Premier Investments Limited · ASX:PMV
Premier Investments — Investor Presentation (September 2024)
33 slides from Premier Investments's investor presentation, Sep 25, 2024
Slide 1: Premier Investments Limited 2024 Full Year Results Overview
Premier Investments Limited 2024 Full Year Results Overview 25 September 2024 0 X
Slide 2: Contents
Contents 1. Premier Investments Limited FY24 overview 2. Premier Retail FY24 overview 3. Peter Alexander 4. Smiggle 5. Apparel Brands 6. Omni Channel 7. Premier Strategic Review update Appendices 13 1
Slide 3: Premier Investments Limited FY24 Overview
4 PREMIER INVESTMENTS LIMITED FY24 OVERVIEW
Slide 4: Premier Investments Limited FY24 overview
Premier Investments Limited FY24 overview Premier Retail EBIT Dividends Record Final Ordinary Dividend, $340.9 million (post AASB16) fully franked $325.9 million (pre AASB16) 70 cps PMV Down -8.6% vs FY23 Up 10 cps on FY23 Final Ordinary GROUP Dividend Up +94.8% vs FY19 Full year ordinary and specia
Slide 5: Premier Investments Limited FY24 overview
Premier Investments Limited FY24 overview Breville Investment Myer Investment 25.5% investment in BRG 31.37% investment in MYR Market value at 27 July 2024: Market value at 27 July 2024: PMV $981.5 million $215.3 million Cash Dividends received: Cash Dividends received: GROUP $11.5 million $9.5 mill
Slide 6: Premier Retail
PREMIER RETAIL
Slide 7: Premier Retail FY24 overview
Premier Retail FY24 overview SALES $1,595.3 million -2.9% vs FY23 Second highest sales result in the Premier group’s history after cycling record sales +25.5% vs FY19 in FY23, up 25.5% on pre-COVID FY19 Retail Peter Alexander Smiggle Apparel Brands FY24 Sales: $508.6 m Sales: $296.0 m Sales: $790.7
Slide 8: Premier Retail FY24 overview
Premier Retail FY24 overview Gross Profit $ Gross Margin % $998.0 million 62.6% -2.4% vs FY23 +35 bps vs FY23 +26.9% vs FY19 +67 bps vs FY19 Premier Retail Total Cost of Doing Business (CODB) % to sales 42.9% +195 bps vs FY23 FY24 CODB up 1.7% vs FY23 -587 bps vs FY19 FY24 Results EBIT $ EBIT $ EBIT
Slide 9: Premier Retail – delivers in a challenging environment
Premier Retail – delivers in a challenging environment • In a challenging general discretionary retail environment with consumers facing increased cost of living pressures, the group’s strategy is anchored on delivering value for customers in our products and shopping experience, while also maintain
Slide 10: Peter Alexander – delivering record sales over half a billion dollars in FY24
Peter Alexander – delivering record sales over half a billion dollars in FY24 • Record sales surpassing half a billion dollars in Peter Alexander Sales $'M FY24 600 • FY24 Sales of $508.6 million, up 6.2% on FY23 508.6 • Peter Alexander sales have increased by 105.3% 500 478.9 or more than double ov
Slide 11: Peter Alexander – delivering record sales over half a billion dollars in FY24
Peter Alexander – delivering record sales over half a billion dollars in FY24 Peter Alexander investment in retail channel delivering significant growth within existing markets of Australia & New Zealand: • 9 new stores were opened during FY24, all trading ahead • 9 existing stores were relocated an
Slide 12: Peter Alexander – Powerful designer brand with runway for further growth
Peter Alexander – Powerful designer brand with runway for further growth Peter Alexander has a significant runway for further growth within existing markets and channels: • 4 new stores and 4 relocations / expansions into larger formats have already been confirmed to open in 1H25 across Australia an
Slide 13: Peter Alexander – United Kingdom launch confirmed
Peter Alexander – United Kingdom launch confirmed • Peter Alexander is delighted to confirm plans to launch the brand into the United Kingdom in 1H25 • A dedicated Peter Alexander UK website and 3 stores in prime London shopping centres are planned to open by November ahead of the critical Christmas
Slide 14: Smiggle – A highly efficient business primed for future growth opportunities
Smiggle – A highly efficient business primed for future growth opportunities • In a challenging discretionary retail environment, with the Smiggle Sales & Stores Smiggle consumer particularly exposed to increased cost of living pressures in all global markets, Smiggle delivered 352 sales of $296.0 m
Slide 15: Smiggle – Global Brand with presence in over 20 countries
Smiggle – Global Brand with presence in over 20 countries • Smiggle has a relentless focus on product innovation and inventory management and is well placed across all regions to rebound and maximise sales as global economic confidence returns Australia & New Zealand • 152 stores currently trading,
Slide 16: Smiggle – Multi-format growth opportunities
Smiggle – Multi-format growth opportunities Smiggle has significant runway for further growth through proprietary store expansion and evolving the current wholesale model Proprietary store expansion • 15 new stores opened in FY24, while 7 stores closed as the brand continues to focus on operational
Slide 17: Apparel Brands – challenging environment with momentum improving
