Premier Trims FY26 Retail EBIT Outlook to circa $176m

Premier Investments Limited (ASX:PMV) provided a trading update for Premier Retail for the 52 weeks ended 25 July 2026, reporting unaudited sales of $795.5 million, down 2.0% on FY25. Premier said it now expects FY26 underlying EBIT for Premier Retail to be circa $176 million, compared with guidance of circa $183 million provided on 20 March 2026. The company noted that these sales and underlying EBIT figures relate to its wholly owned retail segment only, are stated on a pre-AASB 16 basis excluding significant items such as the Peter Alexander loyalty program launch, the results of and closure costs for Peter Alexander UK operations and other one-off costs associated with business separation, exclude the investment segment, and remain subject to finalisation and audit. Premier expects to release its FY26 results in late September 2026. Chairman Solomon Lew said discretionary retail conditions in 2H26 had been very challenging, in particular during the latter months of the half, and that the Board believes the FY26 Premier Retail underlying EBIT result to be a creditable outcome, being down 3.8% on the March 2026 guidance.

The Premier Board has decided to exit Peter Alexander's three existing bricks-and-mortar stores in the United Kingdom, located at Bluewater, Stratford and White City, following what the company described as sustained difficult trading conditions and the continued negative outlook for the UK economy. Peter Alexander will continue to serve UK customers online and is actively exploring international wholesale opportunities. In Australia and New Zealand, Peter Alexander has confirmed at least five new store openings during 1H27, including a large flagship store in Sydney CBD in October 2026, and Premier announced that Peter Alexander will return to Myer as a concession partner following an approach from Myer, with a Heads of Agreement entered into that will see the brand relaunch in 24 Myer stores from August 2027. Premier said Smiggle's strategic reset to restore brand growth is well on track, with The Smiggle Club loyalty program launched in late July 2026, and that Smiggle will continue its presence in the UK. A further update on the Smiggle reset is expected with the FY26 results in September.