Just Jeans, Smiggle, Portmans, Jacquie E, Dotti and Peter Alexander have proven fruitful for Premier Investments, as the company reaches its 2020 online sales target ahead of schedule.
According to Premier Investment’s FY18 result’s statement, the company has recorded an underlying net profit before tax of $160.3 million, a 9.2 percent increase on FY17. These profits are a culmination of proceeds from the retail group’s core brands, Just Jeans, Smiggle, Portmans, Jacquie E, Dotti and Peter Alexander.
Premier Chairman, Solomon Lew highlighted the group’s online performance over the last 12-months, with sales up 65.3 percent on last year.
“I am delighted to report that the online business surpassed our original 2020 target of $100 million more than two years ahead of plan,” Lew said in the businesses ASX announcement.
Online sales for the year reached $112.5 million, accounting for 11 percent of the company’s total sales in countries and for brands that have a transactional website. The digital arm of the business is proving to be highly profitable for the retail group. In the 2018 financial year, Premier Investment’s websites had an EBIT margin significantly higher than its in-store portfolio.
Over the course of 2017/18, Premier Retail reportedly invested in upgrades across its digital network, upgrading the online platforms of all seven brands across mobile, tablet and desktop. Moving forward, Premier Retail CEO, Mark McInnes says online will continue to be a key focus area.
“Our 2011 strategy identified online as an essential and complementary channel for our brands. We have grown this channel from almost zero in FY11 to $112.5 million this year.
In 2019, Premier says it will continue to invest in this fast-paced growth channel as it plans to launch new websites for Just Jeans, Smiggle, Portmans and Jacqui E in New Zealand. These websites will join both Peter Alexander and Dotti, who already have local websites.