Premier Investments Ltd (ASX:PMV) has posted a 3.8 drop in annual earnings to $79.6 million, attributing successive interest rate rises for having a negative impact on consumer confidence and spending.
The retail fashion chain operator says the result is within guidance, achieved amid tough economic conditions.
Premier Investments has declared a final fully franked dividend of 28 cents per share.
Looking ahead Chairman Soloman Lew says that the company anticipates recovery in the retail apparel environment and will continue to invest in growth.
Mr Lew expects this will be achieved through pursuing acquisitions and new concepts, the roll-out of strong performers such as its Peter Alexander brand, and maximising the potential from a turnaround of the Portmans brand, having booked a loss of $18.5 million in fiscal 2009.
Full year earnings before interest, tax and amortisation for the fiscal year ahead are forecast for between $100 million to $110 million.
Premier Investments recorded a $42.44 million profit for the six months to 31 January 2010.
PMV Price at posting:
$7.00 Sentiment: None Disclosure: Held
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