Premier Investments had a solid rise in 1H23 sales but retail EBIT margins fell by 303bp, largely due to a lower currency rate for product purchases. Peter Alexander had good sales growth despite a very high baseline. The brand has contributed more than two-thirds to the group’s earnings growth over the past three years and is the key share price driver in our view. The company is flagging store openings and offshore expansion for both Peter Alexander and Smiggle. Store openings should contribute quickly, but offshore expansion will be measured in our view.