Premier Investments' Revises Smiggle Growth Target as Brexit Bites. AUD 14.50 FVE Unchanged
No-moat-rated Premier Investments' sales growth in the first half of fiscal 2019 was broadly in line with our expectations, but the composition of the sales growth was a surprise. The core apparel brands, which have been losing market share for years, came roaring back. However, this outstanding result was largely canceled out by materially weaker sales growth of the key Smiggle brand. The slow-down in Smiggle’s sales growth outside of Asia was to such an extent management pushed out its aspirat...Premier Investments is engaged in operation of several retail fashion chains within the specialty retail fashion markets in Australia, New Zealand, Singapore, the U.K., as well as Malaysia and Hong Kong. Co. also has investments in listed securities and money market deposits. Co.'s operating segments include the retail segment, which represents several specialty retail fashion chains; and the investments segment, which represents investments in securities for both long-term and short-term gains and dividend income and interest.
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