PMV +14.61%: another retailer defies the gloom today with Premier beating expectations for FY22. Revenue of $1.5b was 4% ahead of consensus, EBIT grew ~10% for a 3% beat for the twelve months to July. The owner of Smiggle & Peter Alexander said sales had started strongly, up 21.5% on pre-COVID levels with a strong inventory position setting them up well for the back-to-school and festive season trade into the end of the calendar year. The company launched a $50m buyback and will pay a 25cps special dividend, but also flagged potential M&A activity to bolster growth in FY23 while they also look to shut down underperforming stores to add to returns. Overall, a great result and the share price reacted accordingly.
MM is bullish PMV ~$23
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