Premier Investments profit surges 68%: Midday roundup

Shares in Premier Investments have risen as much as 11% after the company revealed a staggering 68% increase in full-year profit.

The company, which owns Just Jeans, Jay Jays, Peter Alexander and stationery store Smiggle, reached $68.2 million in net profit, up from $40.5 million in 2011.

However, despite the increase in profit, the company said the outlook is still volatile.

“Trading for the first seven weeks of the new financial year has seen a positive change in momentum, with both total sales and like-for-like sales up on the same period last year,” the company said.

“While this is encouraging, the second quarter represents the most important quarter of the year for the Premier Retail business and as such it is too early to determine whether the macroeconomic environment will continue to support the very positive start to the new year,” the company said.

Chief executive Mark McInnes said the result was positive given current conditions.

“The new season has started well, with both total sales and LFL (like-for-like) sales up on last year,” he said in a statement.

Grocon files $10 million suit against CFMEU

Grocon has filed a $10 million claim against the Construction Forestry Mining and Energy Union over its recent protests, according to The Australian.

The publication reports Grocon chief executive Daniel Grollo has estimated the union’s blockade caused between $5 million and $7 million in damages.

Shares flat despite negative offshore leads

The Australian sharemarket has opened flat this morning despite following several negative leads from offshore markets last night.

The benchmark S&P/ASX200index was up 10 points or 0.2% to 4407.7 at 12.00 AEST, while the Australian dollar remained steady at $US1.04.

In the United States, the Dow Jones Industrial Average grew 19 points or 0.1% to 13,596.9.