PMV +4.40%: 1H results out for Solomon Lew’s retail company posting a small beat to recent guidance followed by some positive commentary regarding 2H saw shares set new all-time highs today. While sales of $880m was a slight miss, and retail EBIT of $209.8m was ~3% ahead of expectations and ~5% ahead of recent guidance. The company noted sales across their brands, including Smiggle, Peter Alexander and Just Jeans, had improved in the second half, running in line with 2H23 which puts them on track for FY24 revenue expectations. Additional commentary regarding some corporate activity was also provided, Premier looking to spin out Smiggle by January 2025 with Peter Alexander to follow soon after. This would leave their investments in Myer (MYR) & Breville (BRG), cash and remaining brands (falling under the Jeans Group), hoping to unlock value for shareholders as a result.
MM remains bullish PMV
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