Australia's Premier slips to nearly 2-1/2-year low on soft H1 profit outlook, Smiggle brand drag

Premier Investments

05/12/2025 01:44

** Premier Investments PMV.AX slips as much as 13.88% to A$15.580, lowest since July 2023

** Stock top loser on ASX200 index .AXJO, which is nearly flat

** Citi says stationary brand Smiggle owner guides H1 underlying EBIT at ~A$120 mln ($79.4 mln), trailing Citi's estimate of A$128 mln and VA consensus estimate of A$141 mln

** Adds outlook cut stems from Smiggle brand weakness, given soft UK segment trading, sluggish brand performance in Australia

** Co names Georgia Chewing as Smiggle's interim COO; Citi calls for permanent hire to steer turnaround

** Unveils A$100 mln on-market share buyback

** PMV last down 13.1%; set for weakest week since mid January as losses for the week hit ~12%

($1 = A$1.5122)

 (Reporting by Kumar Tanishk in Bengaluru)

 ((Tanishk.Kumar@thomsonreuters.com; X: @thatstanishk http://www.x.com/thatstanishk;))