Black Friday sales showing ‘encouraging signs’ for Premier Investments as it launches $100m buyback

Premier Investments’ billionaire chair Solomon Lew says discretionary spending remains under pressure, with consumers cautious due to the persistent cost-of-living crisis.

But Black Friday sales have shown “encouraging early signs” ahead of the all-important Christmas trading period.

Ahead of Premier’s annual general meeting on Friday, the company behind kids stationery juggernaut Smiggle and sleepwear brand Peter Alexander also announced a share buyback of up to $100 million, following the completion of its Apparel Brands sale to department store Myer this year.

In his chair’s address, Mr Lew reported strong early trading during Black Friday and Cyber Monday, with Peter Alexander delivering record sales.

“That said, we do not underestimate the significance of the December/January trading period ahead which is a critical driver for the group’s first half result,” Mr Lew said.

“The group is well prepared for this important trading period ahead.”

The company expects its Premier Retail arm to report underlying earnings of about $120m in the first half of the 2026 financial year, missing RBC Capital Markets’ expectations by $5m.

The weak trading update sent Premier shares down 13.3 per cent to $15.68 at 11.26am AEDT.

Friday’s meeting will be the first time Mr Lew addresses investors after he made a string of sensational allegations against a “mob” of former senior executives, including the sacked boss of Smiggle, accusing them of being drunk at work, bribery and gambling.

Smiggle is still looking for a permanent CEO after Premier dumped John Cheston last September amid allegations he engaged in serious misconduct.

On Friday, Premier announced Georgia Chewing as Smiggle interim chief operating officer, in addition to her ongoing e-commerce and marketing role within the group.

More to come.