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    PMV   AU000000PMV2

PREMIER INVESTMENTS LIMITED

(PMV)
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Premier Investments : Australia's Myer expects swing to profit as online sales jump

08/11/2021 | 09:35pm EDT

Aug 12 (Reuters) - Australian retailer Myer Holdings Ltd forecast an annual profit for fiscal 2021 on Thursday, compared with a loss it reported last year, helped by a surge in online sales and benefits from government support schemes and rent waivers.

Store closures due to the COVID-19 pandemic-led curbs early last year had severely hurt the 120-year-old high street retailer, forcing it to depend on the government's JobKeeper payment scheme.

The company had said in March it received A$51 million as part of the JobKeeper scheme and was granted A$18 million in rent waivers related to store closures.

Myer now expects online sales to rise about 28% to A$539.5 million ($397.5 million) and make up a fifth of its total revenue in fiscal 2021, while total sales for the year are projected to increase 5.5%.

It also forecast net profit after tax to be between A$47 million and A$50 million for the year ending July, compared with a net loss of A$11.3 million in fiscal 2020 and a A$33.2 million profit in 2019.

Last month, Myer's top investor Premier Investments said it had begun talks with fellow shareholders to revamp the company's board. Premier has been critical of Myer's strategy to shore up profitability through the years.

Shares of the company's jumped as much as 10.6% to A$0.52, their highest since Dec. 5, 2019. ($1 = 1.3565 Australian dollars) (Reporting by Savyata Mishra in Bengaluru; Editing by Rashmi Aich and Uttaresh.V)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
MYER HOLDINGS LIMITED 1.85% 0.55 End-of-day quote.89.66%
PREMIER INVESTMENTS LIMITED 1.01% 31.01 End-of-day quote.31.90%
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Analyst Recommendations on PREMIER INVESTMENTS LIMITED
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Financials
Sales 2021 1 450 M 1 086 M 1 086 M
Net income 2021 260 M 195 M 195 M
Net cash 2021 92,5 M 69,3 M 69,3 M
P/E ratio 2021 19,3x
Yield 2021 2,88%
Capitalization 4 926 M 3 683 M 3 689 M
EV / Sales 2021 3,33x
EV / Sales 2022 3,23x
Nbr of Employees -
Free-Float 56,8%
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Mean consensus HOLD
Number of Analysts 13
Last Close Price 31,01 AUD
Average target price 28,24 AUD
Spread / Average Target -8,92%
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Managers and Directors
Solomon Lew Chairman
David MacKenzie Crean Deputy Chairman
Timothy Michael Antonie Lead Independent Non-Executive Director
Sally Herman Independent Non-Executive Director
Terrence L. McCartney Independent Non-Executive Director
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