News: Premier Investments FY profit climbs 68%

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Premier Investments Limited (ASX:PMV) shares have climbed this morning after it boosted net profit by 68 per cent to $68 million, according to preliminary full year results.



The retail brand owner says its result reflects strong online sales, cost reductions and successful Asian expansion.



Premier Investments has seen further increases in sales momentum in the first weeks of the current financial year, compared to the same period last year.



The company is reluctant to say whether the momentum will continue amid the once in a generation retail downturn plaguing the sector, but remains confident of the prospects of further Asian expansion and healthy cash reserves.



Premier Investments has declared a fully franked final dividend of 18 cents per share, taking its full year payout to 36 cents.