May 12, 2020 / 1:19 AM / a month ago

BRIEF-Premier Investments Says Total Sales Down 74% For 6 Weeks To 6 May

May 12 (Reuters) - Premier Investments Ltd:

* STORE CLOSURES SIGNIFICANTLY IMPACTED PREMIER RETAIL’S GLOBAL SALES, WITH TOTAL SALES DOWN 74% FOR 6 WEEKS TO 6 MAY

* GLOBAL RETAIL STORE NETWORK SALES WERE DOWN 99% FOR 6 WEEKS TO 6 MAY 2020

* TO REOPEN BALANCE OF ITS STORES IN AUSTRALIA FROM FRIDAY, 15 MAY

* ANNOUNCE REOPENING OF ALL NEW ZEALAND STORES FROM THURSDAY 14 MAY 2020

* INVENTORY LEVELS & PRODUCT ASSORTMENTS WILL BE IMBALANCED UNTIL POTENTIALLY DEC 2020

* ALL SMIGGLE RETAIL STORES IN UK WILL REMAIN CLOSED UNTIL AT LEAST 1 JUNE 2020

* IN IRELAND ALL SMIGGLE RETAIL STORES WILL REMAIN CLOSED UNTIL AT LEAST 29 JUNE

* PREMIER RETAIL INTENDS TO PAY RENT IN ARREARS FOR ALL STORES AT A GROSS PERCENTAGE OF SALES

* CUSTOMERS INCREASINGLY ELECTING TO SHOP ONLINE; COULD HASTEN SUBSTANTIAL RETAIL RESTRUCTURE ALREADY UNDERWAY

* GIVEN UNCERTAINTY AROUND RECOVERY, IMPOSSIBLE TO FORECAST EXTENT OF IMPACT ON 2H20 EARNINGS Source text for Eikon: Further company coverage:

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