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Briscoes store - Source: NZPA / Rob Tucker -
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Homeware and sports retailer Briscoe Group has reported an 80.7% jump in full year profit.
The group, which includes the Briscoes, Living & Giving and Rebel Sports chains, has announced an audited net profit after tax of $21.03 million for the year to January, up from $11.63 million in the previous year.
A full dividend of 5 cents a share will be paid.
The dividend is fully imputed and, when added to the interim payment of 2 cents, brings the total dividend for the year to 7 cents.
The result includes an additional week's trading in comparison to the 52 week period last year but is net of asset impairment adjustments totalling $1.86 million in relation to the Living & Giving speciality homeware stores.
The earnings were generated on sales revenue of $416 million, an increase of 7.3% on the previous year.
The group's gross profit increased 10.9% to $166.46 million for the year, equating to a gross profit margin of 39.9%, compared to 38.6% for the 2008-09 year.
"We are proud of the recovery we achieved in a market environment of continued global economic uncertainty and only a partial recovery in overall retail spending in New Zealand," says group managing director Rod Duke.
"Briscoe Group is continuing to derive benefits from the key strategic and structural initiatives recently put in place."
Duke says the group is cautiously optimistic it will continue to further strengthen its position as New Zealand's leading retailer of homeware and sporting goods.
Gretchen Hanley from Craigs Investment Partners says it is a sound, but not surprising, result.
"(What) we are seeing there is that Rod Duke is a good quality
managing director and that company has been well-managed through
the recession."
