Premier Investments CEO quits as group eyes demerger

The news: Richard Murray will step down as Premier Investments' chief executive, as the retail group projects record sales and undertakes a strategic review to consider demerging key brands like Peter Alexander and Smiggle. Chief financial officer John Bryce Bryce is taking the reins as interim CEO.

The numbers: In its trading update on Monday, Premier said it expects record sales of $1.64 billion for FY23, up 9.7% on the year before, and pre-tax earnings of up to $357 million. PMV shares were up more than 10% to $24.09 at 11:10am AEST.

The context: Premier's pyjama brand Peter Alexander have more than doubled from half a decade ago. The retail group is focused on expanding the brand's reach by developing 20-30 stores in Australia and New Zealand, and pushing further abroad through e-commerce partnerships. Children's stationary chain Smiggle already has an established presence in Australia, New Zealand, Singapore, Malaysia, the UK and Ireland.