Briscoe says full-year sales topped $600M for first time, sees record profit of about $61M

Friday 2nd February 2018

Briscoe Group says full-year sales topped $600 million for the first time, helped by stronger revenue from sporting goods in the fourth quarter, and the retailer expects to report a record annual profit of about $61 million.

Total sales rose 2.6 percent to about $194 million in the 13 weeks ended Jan. 28, the Auckland-based company said in a statement. Homeware sales climbed 1.3 percent to $124.8 million, although on a same-store basis they were down 0.3 percent, while sporting goods sales rose 5.1 percent to $69 million, or a 4.9 percent same-store gain.

For the year sales rose 3.5 percent to $603 million as homeware gained 3 percent to $384 million and sporting goods sales were up 4.3 percent to $219 million. On a same-store basis, Briscoes homeware and Rebel sporting goods sales were up 2.7 percent and 3.8 percent respectively. Online sales rose more than 30 percent, the company said, without giving details.

"We operate in highly competitive markets, and it is a credit to the whole team that we have once more delivered a record performance," said managing director Rod Duke, who owns about three-quarters of Briscoe stock. "Our traditional store format and promotional campaigns continue to resonate with our customers. This was particularly evident during Black Friday and Boxing Day – both were record days for us."

Briscoe shares rose 1.2 percent to $3.44 and have fallen 15 percent in the past six months while the S&P/NZX 50 Index has gained 8 percent.

“Gross profit dollars will finish comfortably ahead of last year although gross profit percentage will be a little lower than last year as a result of the intensely competitive and ever-changing retailing environment; however, it remains a focus for the group as we strive to build sales volumes without compromising profitability," Duke said.

(BusinessDesk)

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