BUZZ-Citi cautious on Australia's Premier after Smiggle underperformance, cuts PT

Reuters

Mar 24, 2025

** Citi cautious on Premier Investments PMV.AX after its retail brand Smiggle's "far worse than expected" performance

** Brokerage cuts price target to A$26 from A$24 but retains "neutral" rating

** Aussie retailer on Friday logged 1H25 net income A$117.05 million, near 34% decline

** Smiggle 1H25 sales down 14.5% compared to last year

** Citi says retail brand Peter Alexander (PA) continues to perform strongly with sales well ahead of expectations and momentum continuing into 2H25

** However, brokerage surprised by extent of start-up losses in UK for PA; now factors in deeper UK losses

** Premier down 10.3% so far this year as of last close

(Reporting by Nikita Maria Jino in Bengaluru)

((Nikita.Jino@thomsonreuters.com;))

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