Premier Investments top loser on ASX 200 as FY profit falls, Smiggle demerger postponed

Myer Holdings

25/09/2024 02:09

** Shares of apparel and accessories retailer Premier
Investments  PMV.AX  fall as much as 9.4% to A$30.680, marking
its steepest intraday drop since late-March 2020
    ** PMV stock top loser on ASX 200 benchmark index  .AXJO 
    ** Co posts a 4.9% drop in FY24 net profit attributable to
A$257.9 mln ($177.85 mln)
    ** Says retail global sales down 2.9% 
    ** Adds it is no longer working towards the demerger of
stationery brand Smiggle by the end of January 2025, as
announced earlier
    ** Says it has prioritised exploring proposed combination of
Myer Holdings'  MYR.AX  with PMV's apparel brands business
    ** PMV adds timing of any demerger of Peter Alexander or
Smiggle brangs will depend on outcome of Myer discussions 
    ** Stock last down 8.9%, trimming YTD gains to 11.1%


($1 = 1.4501 Australian dollars)

 (Reporting by Himanshi Akhand in Bengaluru)
 ((Himanshi.Akhand@thomsonreuters.com))