Premier full-year profit lifts

Retail group to open more stores overseas, warns of challenging local market.

Premier Investments (PMV) has warned of a challenging Australian retail environment and is set to open more stores overseas after lifting revenue and profit.

The group reported profit after tax of $174.5 million in fiscal 2013, higher than the prior year's $68.3 million due to a one-off accounting reclassification gain.

Full-year adjusted net profit after tax was $75 million, in line with market expectations.

Revenue lifted 16.9% to $1.02 billion, compared with $871 million in the previous corresponding period.

The group will pay a final dividend of 19 cents per share, fully franked.

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