Premier Investments profits fall, driven by Smiggle sales drop

Image of people in Peter Alexander clothes. — Peter Alexander saw a 7.7 per cent increase in its sales to $548 million.

By Darshana Gupta Sep 25, 2025

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Premier Investments, the parent company of Smiggle and Peter Alexander, has reported a 31 per cent increase in its net profit after tax to $338.2 million (NZ$383.24 million), up from $257.9 million in the previous financial year.

The company attributed its increase in net profit to the sale of Apparel Brands, comprising the brands Just Jeans, Jay Jays, Jacqui E, Portmans, and Dotti, to Myer this January, after which it ceased to hold any Myer shares.

Smiggle’s global sales dropped 10.7 per cent from $296 million last year to $264.2 million this year, a reflection of the cost-of-living pressures felt globally.

Excluding the sale of Apparel Brands, Smiggle’s poor performance led to the group’s profit falling 22.5 per cent to $144 million.

The company’s retail sales, excluding Peter Alexander, increased by 0.9 per cent to $812.2 million, with revenue rising 1.2 per cent to $831.3 million year-over-year.

Premier Investments’ underlying EBIT margin dropped from 29.6 per cent to 24.1 per cent, and its gross margin was down from 67.2 per cent to 65.7 per cent.

“From working through a robust due diligence process with Myer, to completing the sale of the five-brand Apparel Brands business to Myer on 26 January 2025, to emerging as a high-margin two-brand business across multiple countries – this year has been both challenging and exciting,” said Premier Investment’s chairman, Solomon Lew.

“Premier’s transformation, although still ongoing, ensures that the business is best placed to maximise future opportunities and deliver for shareholders.”

Peter Alexander saw a 7.7 per cent increase in sales to $548 million, driven by the second half of the year and Mother’s Day sales.

Last November, the group launched Peter Alexander in the UK, with three stores in London at Westfield London, Westfield Stratford, and Bluewater, along with an online store.

“The teams at Peter Alexander and Smiggle remain committed to delivering innovative products and seamless shopping experiences that delight our customers,” said Premier Retail interim CEO John Bryce.

“To enhance this further, Peter Alexander will launch the ‘Peter’s Dreamers Rewards’ loyalty program in October 2025. Smiggle is well progressed on developing its own new loyalty program, which is planned to launch in early CY26.”