Retail brand owner Premier Investments has reported a net profit of $46.5 million for the six months to January 26, a 20.7 per cent increase from the previous corresponding period. The firm, which owns retailers such as Just Jeans, Jay Jays and Peter Alexander, declared a fully franked dividend of 19 cents per share. "The retail environment in Australia continues to be challenging, however this result is a credit to the management team of Premier Retail and the relentless implementation of the six point EBIT improvement plan unveiled 18 months ago," Premier chairman Solomon Lew said. "This transformation program has enabled the company to deliver continued profit growth for our shareholders." Shares in Premier Investments were trading 2.3 per cent higher at $7.88 about 11.45am today.