Peter Alexander and Smiggle owner Premier Investments has taken a hit to its sales figures in fiscal 2026, but chairman Solomon Lew said that “significant progress” has been made.

The retail group continues to navigate the revival of its portfolio through a period of change, including brand sales and business restructuring.

But its turnaround strategy has hit another roadblock; Lew called retail conditions “very challenging” in the latter half of the financial year, as his company posted a 61.8 per cent decline in after-tax profits. This decline in profit came after the sale of the five Apparel Brands to Myer in early 2025, leaving just the two remaining labels in its portfolio.

Excluding the Apparel Brands deal, Premier’s profits fell by 10.29 per cent year-on-year.

Peter Alexander, however, posted record sales. The flagship sleepwear brand took home $565.3 million in sales, up 3.2 per cent year on year.

Lew said the retailer launched its loyalty program during the year and attracted more than 1.4 million members in the first 10 months.

Challenges at Smiggle are continuing for Premier Investments, with a further 12.9 per cent decline in year-on-year sales. The group has long been shutting some of Smiggle’s underperforming stores as part of a continuing growth strategy; it started fiscal 2025 with 309 stores and now has 268 in its network.

Premier believes that there is still opportunity for growth to return across the board.

“Despite this backdrop, we remained focused on executing our growth strategies and positioning both brands for the critical Black Friday, Christmas and back-to-school trading period ahead,” Lew added.

Source link