1H22 1H20 Premier Retail EBIT excluding significant items 220.4 196.4 126.1 Premier Retail EBIT including significant items 221.8 212.0 126.1 Premier Investments income from Associate (BRG) 20.1 20.3 13.9 PMV N
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 4
Slide 9: Premier Retail – Delivers record result
3 Premier Retail – Delivers record result SALES $905.2 million +17.6% vs 1H22 Uninterrupted trading and normalised customer Premier shopping behaviour after cycling 42,675 store +23.7% vs 1H20 trading days lost due to COVID-19 in 1H22 Retail Peter Alexander Smiggle Apparel Brands 1H23 Sales: $261.7
Slide 10: Premier Retail – Delivers record result
3 Premier Retail – Delivers record result Gross Profit $ Gross Margin % $576.2 million 63.7% +13.6% vs 1H22 -223 bps vs 1H22 +25.8% vs 1H20 +111 bps vs 1H20 Premier Retail Total Cost of Doing Business % to sales 39.5% -87 bps vs 1H22 -585 bps vs 1H20 1H23 Results EBIT $ EBIT % to Sales $221.8 millio
Slide 11: Premier Retail – Record result driven by Sales and Gross Profit
3 Premier Retail – Record result driven by Sales and Gross Profit • Uninterrupted trading and normalised customer shopping behaviour in 1H23, after cycling 42,675 store trading days lost due to COVID-19 in 1H22 • Record 1H23 results: • Sales of $905.2 million, up 17.6% on 1H22 and up 23.7% on pre-CO
Slide 12: Peter Alexander – Powerful designer brand delivering record results
4 Peter Alexander – Powerful designer brand delivering record results • Record 1H23 sales of $261.7 million, up 15.1% on 1H22 Peter Alexander Sales $'M • Peter Alexander first half sales have more than doubled in 300 the last four years 261.7 • Peter Alexander’s unique design led product continues t
Slide 13: Peter Alexander – Powerful designer brand delivering record results
4 Peter Alexander – Powerful designer brand delivering record results • Peter Alexander has a runway for further growth: • 20 to 30 opportunities have been identified for both new and/or larger format stores in the near term to better showcase the wider product offering that has been developed in re
Slide 14: Smiggle - Strong and sustainable momentum globally
5 Smiggle - Strong and sustainable momentum globally • Smiggle delivered global sales of $190.7 million in 1H23, up 30.3% on 1H22 • 1H23 sales result back in line with pre pandemic record 1H20 sales whilst trading as a more efficient business from 51 (or 14%) fewer stores • All markets delivered str
Slide 15: Smiggle - Strong and sustainable momentum globally
5 Smiggle - Strong and sustainable momentum globally Wholesale Channel • Smiggle’s international wholesale markets have delivered a record sales half in 1H23, with continued strong demand from both existing and new partners • Smiggle is now represented in 350 wholesale doors all year round, across m
Slide 16: Smiggle - Primed for future growth opportunities
5 Smiggle - Primed for future growth opportunities • The brand will now pursue the opportunity to grow the proprietary business across existing regions by a further 30+ stores (increasing store count by 10% to 15%) in the near term, which leverages the existing team and infrastructure and enables a
Slide 17: Apparel Brands – All brands delivering growth
9 6 Apparel Brands – All brands delivering growth • Apparel Brands collectively delivered record sales of $452.8 million, up 14.3% on 1H22 Apparel Brand Sales $’M • All apparel brands delivered growth on 1H22 500 452.8 • Just Jeans, the Group’s original iconic brand, 422.6 396.2 delivered record sal
Slide 18: Apparel Brands – All brands delivering growth
9 6 Apparel Brands – All brands delivering growth • Customers responded positively to Spring / Summer ranges • Improved promotional effectiveness of key events and reduced clearance levels • Expanded categories and collaborations capturing new customers and delivering unique offers in the all import
Slide 19: Online channel – Sales tripled in 5 years
9 7 Online channel – Sales tripled in 5 years • Online sales of $170.9 million, up $73.7 million or 75.8% on Online Sales Growth 25.4% pre-COVID 1H20 sales, contributed 18.9% of total 1H23 240.0 25.0% sales (1H20: 13.3%) 220.0 • Online sales have tripled over the past 5 years from 1H18 to 200.0 20.1
Slide 20: 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 • Our landlords recognise the long-term financial str
Slide 21: 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 • Continuing to evolve a diversified Country of Origin sourcing approach • Continued progress in how
Slide 22: Premier Retail – Portfolio of Iconic Brands
