Premier Investments Limited · ASX:PMV
Premier Investments — Investor Presentation (September 2023)
39 slides from Premier Investments's investor presentation, Sep 28, 2023
Slide 1: Premier Investments Limited 2023 Full Year Results Overview
Premier Investments Limited 2023 Full Year Results Overview 28 September 2023 0 X
Slide 2: Contents
Contents 1. Premier Investments Limited FY23 overview 2. Premier Investments Limited FY23 consolidated financial results 3. Premier Retail – delivers record result 4. Peter Alexander – powerful designer brand delivering record results 5. Smiggle – growth momentum delivers record results 6. Apparel B
Slide 3: FY23 Overview
PREMIER INVESTMENTS LIMITED FY23 OVERVIEW
Slide 4: Premier Investments Limited FY23 overview
Premier Investments Limited FY23 overview Premier NPAT Dividends Statutory: $271.1 million Final Ordinary Dividend, fully franked Down -4.9% vs FY22 60 cps Total Full Year fully franked dividends PMV Adjusted: $278.6 million 130 cps (up 5 cps vs FY22) GROUP Up +6.4% vs FY22 Total dividends paid duri
Slide 5: Premier Investments Limited FY23 overview
Premier Investments Limited FY23 overview Breville Investment Myer Investment 25.6% investment in BRG 25.8% investment in MYR Market value at 29 July 2023: Market value at 29 July 2023: PMV $829.3 million $137.7 million Cash Dividends received: Cash Dividends received: GROUP $10.9 million $21.6 mill
Slide 6: Premier Retail
PREMIER RETAIL
Slide 7: Premier Retail – Portfolio of Iconic Brands
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 co
Slide 8: Premier Retail – Delivers record result
Premier Retail – Delivers record result SALES $1,643.5 million +9.7% vs FY22 Uninterrupted trading and normalised customer Premier shopping behaviour after cycling 42,675 store +29.3% vs FY19 trading days lost due to COVID-19 in 1H22 Retail Peter Alexander Smiggle Apparel Brands FY23 Sales: $478.9 m
Slide 9: Premier Retail – Delivers record result
Premier Retail – Delivers record result Gross Profit $ Gross Margin % $1,022.5 million 62.2% +5.4% vs FY22 -255 bps vs FY22 +30.0% vs FY19 +33 bps vs FY19 Premier Retail Total Cost of Doing Business % to sales 41.0% -146 bps vs FY22 -782 bps vs FY19 FY23 Results EBIT $ EBIT % to Sales $357.9 million
Slide 10: Premier Retail – Record result driven by Sales and Gross Profit
Premier Retail – Record result driven by Sales and Gross Profit • Uninterrupted trading and normalised customer shopping behaviour in FY23, after cycling 42,675 lost store trading days due to COVID-19 in 1H22 • Record FY23 results: • Sales of $1,643.5 million, up 9.7% on FY22 and up 29.3% on 'pre-CO
Slide 11: Peter Alexander – Powerful designer brand delivering record results
Peter Alexander – Powerful designer brand delivering record results • Record sales in FY23 of $478.9 million, up 11.8% on Peter Alexander Sales $'M FY22 • Peter Alexander sales have increased by 93.3% over the past 4 years 500 478.9 • Peter Alexander’s unique design led product 428.5 continues to ex
Slide 12: 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: • 6 new stores and 4 relocations / expansions into larger formats have already been confirmed to open in 1H24 • 20 to 30 opportunities have been identified for both new
Slide 13: Smiggle – growth momentum delivers record results
Smiggle – growth momentum delivers record results • Smiggle delivered record global sales of $319.8 million in FY23, up Smiggle Global Sales $'M 22.4% on FY22 • FY23 record sales result delivered whilst trading as a more efficient business with 51 (or 14%) fewer stores compared with previous 319.8 r
Slide 14: Smiggle – Strong and sustainable momentum globally
Smiggle – Strong and sustainable momentum globally Product Highlights • Record results have been delivered across all categories, including new expansion into bath and body ranges, as well as categories designed for the brand’s younger fans (3-7 years of age) • Smiggle product recognition in receivi
