The Premier Investments Limited (ASX: PMV) share price is pushing higher on the day of its annual general meeting.
At the time of writing the retail conglomerate's shares are up 1.5% to $19.84.
What is happening at the annual general meeting?
Ahead of the company's annual general meeting in Melbourne, Premier Investments released its chairman's address.
That address from Solomon Lew included a reminder of its performance in FY 2019.
In FY 2019 Premier delivered a net profit after tax of $106.8 million, which was up almost 28% on the prior year. And on an underlying basis, net profit before tax came in at $177.6 million. This includes strong contributions from both its Premier Retail business and its investment in Breville Group Ltd (ASX: BRG).
In respect to its Premier Retail business. Its total global sales came in at $1.27 billion, up 7.5% on the prior year. Its underlying earnings before interest and tax grew even quicker. They came in at $167.3 million, up 11.5% on the same period last year.
Contributing strongly to this solid performance was its online business. Premier Retail's online business delivered record sales of $148.2 million.
This was an increase of 31.7% on FY 2018's online sales. It was also notably higher than the overall growth of online retail sales in Australia. According to the National Australia Bank Ltd (ASX: NAB) Online Retail Sales Index, online industry sales grew 8.3% during the 12 months ended August 2019.
This strong performance allowed Premier Investments to declare a fully franked full year dividend of 70 cents per share. This was an increase of almost 13% on last year's dividend.
What about FY 2020?
Unfortunately, no guidance or trading update was provided by management at the event.
But that hasn't stopped investors from buying shares today. They appear confident that Premier Investments will build on FY 2019's strong result with another positive performance in the new financial year.
