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Premier cautiously optimistic on outlook

Premier cautiously optimistic on outlook

Retail sector investment company Premier Investments (PMV) is approaching the Australian Christmas sales period with “cautious optimism,” chairman Solomon Lew said.

“After seventeen weeks of trading our total sales (for the) year to date have increased by 6.7%,” Lew said, noting that Australia has been particularly resilient during the economic crisis.

But he added that there is absolutely no certainty that the effects of the global slump have yet abated internationally.

Lew would only say that Premier was “considering its position” regarding GUD’s proposed takeover of Breville, in which Premier owns a significant stake.

“Unlike other substantial shareholders of Breville we were not approached by GUD prior to the announcement of the takeover offer, and we intend to wait for all relevant information to be available before making a decision that will be in the best interests of Premier shareholders,” he said.

Premier owns the Just range of clothing brands, and stakes in other retail sector companies.

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Tags financial crisisretailPremier Investments

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