Slide 15: Smiggle – Strong and sustainable momentum globally
Smiggle - Strong and sustainable momentum globally Geographic Region Highlights • Australia and New Zealand delivered a record full year performance, with total and LFL sales growth across both markets, including a record Christmas and record ‘back to school’ result • Europe sales performance has co
Slide 16: Smiggle – Strong and sustainable momentum globally
Smiggle – Strong and sustainable momentum globally Wholesale Channel • Smiggle’s international wholesale markets have delivered a record sales year in FY23, with continued strong demand from both existing and new partners • Smiggle is represented in 350 wholesale doors all year round, across many co
Slide 17: Smiggle – Primed for future growth opportunities
Smiggle – Primed for future 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 bus
Slide 18: Smiggle – Primed for future growth opportunities
Smiggle – Primed for future growth opportunities • Wholesale evolving model: following record wholesale channel performance, further door growth opportunities exist in the near term to gain more market share in existing markets • Premier is delighted to announce that Smiggle has signed an agreement
Slide 19: Apparel Brands – record sales in FY23
Apparel Brands – record sales in FY23 • Apparel Brands collectively delivered record sales of Apparel Brand Sales $’M $844.8 million, up 4.6% on FY22 900 829.7 844.8 • Apparel Brands sales collectively up 17.9% on 'pre- 807.9 800 81.9 COVID' FY19 sales, trading from 37 less stores than at 69.4 716.7
Slide 20: Apparel Brands – Well positioned for future growth
Apparel Brands – Well positioned for future growth • Customers responded positively to seasonal and core ranges • Expanded categories and all-season volume core ranges have resonated with customers • Limited edition collaborations capturing new customers and delivering unique offers • Curation of op
Slide 21: Online channel – Sales more than doubled since ‘pre-COVID’ FY19
Online channel – Sales more than doubled since ‘pre-COVID’ FY19 • Online sales of $324.7 million, up $176.5 million or Online Sales Growth 119.2% on 'pre-COVID' FY19 sales, contributed 22.7% 19.8% of total FY23 sales (FY19: 11.7%) 20.9% • Online Sales of $153.8 million in 2H23, up 6.3% on 350.0 340.
Slide 22: Retail store channel – 1100+ stores in six countries
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 continue to value our extensive network of bricks and mortar stores • Our landlords recognise the long-term fin
Slide 23: Premier Retail – Portfolio of Iconic Brands
Premier Retail – Portfolio of Iconic Brands Today, Premier Retail is well positioned for future growth: • FY23 Sales of $1,643.5 million up 29.3% on ‘pre-COVID’ FY19 Sales • FY23 EBIT of $356.5 million up 113.0% on ‘pre-COVID’ FY19 EBIT • Portfolio of seven iconic brands each with a strong, distinct
Slide 24: Premier Strategic Review – announced August 2023
Premier Strategic Review – announced 21 August 2023 Premier Retail’s 7 brands have identified key growth paths for the future Peter Alexander Smiggle Apparel Brands • 20 to 30 opportunities have been • 30+ opportunities have been • Optimise the store portfolio identified for both new and/or identifi
Slide 25: Appendix A: Brand by Brand Performance
PREMIER RETAIL Appendix A: BRAND BY BRAND PERFORMANCE
Slide 26: Peter Alexander
Highlights • Record FY23 sales of $478.9 million, up 11.8% on FY22 • Peter Alexander has a significant runway for further growth • Peter Alexander’s unique design led product continues to excite customers. The creative direction of the marketing program positions the brand as one of the leading life
Slide 27: Smiggle
