PMV -9.9% was hit hard today after announcing full-year results that were below expectations + they have ditched the proposed spinout of Smiggle and Peter Alexander – for now at least. Myer has muddied the waters after approaching PMV to potentially take on its apparel business (i.e Just Jeans, Jay Jays etc).
FY24 results for PMS showed:
- Net profit down 4.9% on the year to $257.9m missing consensus of $270.3m
- Global sales down 3.5% for the first 7 weeks of the financial year which is more important i.e. momentum is weak.
When we cast our minds back to the likes of Super Retail(SUL) and JB Hi-Fi (JBH), they both saw improved trends to start FY25. In our previous notes, we were interested in PMV into dips, however, for now, given the earnings miss and change in corporate strategy, we’ll hold fire, but we’ll keep a close handle on it.
MM has turned short term neutral PMV
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