Shares for Premier Investments soared up to 12.8% to A$24.54, marking their largest intraday jump since September the previous year.

The fashion retailer projects FY23 EBIT to range between A$355 million and A$357 million for its premier retail division.

Last fiscal year, the company had reported an EBIT of A$335 million for the same sector.

The company anticipates total global premier retail sales for the 52 weeks ending on July 29 to reach A$1.64 billion, a 9.7% increase compared to FY22 sales.

Additionally, Premier Investments announced that it has initiated a formal review to inspect its corporate, operational, and capital structure.

The shares of the company reached their highest value since May 23, 2023.

As of the last close prior to this jump, the shares were down by 10.9% year-to-date.

Premier Investments is a global fashion retailer operating in multiple countries.