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Solly's Premier Investments cracks a record as sales boom

Business

Solomon Lew’s Premier Investments has forecast an earnings increase of as much as 92 per cent on last year, a record for the retail company which was hit hard by pandemic restrictions.

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Premier told the market Friday that it had upgraded its profit forecast to earnings before interest and tax of between $340 million to $360 million for a 53 week period ending July 31.

Global sales for the first 18 weeks of its second half were up 70 per cent on last year and 15.8 per cent on the pre-COVID period in 2019.

It said its Easter trading was particularly strong and Mother’s Day produced a record.

But it said trading was extremely volatile.

Among Premier’s store brands are Just Jeans, Jay Jays, Jacquie E, Portmans and Smiggle.

Executive director Mark McInnes said the strategic decision to build the supply chain and invest in wanted inventory for Easter, April school holidays, Mother’s Day and the winter season has ensured it had the stock to deliver strong sales.

He said profits were being driven by demand, online growth, gross margin expansion, cost control and rental agreements with landlords.

All of its 122 Smiggle stores in the UK and Ireland were operating but in Asia the branded stores were severely impacted by government-mandated restrictions which Premier expected to continue until at least the end of the financial year.

Chairman Solomon Lew said the forecast profit was a credit to the experience and dedication of the staff and McInnes’s leadership.

 

 

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