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Premier Investments’ 29computer FY profit rise

Premier Investments, which owns retailers including Just Jeans, Peter Alexander and Portmans, has reported a 29 per cent rise in full-year profit, aided by government subsidies during the COVID-19 pandemic.

Online sales jumped 48.8 per cent to $220.4 million and made a sizeable contribution to the $137.8 million net profit after tax for the 12 months to July 25.

The Peter Alexander chain was another standout, after its sales rose 16.3 per cent to $288.2 million.

Premier, which also trades in Asia and Europe, temporarily shut its stores across the world on March 26 due to the pandemic and stood down about 9000 workers.

It used government subsidies in seven countries to retain workers.

Premier also owns the Jacqui E, Jay Jays and Smiggle stores, and has stakes in Breville and Myer.

Shareholders will receive a final dividend of 36 cents per share, fully franked. This is lower than the fully franked 37 cents per share paid for the 2019 final dividend.

Shares were lower by 0.63 per cent to $19.01 at 1151 AEST.

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