DIVIDEND WINDFALL FROM PREMIER SALES, PROFIT
RECORD sales from pyjama retailer Peter Alexander and women’s fashion chain Portmans has generated better-than-expected full-year revenue and profits for Solomon Lew’s Premier Investments.
Shareholders are now being rewarded with almost $200m in ordinary and special dividends.
The sharemarket shake-out took a large chunk out of the value of Premier Investments’ 26.2 per cent stake in kitchen brands company Breville, with that stake now valued at $760.3m, compared with $1.2bn in 2021.
Stronger trading by department store owner Myer and its improving share price saw the value of Premier Investments’ stake in Myer grow by $12m over 2022.
Premier Investments, whose brands include Smiggle, Just Jeans and Dotti, will direct a large portion of its almost $500m in cash reserves to investors after it announced on Thursday a series of capital management actions to reward shareholders.
Premier Investments, which is controlled by the billionaire, has unveiled a fully franked final dividend of 54c per share, up from 46c for the same time last year, as well as a special fully franked dividend of 25c per share. Premier will also conduct an on-market share buyback of up to $50m over the next 12 months.
Chairman Mr Lew lauded the results. “Premier Retail earnings before interest and tax is up 10.1 per cent on the prior year and is more than double pre-pandemic levels,” he said.
“This is testament to the seamless leadership transition to Richard Murray, the unrelenting focus on execution by our management team, and the commitment of our people.”