Premier Investments Retail Acquisition Search

Submitted by Share Trading on 22 September, 2010 - 11:37

Australian investment company, Premier Investments (ASX:PMV) is on the search for retail acquisitions. The company owns fashion brands and outlets such as Just Jeans, Portmans, Jacqui E and Dotti. Just Group operates 1024 stores in Australia, New Zealand and South Africa under Just Jeans, Portmans, Jay Jays, Dotti, Jacqui E, Peter Alexander and Smiggle brands.

In a company announcement, Premier Investments said that it remained cautious about the broader macro-economic environment but hoped improvements made to its operations, especially at the struggling Portmans chain, and an improved retail environment would produce a better result this financial year than in 2009-10.

Premier Investments Chairman, Solomon Lew said Premier would be interested in acquiring fashion chain Country Road, in which he personally holds an 11.8 per cent stake, if majority owner South African retailer Woolworths Holdings were to consider selling.

PMV posted a net profit for the period July 26, 2009, to July 31, 2010, of $79.63 million, down 3.76 percent from the corresponding period of the previous year. Revenue for the year was $904.16 million, up 2.33 percent. Premier Investments declared a final dividend of 28 cents per share, fully franked, consisting of an ordinary dividend of 18 cents and a special dividend of 10 cents.