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Premier Investments vs Myer Holdings shares: which ASX retailer stacks up best?
When everyday investors look for steady returns and income from retail stocks, Premier Investments Ltd (ASX: PMV) and Myer Holdings Ltd (ASX: MYR) are frequent contenders. Both are household names on the ASX with passionate customer followings and large store footprints, but their investment cases have diverged after a major restructuring. If you're deciding between Premier Investments and Myer shares, here's how the fundamentals compare right now.
The case for Premier Investments
Premier Investments is a specialist retail group now focused on two leading brands: Peter Alexander, a premium sleepwear and home lifestyle name, and Smiggle, a much-loved children's stationery retailer famous for its colourful products. After spinning off its apparel chains (like Just Jeans and Jay Jays) to Myer in 2025, Premier now embraces a simpler model that's less exposed to discount apparel cycles and more to lifestyle and gift-buying. It still retains a large shareholding in Myer.
Highlights of Premier Investments right now:
- Strong dividend yield: Premier is offering an attractive 8.51% dividend yield, all fully franked. Its dividend per share sits at $0.95, a show of confidence in returning capital.
- Solid profitability: With earnings per share of $0.902 and a P/E ratio of 12.38, Premier trades on markedly lower earnings multiples than Myer at present.
- Resilience through refocus: The company has pivoted to two brands with defensible niches (sleepwear and kids' stationery), and international growth potential continues with Smiggle and Peter Alexander's expansion into the UK and Asia, according to its company profile.
The case for Myer Holdings
Myer is one of Australia's largest department store operators, now even bigger following its acquisition of Premier's former apparel brands (Just Jeans, Jay Jays, Portmans, Dotti, and Jacqui E) in 2025. Alongside its network of around 60 MYER-branded department stores (as of its public company description), Myer now controls a vast stable of retail brands with national reach, targeting value-conscious fashion and home shoppers across the country.
Key considerations for Myer Holdings today:
- High yield for income seekers: Myer's dividend yield edges out Premier's at 8.57%, fully franked, with a current dividend per share of $0.02 as per the latest data.
- Wider retail footprint: Myer now operates both large format department stores and hundreds of specialty apparel outlets. This broad network potentially diversifies sales streams and brand risks.
- Turnaround challenge: Myer's recent financials show strain after integration: it records a negative earnings per share of -$0.178 and carries a higher P/E ratio of 23.70. Note: Myer's reported P/E ratio may be based on a different earnings measure (e.g. underlying or forward earnings) than the EPS figure shown, which is why they may appear inconsistent.
Valuation comparison
Here's how key metrics stack up side by side for income, value, and risk:
| Premier Investments | Myer Holdings | |
|---|---|---|
| Market Cap | $1.91 billion | $337.50 million |
| P/E Ratio | 12.38 | 23.70 |
| Earnings per Share | $0.902 | -$0.178 |
| Dividend Yield | 8.51% (100% franked) | 8.57% (100% franked) |
Premier is the much larger business by market cap and currently trades at a far lower P/E ratio, supported by positive earnings. Myer, despite a slightly higher yield, has negative EPS at the latest read and a notably higher multiple—usually a signal investors expect future profit recovery, but with added risk.
Recent share price performance
Comparing recent momentum using both companies' closing prices as of 23 September 2026:
- Premier Investments closed at $11.95, up 7.08% on the day, but its year-to-date return sits at -15.8%.
- Myer Holdings closed at $0.18, unchanged for the day, but its year-to-date return is -60.0%.
So while both shares are down for 2026, Myer has dramatically underperformed Premier over the year, with its stock falling much further.
Which is the better buy?
Looking at both the numbers and the business setup, I think Premier Investments makes the stronger case at present. It's profitable, sports a healthy fully franked yield, and is trading on a much lower P/E ratio than Myer. Its focus on brands with pricing power and some international growth runway adds conviction. By contrast, Myer faces a tough turnaround task post-demerger, with negative earnings and a much weaker share price, despite its large footprint and similar headline yield. If I had to pick a retail stock between these two today, my choice would be Premier Investments.
