Premier Investments reports profit decline amid Smiggle sales slump

Premier Investments reported a mixed fiscal 2026 performance, characterized by a significant decline in after-tax profits and challenging retail conditions. The group's net profit fell to $129.2 million, a 10.3 per cent decrease from the previous year, leading to a reduction in the final dividend from 50c to 36c per share.

Smiggle experienced a notable downturn, with sales dropping 12.9 per cent to $230.2 million. The company is currently undergoing a strategic refresh and has been closing underperforming stores, reducing its network from 309 stores at the start of fiscal 2025 to 268.

In contrast, the sleepwear brand Peter Alexander achieved record sales of $565.3 million, a 3.2 per cent increase year-on-year. The brand's growth was supported by the launch of its ‘Peter’s Dreamers’ loyalty program, which attracted over 1.4 million members in its first 10 months. Chairman Solomon Lew noted that while the discretionary retail environment remains “very challenging,” the group is focused on growth strategies ahead of the Black Friday, Christmas, and back-to-school periods.