Mr Lew said it was also “our preference” that vaccinations be made mandatory for retail workers,but noted it was up to the government. “They really need to put the laws out there,” he said.
The comments came after Premier reported an almost doubling in profits over the past 12 months. Net profit boomed 97 per cent to $271.8 million in the year to July,despite the company saying it lost a collective 50,000 trading days during the financial year due to store closures.
Premier Investments operates a string of retail brands including Jay Jays,Just Jeans,Portmans and Smiggle.Credit:Edwina Pickles
The result was largely thanks to Premier’s online sales,which hit a record $300 million for the year,making up over 20 per cent of the retail conglomerate’s $1.4 billion in total sales.
Premier’s buoyant year allowed the board to declare a final dividend of 46 cents per share,up 10 cents on last year,payable on January 27,bringing the full-year dividend to 80 cents. Mr Lew,who owns 37 per cent of Premier,will receive about $27 million in the final payout.
All of its divisions and brands posted strong performances for the year. Even stationery retailer Smiggle,which has struggled in recent years,reported a 25 per cent increase in sales.
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Shares in Premier gained 3.3 per cent to $27.69 by midday,wiping out Wednesday’s losses.
The financial results were the first for Mr Murray in the CEO role. He told investors he was excited to be part of the fashion retailer,saying he could see many similarities between Premier and his previous business,JB Hi-Fi.
“I think great retail is great retail,” he said. “Both the businesses are great at trading their positions.”
Yet like many retailers,Premier is weathering the effects of the prolonged lockdowns in Melbourne and Sydney,with trade across the business down 9.5 per cent in the seven weeks since the beginning of August.
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The sales fallout has been partially mitigated by online sales again,the company said,and some stores were progressively starting to reopen.
Mr Lew said the company was “locked and loaded” for the remainder of the year despite the sales slowdown,having invested significantly in stock to get ahead of the shipping delays that are worrying retailers ahead of Christmas.
“Without stock we don’t have a business,” he said. “And our stock for Christmas is in the warehouse or on ships,already on its way to Australia.”
Premier received over $70 million in total wage subsidies through this financial year and the one prior,however,it repaid $15.6 million of the funds back to the government earlier this year,with the company saying no “net” JobKeeper benefit was recognised in this result.
The company’s stake in department store Myer was valued at $63.5 million. Mr Lew is pushing for the Myer board’s resignation,seeking to appoint his own directors alongside a majority of independent directors. He had no comment on his fight for the retailer on Thursday,however,saying only to “watch this space”.
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