PMV -0.53%: FY23 results out for the retailer today were largely unsurprising given the company provided an update on performance just a few weeks ago. Sales were up nearly 10% to $1.64b, and retail EBIT was up +6.4% to $356.5m, towards the upper end of recent guidance. Their key brands drove the company’s growth as Peter Alexander sales climbed 11.8% and Smiggle’s up 22.4%. The company recently announced it was exploring opportunities to restructure the business, including considerable stakes in Myer (MYR) and Breville Group (BRG). We expect any move in this direction to unlock more value for shareholders and help the stock higher. Sales for the first 6-weeks of FY24 are down -2% on last year, though this is largely expected.
MM remains bullish PMV and long in the Emerging Companies Portfolio
Add To Hit List
