That is a shocking revenue result for Smiggle - big risk it was a fad brand (or a brand with no moat as the product type is too easy to copy by cheap imitators and retail in supermarkets etc) - h2 revenues down 13% on pcp - but far worse, especially for profitability, sales per store down 15% in h2 v pcp. Assuming my numbers are correct. If Smiggle interest dries up, than there are obviously going to be a lot of stores not selling enough to be economic.
The sudden issues with the Smiggle CEO add to the concerns IMO. I think Smiggle's value is about 25% of the Premier business valuation. You would need to risk weight that significantly downwards IMO.
PMV Price at posting:
$30.40 Sentiment: Sell Disclosure: Held
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