Premier Investments (ASX: $PMV) 1H24 Financial Report Highlights

Premier Investments Limited (ASX: $PMV) has released its Appendix 4D - Half Year Report for the 26 weeks ended 27 January 2024. The Group reported a net profit after income tax of $177.2 million for the period, marking a 1.65% increase from the previous corresponding period. Total revenue for the Group amounted to $890.0 million, reflecting a decrease of 2.85% compared to the previous period.

Executive Commentary on 1H24 Performance

The Group's investment in Myer Holdings Limited was accounted for as an investment in associate for the 26 weeks ended 27 January 2024, resulting in a change from the previous period's treatment as an equity investment at fair value. The Group's share of profit after tax of its associate for the period was $21,370,000. Dividends received from the investment in associate for the half-year amounted to $5,657,000. Additionally, the Group approved an interim dividend of 63 cents per share, payable on 24 July 2024.

Outlook and Future Plans

Premier Investments Limited's 1H24 financial report reflects a 1.65% increase in net profit after tax, despite a 2.85% decrease in total revenue. The change in accounting treatment for the investment in Myer Holdings Limited impacted the Group's financial results for the period. Looking ahead, the Group's commitment to delivering shareholder value is evident through the approval of an interim dividend. The seasonality of operations, particularly the additional retail sales during the Christmas and Boxing Day trading periods, continues to influence the Group's financial performance. The Group's ability to adapt to changing accounting standards and its strategic investments in associates demonstrate its focus on long-term growth and stability.