Meanwhile, Peter Alexander’s sales shot up 6.7 per cent to $279.3 million in the first half of the 2024 financial year. The sleepwear brand has announced plans to launch into the United Kingdom later this year, with 10 store site opportunities identified and a dedicated UK website in the works. Two stores will be opened in time for this year’s Christmas period.

“With a population in the United Kingdom of more than double the combined population of the existing Australia and New Zealand markets, a significant opportunity is ahead for the brand entering this exciting new chapter of international growth,” stated a presentation to investors.

Regarding Peter Alexander’s potential spin-off, Lew said: “It’s all about the day-to-day shareholders and creating the opportunity and the profitability, there [are] milestones and timetables, but we’re working through all those.”

Overall, Premier’s half-year statutory net profits inched up 1.7 per cent to $177.2 million, while earnings before interest and tax slid 4.8 per cent to $209.8 million. Business costs declined 0.9 per cent as efficiencies offset inflation pressures. The company has declared an interim dividend of 63 cents per share, 16.7 per cent higher than last year’s interim dividend.

Premier’s suite of apparel brands Just Jeans, Jay Jays, Dotti, Portmans and Jacqui E saw a collective 8.1 per cent drop-off in sales to $416.3 million for the half.

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Lew said the retailer was looking to “create opportunities” for its apparel brands by “refreshing their format”, revamping store design and adding a loyalty program by the end of the calendar year.

He did not rule out a future spin-off of those brands. “At this point in time, everything’s possible.”

Premier’s share price closed 4.4 per cent higher on the news in afternoon trading.

Market analysts broadly expect estimates for Premier’s earnings to be revised higher.

“Peter Alexander continues to be a standout within the group with continued sales growth, but elsewhere the sales trends are soft,” MST Marquee senior research analyst Craig Woolford in a note.

“Premier has delivered a good earnings result with caution around sales momentum.”

Lew is keeping an eye out for potential acquisition opportunities in the future, but said he was not currently considering any brands in particular.

Premier Investments is a major shareholder of department store Myer and holds a 28.4 per cent stake valued around $155 million as well as a 25.5 per cent stake in appliance maker Breville worth $970.5 million.

He described the appointment of former Qantas loyalty boss Olivia Wirth to executive chair/CEO of Myer as “outstanding” and spoke highly of her business and management experience at the airline.