I saw Premier put out a strong H1 result in their apparel business today, with apparel same store sales up almost 9%+. Total revenues were impacted by store closures, but this is similar to PGR's store closure program. We can only hope that PGR's poor recent profitability is more a reflection of Colleseum's focus on investing for future growth rather than simply poor execution. Given the disclosures (particularly around central costs) and the majority owners incentives, it is almost impossible to know the truth from the HY accounts. In any case, lets hope this mystery buyer keeps on pushing the price higher.
PGR Price at posting:
25.0¢ Sentiment: Buy Disclosure: Held
