PMV +3.85%: Released an in-line result with earnings guided to in January, leaving little room for a surprise. The result was complicated by the recent sale of its apparel brands to Myer given the limited detail provided around each division’s earnings historically.
- Revenue A$875.1 million, -2.6% yoy
- 1H25 earnings-before-interest-tax $162 million, 6% below expectations of $173m
We wrote about Myer’s final result prior to acquiring PMV’s apparel brands yesterday and suspect it may take some time for the market to digest the figures and to set expectations for both businesses in terms of extrapolating earnings and accounting for any one-off and ongoing costs. As anticipated, management didn’t provide FY25 earnings guidance.
The market will likely to focus on the group’s key Peter Alexander and Smiggle brands moving forward and these brands are performing well near-term sales momentum improving, sales growth was +1.8% for the first 5 weeks of 2H25.
MM is cautiously bullish PMV
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