Briscoe matches forecasts

Operating revenue grew 16.4% for the 3 months ended January 27 to $87.9 million compared with sales of $75.5 million for the same period last year.

Briscoes Homeware store sales increased by 16.4% to $62 million while Rebel Sport store sales increased by the same ratio to $25.8 million.

The latest sales figures bring operating revenue for the year ended January to $253 million, 14% ahead of the previous year and just ahead of the prospectus forecast of $252 million.

However BGR says it recorded higher than forecast gross profit margins on the marginally higher fourth quarter sales.

"Accordingly the directors are expecting a satisfactory increase in profits for the full year relative to prospectus forecasts," the company says in a statement.

An after-tax profit of $15.11 million was forecast in the company's prospectus for the year ended January, rising to $17.74 million the following year.

Briscoe Group reports that its $13 million ongoing modernisation programme of Briscoes Homeware stores and the expansion of the Rebel Sport chain from 11 to 21 stores is on target.

12 of the 28 Homeware stores have now been refurbished and the next Rebel Sport store is set to open in Invercargill later in the year to bring the total number of stores to 12.

Full year earnings are due to be announced in late March. The company has indicated a dividend policy of paying out at least 60% of net profit after tax.

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