10 Premier Retail – Portfolio of Iconic Brands Today, Premier Retail is well positioned for future growth: • 1H23 Sales of $905.2 million up 23.7% on ‘pre-COVID’ 1H20 Sales • 1H23 EBIT of $220.4m up 74.8% on ‘pre-COVID’ 1H20 EBIT • Portfolio of seven iconic brands each with a strong, distinctive and
Slide 23: Dividends
11 Dividends • The Premier Board remains optimistic about the Group’s ability to continue to deliver, however also recognises the business is operating in a highly uncertain economic environment • The Board notes that the environment, whilst challenging for many businesses, may present new opportuni
Slide 24: Appendix A: Brand by Brand Performance
portmans PREMIER RETAIL Appendix A: BRAND BY BRAND PERFORMANCE
Slide 25: Highlights
A Highlights • Record 1H23 sales of $261.7 million, up 15.1% on 1H22 • Peter Alexander first half sales have more than doubled in the last four years • Peter Alexander has a runway for further growth • Peter Alexander’s unique design led product continues to excite customers. The brand is one of the
Slide 26: Highlights
A Highlights • Global sales of $190.7 million in 1H23, up 30.3% on 1H22 • All markets trading strong positive LFL sales growth in 1H23 • Smiggle has reset from the pandemic and is growing from strength to strength with strong and sustainable momentum across all channels • Smiggle now has a more effi
Slide 27: Highlights
A Highlights • Record first half sales of $162.6 million, up 14.3% on 1H22 • Sales growth of 32.6% over 4 years from 1H19 to 1H23 • Just Jeans – the Group’s iconic original brand - has a strong, distinctive and competitive market position and is well positioned for future growth • Initial work has c
Slide 28: Highlights
A Highlights • Sales of $99.6 million, up 4.4% on 1H22 • 2nd best first half sales result in the past decade • Jay Jays has a strong, distinctive and competitive market position and is well positioned for future growth • Early trials in creating a better customer experience through more curated rang
Slide 29: Highlights
A Highlights • Record first half sales of $87.6 million, up 19.9% on 1H22 • Sales growth of 33.1% over 4 years from 1H19 to 1H23 • Portmans has an extremely strong and distinctive market position and is well positioned for future growth, particularly as increasing numbers of workers returning to CBD
Slide 30: Highlights
A Highlights • Record first half sales of $59.5 million, up 15.1% on 1H22 • Dotti has a strong, distinctive and competitive market position and is well positioned for future growth • Customers have resonated with the curated and distinctive Summer fashion ranges including the first Dotti Netflix exc
Slide 31: Highlights
A Highlights • Sales of $43.5 million, up 29.1% on 1H22 • Best first half sales result in over a decade • Jacqui E has an extremely strong and distinctive market position and is well positioned for future growth, particularly looking to increasing numbers of workers returning to CBD areas after thei
Slide 32: Appendix B: Impact of AASB and other information
Appendix B: Impact of AASB 16 and other information Zz: dotti sniggie JACQUIE Poros JUST 31
Slide 33: 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 34: One-off & significant items reconciliation history (pre AASB 16)
Appendix: Premier Retail segment B B One-off & significant items reconciliation history (pre AASB 16) Premier Retail Significant Items Pre-COVID 26 weeks 26 weeks 26 weeks to 28 Jan 2023 to 29 Jan 2022 to 25 Jan 2020 $'M 1H23 1H22 1H20 Premier Retail EBIT including Significant Items (pre AASB 16) 22
Slide 35: Profit and Loss impact of AASB 16 and Significant Items
Appendix: Premier Retail segment B B Profit and Loss impact of AASB 16 and Significant Items 1H23: Period Ended 28 January 2023 1H22: Period Ended 29 January 2022 1H23 vs 1H22 Post AASB16 Pre AASB16 Pre AASB16 Post AASB16 Pre AASB16 Pre AASB16 Pre AASB16 Statutory Including Excluding Statutory Inclu
Slide 36: Balance Sheet
Appendix: Premier Investments Limited (Consolidated) B B Balance Sheet Balance Sheet $'M 28 Jan 2023 30 Jul 2022 29 Jan 2022 Assets Cash and cash equivalents 470.4 471.3 468.6 Inventories 254.6 224.4 221.5 Property, plant and equipment 125.2 125.3 131.5 Right of Use assets 200.3 195.5 183.7 Other as
Slide 37: 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 26 weeks 26 weeks 26 weeks AASB16 26 week s AASB16 $'M to 28 Jan 2023 to 29 Jan 2022 Var LY to 28 Jan 2023 Impact to 29 Jan 2022 Impact
Slide 38: 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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