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Premier Investments profit rises 20.7pc

Sales at Solomon Lew’s Premier Investments are set to crack the AUD1 billion mark this year and net profits will exceed AUD100 million for the first time as the retailer presses ahead with aggressive global expansion plans for its fast-growing Smiggle stationery brand.

Premier opened almost two dozen Smiggle stores last year, taking the total store footprint to 188, and has unveiled plans to open 40 each year in the UK, including stores in Scotland and Wales.

Smiggle is also moving into Malaysia and Hong Kong for the first time this year, after successfully testing the brand in Singapore over the last two years, and sees scope for 50 stores within five years.