Australia's Premier Investments falls most in 4-1/2 years after retail arm's sales miss
Updates
** Shares of Premier Investments PMV.AX fall as much as 8.1% to A$32.35, posting their biggest intraday pct drop since April 2, 2020
** Stock hits its lowest level since Aug 15; down 4.8% at A$33.52 as of 0243 GMT
** Fashion retailer posts FY24 total global retail sales of A$1.60 bln ($1.07 bln) for Premier Retail, narrowly missing Visible Alpha consensus of A$1.63 bln
** Sees FY24 EBIT for retail arm of about A$341 mln, implying a decline of 13% in the second half of the year, according to E&P Capital
** Citi analysts say it is likely that heavier discounting going into June led to a gross profit margin miss, based on industry feedback
** E&P Capital says co is one of the better positioned Australian discretionary retailers despite trough trading conditions across FY24
** Stock up 21.5% YTD, as at 0243 GMT
($1 = 1.4988 Australian dollars)
Reporting by Aaditya Govind Rao and Echha Jain in Bengaluru
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