Premier Investments (ASX:PMV) Exits UK Stores as Peter Alexander Turns to Sydney Flagship and Myer Return

Aditi Sarkar

23 October 2026 09:41 PM AEDT

Premier Investments (ASX:PMV) Exits UK Stores as Peter Alexander Turns to Sydney Flagship and Myer Return

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Highlights

• Premier Retail delivered FY26 EBIT of $175.9 million on sales of $795.5 million, with margin easing to 22.1 per cent.

• Peter Alexander posted record sales of $565.3 million, while its Peter's Dreamers loyalty program passed 1.4 million members.

• Smiggle sales fell 12.9 per cent to $230.2 million as the brand moved through a planned reset.

• The board declared a fully franked final dividend of 36 cents, taking full-year dividends to 81 cents per share.

Three Peter Alexander stores in London have closed, and the capital that would have fed them is heading to a Sydney flagship, local expansion and online instead. That pivot sits at the centre of the FY26 result from Premier Investments Limited (ASX:PMV), the retailer behind Peter Alexander and Smiggle, which reported on 24 September 2026 for the 52 weeks ended 25 July 2026. Shares were trading at A$13.93 on 23 October 2026, up 4.19%.

A Softer Year, Delivered to Guidance

Premier Retail sales slipped 2.0 per cent to $795.5 million, and EBIT before significant items and pre-AASB 16 came in at $175.9 million. That matched the guidance the company set on 12 August 2026, which had already trimmed an earlier expectation of about $183 million. The EBIT margin narrowed to 22.1 per cent from 24.1 per cent, and online made up 23.3 per cent of sales.

Significant items totalled $27.3 million. They included $17.0 million tied to Peter Alexander's UK entry and closure, $9.1 million for the Peter's Dreamers loyalty launch and $1.2 million of Apparel Brands separation costs. Including them, Premier Retail EBIT was $148.6 million, against $182.5 million a year earlier. Group profit before tax, excluding significant items, was $211.1 million, down 4.16 per cent.

Peter Alexander Redraws Its Map

Peter Alexander remained the growth engine, lifting sales 3.2 per cent to a record $565.3 million and extending its run of positive like-for-like sales to every year since FY17. The loyalty program, launched in October 2025, passed 1.4 million members within ten months. The company said members generated more than 60 per cent of brand sales and spend over 40 per cent more per transaction than non-members.

The brand ended the year with 141 stores, 125 in Australia and 16 in New Zealand. The UK stores at Bluewater, Stratford and White City closed in August 2026, although British customers can still shop online, and the company is exploring international wholesale.

Smiggle Resets While the Balance Sheet Holds

Smiggle sales fell 12.9 per cent to $230.2 million, and its network shrank to 268 stores. Management described the second half as a planned transition with a refreshed range, while wholesale agreements in the Middle East and Indonesia supported growth. The Smiggle Club loyalty program launched on 30 July 2026 with early results the company said were ahead of expectations.

Premier ended the year with cash of $391.4 million and held its 25.2 per cent Breville stake at a market value of $1.08 billion. The final dividend is 36 cents per share, fully franked, payable on 22 January 2027, and full-year dividends reached 81 cents, up 62 per cent.

What Comes Next for Premier Retail

Peter Alexander has confirmed at least five new stores and one relocation or expansion for the first half of FY27, including a large Sydney CBD flagship due to open in October 2026. Under a heads of agreement, it will return to Myer as a concession partner, with 24 stores planned from August 2027.

Trading in the first seven weeks of 1H27 saw like-for-like constant-currency sales and gross profit dollars both within 1 per cent of the prior year. Both brands entered the half with clean inventory ahead of Black Friday, Christmas and Boxing Day, though the company said discretionary retail remains challenging.

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