Premier Investments delivers positive first half news.

 

Premier Investments has confirmed the closure of its Sydney CBD Smiggle outlet, following the group’s previously announced intention to walk away from stores where landlords seek rents which are “unrealistic and which do not reflect the market”.

 

In a trading update, Premier said it has exited four stores in Mid-City Arcade in the Sydney CBD (Smiggle, Peter Alexander and Portmans and will close the Just Jeans outlet by no later than July). 

 

Premier added that it is not the group’s objective to close any further stores. 

 

“However, store closures are necessary and inevitable when landlords do not accept this shift in consumer behaviour,” the company said. 

 

Premier said Smiggle’s global retail business had rebounded following the easing of restrictions and the return of children to schools.

 

Premier Retail, which excludes the company’s investment division, expects first half sales to be around $769 million, up slightly on 2021 while EBIT will be around $210 million.

 

Online sales were up 27 per cent and now account  for a quarter of global sales.