Home / Knowledge / News / Apparel/Garments / Retail sales are slowly improving - Premier Investments

Retail sales are slowly improving - Premier Investments

03
Dec '11
The 2011 financial year of Premier Investments Limited proved to be an extraordinary year which presented very significant challenges to all retail related businesses in Australia.

The combination of extreme volatility in the international financial and equity markets together with domestic issues associated with interest rates, other cost of living increases, employment security and the development of the carbon tax all contributed to a pervasive sense of uncertainty on the part of consumers.

This uncertainty translated to a continuation of very low levels of consumer confidence.

These challenges were then compounded by the natural disasters in Australia and New Zealand.

Cycles – good times and bad times – are an inevitable part of retail life.

It is our business to manage according to the times.

That said, the sustained period of low consumer confidence, the disconnect between the cyclical reality retailers face and rising input costs, overlaid by the structural changes taking place in retail will all serve to distinguish the very good retailers from the rest.

Premier has the experience, strength of management and financial capacity to never be a part of 'the rest'.

At the Premier Board level the key themes in 2011 were how to ensure that our core objectives of strong investment returns and long term wealth creation could be maintained and strengthened; how to position Premier to leverage its assets as the cycle turns; and how to deliver organic growth and also ensure that the financial capacity exists to substantially grow our business when the right opportunities are identified.

Your Directors believe that the actions we have taken in 2011 will achieve these objectives.

Premier's fully owned subsidiary, Just Group, Australasia's largest specialty retail business, is a better and stronger business today with the platform now in place to improve both financial and operating performance in both the short and long term.

In summary, and I will further elaborate on some of these points, Premier has delivered the following in 2011:
• The recruitment of one of Australia's most successful and talented CEOs, Mark McInnes, to lead Just Group and with an additional mandate to grow the value of Premier's retail assets.
• The recruitment of experienced and proven brand leaders to augment our strong existing senior management team in Just Group. We have also appointed new senior executives in property, logistics, cost efficiencies, marketing and online. We believe that Just Group now has an unrivalled senior management team in our sector.
• The adoption of a comprehensive Strategic Review of Premier Retail. I would encourage all shareholders to read the document which has been lodged with the ASX and is summarised in the Annual Report.
• The maintenance of a very strong balance sheet with no net debt and substantial cash reserves.
• The maintenance of our demonstrated record of rewarding shareholders through strong dividend returns.


Must ReadView All

Pic: Shutterstock

Textiles | On 26th Feb 2020

UK risks losing up to 14% of exports to EU if no deal: UN

Non-tariff measures could cause major fractures in post-exit UK-EU...

Pic: Shutterstock

Textiles | On 26th Feb 2020

Turkey's textile industry employs 1.67 mn: minister

Turkey's textile and garment industry currently employs around 1.67...

Pic: UNCTAD

Textiles | On 26th Feb 2020

Barbados unveils one-stop investment guide

As Barbados prepares to host the 15th quadrennial conference of the...

Interviews View All

Evelyne Cholet, UCMTF

Evelyne Cholet
UCMTF

‘France had a reputation of being big in new ideas, but poor in marketing...

Karin Ekberg, Leadership & Sustainability

Karin Ekberg
Leadership & Sustainability

Sustainable models are beneficial for brands, retailers and manufacturers

Top executives, Fashion houses, India

Top executives
Fashion houses, India

With technology, it has become easier to ensure IPR

Bora Akris,

Bora Akris

Realkom, headquartered in Istanbul, is a fully integrated textile company...

Yariv Bustan,

Yariv Bustan

Founded in Israel in 2015, Twine Solutions is a tech start-up that has...

Will Qian,

Will Qian

Honghua Digital Technology Stock Co., Ltd. specialises in the R&D,...

Chunyi Zhi, City University of Hong Kong

Chunyi Zhi
City University of Hong Kong

<div><b>Chunyi Zhi</b>, associate professor in the Department of Materials ...

Urs Stalder, Sanitized AG

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Eamonn Tighe, Nature Works LLC

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Ritu Kumar, Label Ritu Kumar

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Cigdem Akin, Cigdem Akin

Cigdem Akin
Cigdem Akin

She has carved a niche for herself as the national brand of Turkey. Her...

Varsha Wadhwa, VW

Varsha Wadhwa
VW

Coming from a family that ran a business of jute and linen mills since...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


February 2020

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search