PMV +12.23%: the retail group traded near 5-month highs today following a positive trading update, a corporate review and the departure of their CEO Richard Murray. Premier will report FY23 numbers next month for July year-end with EBIT between $355-357m according to today’s update, ~3% ahead of consensus and at least 6% above FY22. Their audited financials are due out at the end of September, with the current CEO now expected to leave on the 15th of September. The company has also engaged corporate advisor to look into the structure of the group which contains Smiggle, Peter Alexander, Apparel Brands (Just Jeans, JayJays and several others) and their investments in Myer (MYR) and Breville (BRG). The review will look into potentially splitting the group into 2 or more entities by way of a demerger as it looks to unlock value for its shareholders.
MM is long and bullish PMV
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