Apparel Brands – challenging environment with momentum improving • In a challenging discretionary retail environment, the Apparel Brands Sales $’M Apparel Brands collectively delivered sales of $790.7 million, down 6.4% on record FY23 900 844.8 829.7 807.9 • Improving momentum in 2H24, delivering sa
Slide 18: Apparel Brands – new Loyalty Program to launch in October 2024
Apparel Brands – new Loyalty Program to launch in October 2024 • The existing loyalty program originally launched back in 2006 and available only to Just Jeans customers in Australia already has 1.8 million members, delivering significant sales and higher transaction values when compared to non-memb
Slide 19: Apparel Brands – Store of the future to be unveiled in 1H25
Apparel Brands – Store of the future to be unveiled in 1H25 • Investment in new and improved store design formats to be unveiled in 1H25 as part of ongoing strategy to optimise the store portfolio • Enhancing customer experience and engagement including digital display elements, ease of navigation a
Slide 20: Omni channel – delighting customers however they choose to shop
Omni channel – delighting customers however they choose to shop • Online sales of $315.3 million, down 2.9% on FY23 sales in Online Sales 25.0% line with overall company result, maintaining contribution at 22.7% 19.8% of total FY24 sales (FY23: 19.8%) 400.0 20.9% • Online channel delivering compound
Slide 21: Strategic Review Update
Strategic Review Update Premier Retail is well positioned to maximise future EBIT growth with the brands identifying key growth paths for the future Peter Alexander Smiggle Apparel Brands • 20+ opportunities have been • 10+ opportunities have been • Continuous improvement in identified for both new
Slide 22: Appendix A: Brand by Brand Performance
dott PREMIER RETAIL Appendix A: BRAND BY BRAND PERFORMANCE
Slide 23: Overview of Results
Overview of Results Overview of Results Sales $296.0m Sales $508.6m 1 Var LY FY23 -7.4%1 Var pre-COVID FY19 -3.4% Var LY FY23 +6.2% Var pre-COVID FY19 +105.3% Pre-COVID 2 Pre-COVID Store Movements Jul-23 Open Close2 Jul-24 Jul-19 Store Movements Jul-23 Open Close Jul-24 Jul-19 Australia / NZ 145 8 1
Slide 24: Overview of Results
Overview of Results Overview of Results Sales $293.8m Sales $164.3m Var LY FY23 -4.3% 1 Var pre-COVID FY19 +21.5% Var LY FY23 -6.9%1 Var pre-COVID FY19 -2.6% Pre-COVID Pre-COVID Store Movements Jul-23 Open Close 2 Jul-24 Jul-19 Store Movements Jul-23 Open Close2 Jul-24 Jul-19 Australia 190 7 2 195 1
Slide 25: Overview of Results
Overview of Results Overview of Results Sales $145.2m Sales $111.8m Var LY FY23 -12.4% 1 Var pre-COVID FY19 +13.1% Var LY FY23 -1.7%1 Var pre-COVID FY19 +5.1% Pre-COVID Pre-COVID Store Movements Jul-23 Open Close 2 Jul-24 Jul-19 Store Movements Jul-23 Open Close2 Jul-24 Jul-19 Australia 79 2 - 81 86
Slide 26: Apparel Brands Overview of Results
Overview of Results Apparel Brands Sales $75.6m Overview of Results Var LY FY23 -7.7%1 Var pre-COVID FY19 +5.8% Sales $790.7m 1 Pre-COVID Var LY FY23 -6.4% Var pre-COVID FY19 +10.3% 2 Store Movements Jul-23 Open Close Jul-24 Jul-19 Pre-COVID Australia 73 - - 73 77 Store Movements Jul-23 Open Close2
Slide 27: Appendix B: Impact of AASB and other information
Appendix B: Impact of AASB 16 and other information 26
Slide 28: Appendix: Premier Retail segment
Appendix: Premier Retail segment One-off & significant items reconciliation history (pre AASB 16) Pre-COVID Premier Retail: One-Off & Significant Items 52 weeks 52 weeks 52 weeks to 27 Jul 2024 to 29 Jul 2023 to 27 Jul 2019 $'M FY24 FY23 FY19 Premier Retail EBIT before One-Off & Significant Items (p
Slide 29: Appendix: Premier Retail segment
Appendix: Premier Retail segment Profit and Loss impact of AASB 16 and Significant Items FY24: Period Ended 27 July 2024 FY23: Period Ended 29 July 2023 FY24 vs FY23 FY24 vs FY23 Post AASB16 Pre AASB16 Pre AASB16 Post AASB16 Pre AASB16 Pre AASB16 Pre AASB16 Pre AASB16 Statutory Including Excluding S
Slide 30: Appendix: Premier Investments Limited (Consolidated)
Appendix: Premier Investments Limited (Consolidated) Balance Sheet Balance Sheet $'M 27 Jul 2024 29 Jul 2023 Assets Cash and cash equivalents 409.5 417.6 Inventories 217.9 231.2 Property, plant and equipment 147.1 128.5 Right of Use assets 375.3 389.7 Other assets 34.7 38.5 Deferred tax assets 8.0 1
Slide 31: Appendix: Premier Investments Limited (Consolidated)
Appendix: Premier Investments Limited (Consolidated) Summarised consolidated income statement $'M FY24 FY23 Premier Retail EBIT excluding one-off & significant items 325.9 356.5 Premier Retail EBIT including one-off & significant items 325.9 357.9 Premier Investments income from Associate (BRG) 30.2
Slide 32: Appendix: Premier Investments Limited (Consolidated)
Appendix: Premier Investments Limited (Consolidated) Profit and Loss Statement and impact of AASB 16 Profit & Loss Pre AASB16 Pre AASB16 Post AASB16 Post AASB16 52 weeks 52 weeks 52 weeks AASB16 52 weeks AASB16 $'M to 27 Jul 2024 to 29 Jul 2023 Var LY to 27 Jul 2024 Impact to 29 Jul 2023 Impact Sale
Slide 33: Appendix
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 all re
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