Highlights • Record Global sales of $319.8 million in FY23, up 22.4% on FY22 • All markets trading strong positive LFL sales growth in FY23 • Smiggle has a more efficient business model and is primed for future global expansion to maximise full growth potential • Smiggle is clear on its strategy of
Slide 28: Just Jeans
Highlights • Sales of $307.1 million, up 4.6% on FY22 delivering the 2nd best sales result in the 50+ year history of the brand • Sales growth of 27.0% over 4 years from FY19 to FY23 • Just Jeans – the Group’s iconic original brand - has a strong, distinctive and competitive market position and is w
Slide 29: Jay Jays
Highlights • Sales of $176.4 million, down 0.9% on FY22 • Sales growth of 4.6% over 4 years from FY19 to FY23 while reducing store numbers by 5.3% • Layout trials have extended to 4 stores creating a better customer experience and are receiving positive customer and team feedback • Increased investm
Slide 30: Portmans
Highlights • Record sales of $165.6 million, up 5.7% on FY22 • Sales growth of 29.0% over 4 years from FY19 to FY23 • With customers continuing to return to the office, FY23 saw strong growth in tailoring and desk to dinner dressing • Extended ranging launched in FY22 has provided an opportunity to
Slide 31: Dotti
Highlights • Sales of $113.7 million, up 3.6% on FY22, delivering the 2nd best sales result in the history of the brand • New volume trend programs and seasonally relevant product has resonated with customers, presenting good learnings and further potential opportunities • Dotti has a strong, distin
Slide 32: Jacqui E
Highlights • Sales of $81.9 million, delivering strongest growth of all the group’s apparel brands, up 17.5% on FY22 • Best sales result in over a decade • Jacqui E has an extremely strong and distinctive market position with a loyal customer base who trust the brand for both work and occasion dress
Slide 33: Appendix B: Impact of AASB and other information
Appendix B: Impact of AASB 16 and other information 32
Slide 34: Appendix: Premier Retail segment
Appendix: Premier Retail segment One-off & significant items reconciliation history (pre AASB 16) Premier Retail: One-Off & Significant Items Pre-COVID 52 weeks 52 weeks 53 weeks 52 weeks 52 weeks to 29 Jul 2023 to 30 Jul 2022 to 31 Jul 2021 to 25 Jul 2020 to 27 Jul 2019 $'M FY23 FY22 FY21 FY20 FY19
Slide 35: Appendix: Premier Retail segment
Appendix: Premier Retail segment Profit and Loss impact of AASB 16 and Significant Items FY23: Period Ended 29 July 2023 FY22: Period Ended 30 July 2022 FY23 vs FY22 Post AASB16 Pre AASB16 Pre AASB16 Post AASB16 Pre AASB16 Pre AASB16 Pre AASB16 Statutory Including Excluding Statutory Including Exclu
Slide 36: Appendix: Premier Investments Limited (Consolidated) Balance Sheet
Appendix: Premier Investments Limited (Consolidated) Balance Sheet $'M 29 Jul 2023 30 Jul 2022 Assets Cash and cash equivalents 417.6 471.3 Inventories 231.2 224.4 Property, plant and equipment 128.5 125.3 Right of Use assets 389.7 195.5 Other assets 38.5 21.5 Deferred tax assets 31.4 51.4 Equity in
Slide 37: Appendix: Premier Investments Limited (Consolidated) Summarised consolidated income statement
Appendix: Premier Investments Limited (Consolidated) Summarised consolidated income statement $'M FY23 FY22 Premier Retail EBIT excluding one-off & significant items 356.5 335.0 Premier Retail EBIT including one-off & significant items 357.9 352.5 Premier Investments income from Associate (BRG) 28.2
Slide 38: Appendix: Premier Investments Limited (Consolidated) 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 52 weeks 52 weeks 52 weeks AASB16 52 weeks AASB16 $'M to 29 Jul 2023 to 30 Jul 2022 Var LY to 29 Jul 2023 Impact to 30 Jul 2022 Impact Sale
Slide 39: 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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