-
Briscoes store - Source: NZPA / Rob Tucker -
Related
Retailer Briscoe Group on Friday reported its fourth quarter sales were up $147.1 million, 14.32% higher than the $128.7 million reported for the fourth quarter of last year.
The group also forecast an annual tax-paid profit of more than $20 million for the year, compared with $11.6 million last year.
Homeware sales in the three months to January 31 increased 15.95% to $102.2 million and sporting goods sales rose 10.78% to $45.0 million.
On a same store basis and adjusted for the quarter just ended being 14 weeks (compared to 13 weeks last year), the group's sales for the quarter were 8.53% ahead of the fourth quarter of last year.
Briscoes, which has 58 homeware stores and 32 sporting goods stores, opened no new stores in the latest quarter.
The company said its quarter sales figure took unaudited group sales for the year ended January 31 to $416.7 million, an increase of 7.26% from the $388.5 million reported for last year. Homeware sales increased 7.01%, while sporting goods sales increased by 7.82%.
On a same store basis (and adjusted for the 53 week year), the group's sales for the latest 12 months were 4.74% ahead of the previous year.
Annual homeware same store sales increased 4.16%, while sporting goods sales increased 6.02%.
"We are delighted with the overall performance for the final quarter of the year. The market responded very favourably to our marketing initiatives during the lead up to, and throughout the crucial Christmas trading period," managing director Rod Duke said.
"This strong trading has also continued during January particularly for our Briscoes Homeware stores."
Duke said the group had continued to improve its profit margin in each quarter of the year, but specialty homeware stores Living & Giving had been impacted by the economic downturn. In its half year result the company made an impairment adjustment of $827,000 for under-performing assets associated with these stores and a further adjustment of about $1 million was likely to be included in the full year result.
"With the strong finish to the financial year we are confident of producing a second half performance which, as previously indicated to the market, will be significantly ahead of the second half profit reported for last year. We now expect to report a full year tax paid group profit in excess of $20 million," Duke said.
This included the impact of the additional 53rd week and also
the impairment adjustments. Without these "one-off" impacts
Briscoes would have achieved a profit of around $21 million, he
said.
