Premier Retail posts $795.5m FY26 sales as it reshapes Peter Alexander’s global footprint
Premier Investments Limited (ASX: PMV) has reported unaudited FY26 sales of $795.5 million for its Premier Retail segment, down 2.0% on FY25, alongside revised Underlying EBIT guidance of circa $176 million for the 52 weeks ended 25 July 2026.
The trading update, released on 12 August 2026, sits below the circa $183 million EBIT guidance issued in March 2026, a reduction of 3.8%.
Premier’s 1H26 results, released in March 2026, had set full-year EBIT guidance at approximately $183 million, a target the company has since revised down to circa $176 million as discretionary conditions softened through the second half.
Accompanying the result are several strategic pivots: an exit from Peter Alexander’s UK bricks-and-mortar stores, the brand’s planned return to Myer as a concession partner, and a new store rollout across Australia and New Zealand. Premier expects to release its FY26 results in late September 2026.
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FY26 trading result and revised guidance
The FY26 figures reflect a modest sales decline against a backdrop of challenging discretionary retail conditions in the second half. Premier Chairman Mr Solomon Lew described the result as a creditable outcome despite the environment.
| Metric | March 2026 Guidance | FY26 Result | Change | Investor Read |
|---|---|---|---|---|
| Sales | — | $795.5m | -2.0% vs FY25 | Modest decline in tough conditions |
| Underlying EBIT | ~$183m | ~$176m | -3.8% | Below guidance but resilient |
These sales and Underlying EBIT figures relate to Premier’s wholly owned retail segment only, stated on a pre-AASB 16 basis. They exclude significant items such as the Peter Alexander loyalty program launch, the results and closure costs of Peter Alexander’s UK operations, and one-off business separation costs. The figures also exclude the investment segment and remain subject to finalisation and audit.
Chairman Solomon Lew
“The discretionary retail conditions in 2H26 have been very challenging, in particular during the latter months of 2H26. Given this environment, the Board believes the FY26 Premier Retail Underlying EBIT result to be a creditable outcome being down 3.8% on the guidance given in March 2026.”
Peter Alexander exits UK stores to focus growth capital closer to home
Following sustained difficult trading conditions and the continued negative outlook for the United Kingdom economy, the Premier Board has reached the decision to exit Peter Alexander’s three existing bricks-and-mortar stores in the UK, located in Bluewater, Stratford and White City.
Peter Alexander will continue to serve UK customers through an online presence. The company is also actively exploring international wholesale opportunities with global best-in-class wholesale partners, leveraging Premier Retail’s existing expertise in this channel.
The decision reflects Premier’s disciplined approach to capital allocation, guided by strict store profitability and return hurdles. The Chairman framed the UK entry as a deliberate market test now concluding.
Chairman Solomon Lew
“Our entry to the UK market was phased to allow us to test market response. Premier has strict store profitability and return hurdles and we allocate capital prudently on behalf of our shareholders. We have decided to channel our growth capital for Peter Alexander into our Australia and New Zealand markets, online and potentially capital-light wholesale which we continue to explore with global partners.”
Australian and New Zealand growth plans and the return to Myer
With growth capital redirected towards its home markets, Peter Alexander has outlined an expansion pipeline focused on locations where the brand is currently underrepresented. Management’s short-term focus remains on customer engagement through the newly launched loyalty program and on developing new and expanded stores across Australia and New Zealand.
The concrete growth commitments include:
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At least 5 new store openings during 1H27
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A large flagship store in Sydney CBD opening October 2026
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Further new and/or larger-format store opportunities identified to better showcase the wider product offering
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Peter Alexander returning to Myer as a concession partner
The return to Myer follows an approach from Myer. A Heads of Agreement has been entered into and will see Peter Alexander relaunch at Myer in 24 stores from August 2027.
Premier noted that Peter Alexander’s newly launched Peter’s Dreamers loyalty program has continued to exceed expectations, driving strong customer engagement and insights.
Understanding Premier’s brand-led retail model
Premier Retail operates two distinct brands. Peter Alexander is a multi-generational gifting and lifestyle brand, while Smiggle is the Smiggle brand, both trading across owned stores, online and international channels in Australia, New Zealand and internationally.
This ANZ-focused, capital-disciplined strategy is central to Premier’s stated approach of allocating capital towards its highest-returning channels.
Smiggle reset progresses ahead of September reveal
Premier reported that Smiggle’s strategic reset to restore brand growth is well on track. The company believes the refreshed direction positions the brand for a return to sustainable growth.
A key milestone was the launch of The Smiggle Club loyalty program in late July 2026, providing an enhanced loyalty offering to showcase the brand’s upcoming new product direction to its core customer base.
Smiggle will continue its presence in the UK, given the brand is already well established there. Premier expects to provide a further update on Smiggle’s strategic reset with its FY26 results in September 2026.
What it means for investors and what’s next
Premier’s update points to a strategy of disciplined capital allocation, with growth capital redeployed from the UK towards higher-returning Australia and New Zealand markets, online channels and potential capital-light wholesale. The Chairman noted the company maintains a strong balance sheet.
For investors tracking the company, several catalysts lie ahead:
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October 2026 — Sydney CBD flagship store opens
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Late September 2026 — FY26 results and Smiggle reset detail
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1H27 — at least 5 new Peter Alexander stores
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August 2027 — Peter Alexander relaunches in 24 Myer stores
The Chairman summarised the Board’s position, stating: “Premier maintains a strong balance sheet, we remain disciplined in our approach to capital and confident in the long-term outlook for Premier Retail.”
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