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Shares in Premier Investments Ltd (ASX:PMV) closed higher last week after the retail fashion chain group appointed ex-David Jones Ltd (ASX:DJS) chief Mark McInnes to head its retail brands.
On Friday shares in Premier rose 3.53 per cent to close at $6.61 , that was despite also announcing that its first half net profit fell 7.1 per cent. Preminer also slashed its full year earnings guidance for its Just Group division by up to 20 per cent.
During his time at David Jones, Mr McInnes oversaw the retailer’s sales increased from 1.7 billion to 1.98 billion. Earnings before interest and tax leapt from $64 million to $226 million.
Last year Mr McInnes resigned as the CEO of David Jones after admitting to inappropriate behaviour towards a female staff member.
In the year ended 30 July 2010 Premier Investments recorded a $79 million net profit.