Premier Investments Limited · ASX:PMV
Premier Investments — Investor Presentation (March 2024)
32 slides from Premier Investments's investor presentation, Mar 26, 2024
Slide 1: Premier Investments Limited 2024 Half Year Results Overview
Premier Investments Limited 2024 Half Year Results Overview 26 March 2024 0 X
Slide 2: Contents
Contents 1. Premier Investments Limited 1H24 overview 2. Premier Retail 1H24 overview 3. Peter Alexander 4. Smiggle 5. Apparel Brands 6. Omni Channel 7. Premier Strategic Review update Appendices 13 1
Slide 3: 1H24 Overview
PREMIER INVESTMENTS LIMITED. 1H24 OVERVIEW
Slide 4: Premier Investments Limited 1H24 overview
Premier Investments Limited 1H24 overview Premier Retail EBIT Dividends Record Interim Ordinary Dividend, $209.8 million fully franked Down -4.8% vs 1H23 63 cps PMV Up +66.4% vs 1H20 Up 9 cps on 1H23 Interim Ordinary GROUP Dividend Interim ordinary and special dividends per 1H24 Premier NPAT share (
Slide 5: Premier Investments Limited 1H24 overview: financial position
Premier Investments Limited 1H24 overview Breville Investment Myer Investment 25.5% investment in BRG 28.4% investment in MYR Market value at 27 January 2024: Market value at 27 January 2024: PMV $970.5 million $154.9 million Cash Dividends received: Cash Dividends received: GROUP $5.7 million $2.4
Slide 6: Premier Retail
PREMIER RETAIL
Slide 7: Premier Retail 1H24 overview
Premier Retail 1H24 overview SALES $879.5 million -2.8% vs 1H23 Second highest sales result in the Premier group’s history after cycling record sales +20.1% vs 1H20 in 1H23, up 20.1% on pre-COVID 1H20 Retail Peter Alexander Smiggle Apparel Brands 1H24 Sales: $279.3 m Sales: $183.9 m Sales: $416.3 m
Slide 8: Premier Retail 1H24 overview
Premier Retail 1H24 overview Gross Profit $ Gross Margin % $558.6 million 63.5% -3.1% vs 1H23 -14 bps vs 1H23 +22.0% vs 1H20 +98 bps vs 1H20 Premier Retail Total Cost of Doing Business (CODB) % to sales 40.3% +79 bps vs 1H23 1H24 CODB down $3.2m -506 bps vs 1H20 or 0.9% vs 1H23 1H24 Results EBIT $ E
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 – Powerful designer brand delivering record results
Peter Alexander – Powerful designer brand delivering record results • Record sales in 1H24 of $279.3 million, up 6.7% on 1H23 • Peter Alexander sales have increased by 92.8% over the Peter Alexander Sales $'M past 4 years 300 279.3 • Peter Alexander’s unique design led product continues to 261.7 exc
Slide 11: Peter Alexander – Powerful designer brand delivering record results
Peter Alexander – Powerful designer brand delivering record results Peter Alexander has a significant runway for further growth within existing markets and channels: • 3 new stores and 5 relocations / expansions into larger formats have already been confirmed to open in 2H24 • Over 20 further opport
Slide 12: Peter Alexander – announces launch into the United Kingdom
Peter Alexander – announces launch into the United Kingdom • Peter Alexander is delighted to announce it intends to launch the brand into the United Kingdom during 1H25 • A dedicated Peter Alexander UK website and 2 new stores have been planned to open ahead of the critical Christmas gifting trading
Slide 13: Smiggle – A highly efficient business primed for future growth
Smiggle – A highly efficient business primed for future growth opportunities • In a challenging discretionary retail environment, with the Smiggle consumer particularly exposed to increased cost of living pressures in all global markets, Smiggle delivered sales of $183.9 million in 1H24, down 3.6% o
Slide 14: Smiggle – Innovative product for a wider range of customers
Smiggle – Innovative product for a wider range of customers Product Highlights • Smiggle continues to ensure that customers always have a reason to shop, with innovative and exciting new product ranges that stretch the age demographic, now from 3 years old with our junior ranges right up to 14+ with
Slide 15: Smiggle – Multi-format growth opportunities
Smiggle – Multi-format growth opportunities In March 2023, Smiggle announced a plan to accelerate global growth through both proprietary store expansion and evolving the current wholesale model to include freestanding stores Proprietary store expansion • Opportunity to grow the proprietary business
Slide 16: Smiggle – Wholesale partnerships to accelerate growth
Smiggle – Wholesale partnerships to accelerate growth Wholesale partnerships evolved to enhance expansion through the opening of standalone stores • As announced within the FY23 results, Smiggle signed an agreement with an existing wholesale partner to open freestanding stores in United Arab Emirate
