Briscoe Group $179m profit in third quarter exceeds expectations

By earthnews
1 year Ago

Briscoe Group $179m profit in third quarter exceeds expectations

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Photo: RNZ

Homewares and sport equipment retailer Briscoe Group has reported an increase in third quarter sales, with profit margins meeting expectations.

Third quarter sales for the 13 weeks ended 29 October, were $179.7 million, or 2.4 percent more than $175.5m for the same quarter last year.

“To post positive sales growth across both the homewares and sporting goods segments in an extremely tough trading environment, as highlighted in recent retail announcements, is an excellent achievement,” managing director Rod Duke said.

Homeware sales rose 1.3 percent and sporting goods were up 4 percent in the quarter.

Total year-to-date sales for the 39-week period ended October rose 1 percent to $548.9m.

“While pressure on margins continues to increase, our goal for the full year remains to protect around half of the of the 633 gross profit basis points gained during the two years ended January 2021 and January 2022,” Duke said.

“As we enter the final and crucial quarter of our financial year and with the general election behind us, we remain cautiously optimistic in relation to the retail environment and the economic conditions which impact consumer spending.

“As previously reported, we don’t expect to replicate last year’s record net profit after tax (NPAT) of $88.4 million, however we are currently forecasting the group to deliver a full year NPAT in excess of $80 million.”