Premier Investments Ltd. (PMV.AX): FY26 Conference Call Key Points

Our key points from the FY26 conference call: LFL trading benefited from FX, captured within flattish gross profit commentary, with promotional intensity remaining elevated. Peter Alexander UK provisions were largely taken in FY26, with no material cost expected in FY27 and some lease exits still being negotiated. The 2H tax rate was higher on recognition of UK losses; going forward the rate is expected to be 28-28.5%. The Smiggle transition is ongoing and iterative with some encouraging early signs; the majority of fundamental changes will be in place for the Christmas quarter, with PMV targeting a return to LFL growth. It is too early to call which SKUs are driving performance as stores refresh each bay with new product. Many unprofitable Smiggle stores have been shut and the majority of closures delivered, with a handful to go this half;