Slide 17: Smiggle – wholesale channel evolved to accelerate growth
Smiggle – wholesale channel evolved to accelerate growth Wholesale partnerships evolved to enhance expansion through the opening of standalone stores • Given the success of the evolved partnership in the Middle East, Premier is delighted to today announce that Smiggle has reached agreement with an e
Slide 18: 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 500 452.8 $416.3 million, down 8.1% on record 1H23 416.3 422.6 • Apparel Brands sales collectively up 5.8%
Slide 19: Omni channel – delighting customers however they choose to shop
Omni channel – delighting customers however they choose to shop • Online sales of $171.2 million, up 0.2% on 1H23 sales, contributed 19.5% of total 1H24 sales (1H23: 18.9%) Online Sales Growth • Online channel delivering compounding annual growth of 250.0 25.4% 25.0% 17.7% over the past 5 years • Fo
Slide 20: 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 • 30+ opportunities have been • Optimise the store portfolio and identified for bo
Slide 21: Appendix A: Brand by Brand Performance
PREMIER RETAIL Appendix A: BRAND BY BRAND PERFORMANCE
Slide 22: Overview of Results
Overview of Results Overview of Results Sales $279.3m Sales $183.9m Var LY 1H23 +6.7%1 Var pre-COVID 1H20 +92.8% Var LY 1H23 -3.6%1 Var pre-COVID 1H20 -5.1% Pre-COVID Pre-COVID Store Movements Jul-23 Open Close 2 Jan-24 Jan-20 Store Movements Jul-23 Open Close 2 Jan-24 Jan-20 Australia 111 6 - 117 1
Slide 23: Overview of Results
Overview of Results Overview of Results Sales $150.8m Sales $92.1m 1 Var LY 1H23 -7.2% Var pre-COVID 1H20 +12.2% Var LY 1H23 -7.5%1 Var pre-COVID 1H20 -4.2% Pre-COVID Pre-COVID Store Movements Jul-23 Open Close 2 Jan-24 Jan-20 Store Movements Jul-23 Open Close 2 Jan-24 Jan-20 Australia 190 2 2 190 1
Slide 24: Overview of Results
Overview of Results Overview of Results Sales $58.7m Sales $73.9m Var LY 1H23 -1.3%1 Var pre-COVID 1H20 +2.1% Var LY 1H23 -15.7%1 Var pre-COVID 1H20 +12.8% Pre-COVID Pre-COVID Store Movements Jul-23 Open Close 2 Jan-24 Jan-20 Store Movements Jul-23 Open Close 2 Jan-24 Jan-20 Australia 79 1 - 80 86 A
Slide 25: Overview of Results
Overview of Results Apparel Brands Sales $40.8m Overview of Results Var LY 1H23 -6.1%1 Var pre-COVID 1H20 +2.0% Sales $416.3m Pre-COVID Var LY 1H23 -8.1%1 Var pre-COVID 1H20 +5.8% 2 Store Movements Jul-23 Open Close Jan-24 Jan-20 Pre-COVID Australia 73 - - 73 76 Store Movements Jul-23 Open Close 2 J
Slide 26: Appendix B: Impact of AASB and other information
Appendix B: Impact of AASB 16 and other information 25
Slide 27: Premier Retail segment reconciliation history
Appendix: Premier Retail segment One-off & significant items reconciliation history (pre AASB 16) Premier Retail Significant Items Pre-COVID 26 weeks 26 weeks 26 weeks to 27 Jan 2024 to 28 Jan 2023 to 25 Jan 2020 $'M 1H24 1H23 1H20 Premier Retail EBIT including Significant Items (pre AASB 16) 209.8
Slide 28: Profit and Loss impact of AASB 16 and Significant Items
Appendix: Premier Retail segment Profit and Loss impact of AASB 16 and Significant Items 1H24: Period Ended 27 January 2024 1H23: Period Ended 28 January 2023 1H24 vs 1H23 1H24 vs 1H23 Post AASB16 Pre AASB16 Pre AASB16 Post AASB16 Pre AASB16 Pre AASB16 Pre AASB16 Pre AASB16 Statutory Including Exclu
Slide 29: Premier Investments Limited Consolidated Balance Sheet
Appendix: Premier Investments Limited (Consolidated) Balance Sheet $'M 27 Jan 2024 29 Jul 2023 28 Jan 2023 Assets Cash and cash equivalents 478.1 417.6 470.4 Inventories 221.6 231.2 254.6 Property, plant and equipment 135.1 128.5 125.2 Right of Use assets 373.0 389.7 200.3 Other assets 34.5 38.5 22.
Slide 30: Summarised consolidated income statement
Appendix: Premier Investments Limited (Consolidated) Summarised consolidated income statement $'M 1H24 1H23 Premier Retail EBIT excluding one-off & significant items 209.8 220.4 Premier Retail EBIT including one-off & significant items 209.8 221.8 Premier Investments income from Associate (BRG) 21.4
Slide 31: Profit and Loss Statement and impact of AASB 16
Appendix: Premier Investments Limited (Consolidated) 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 weeks AASB16 $'M to 27 Jan 2024 to 28 Jan 2023 Var LY to 27 Jan 2024 Impact to 28 Jan 2023 Impact Sale
Slide 32: Overview of Premier's non-IFRS financial information
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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