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Australia's Premier says Just profit down 11 pct

Mon Sep 22, 2008 10:47pm EDT

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MELBOURNE, Sept 23 (Reuters) - Australia's Premier Investments Ltd (PMV.AX) said on Tuesday that full-year profit at clothing retailer Just Group, which it bought last month, fell 11.2 percent to A$54.6 million ($46 million) hurt by a slowdown in consumer spending.

Premier, owned by billionaire investor Solomon Lew, sweetened its original hostile offer for the retailer in July despite a profit downgrade by Just amid tough trading conditions.

Premier also said it still had A$300 million in cash to invest in new opportunities. ($1=A$1.19) (Reporting by Victoria Thieberger)



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