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Briscoe Group full year sales edge up

Thursday 3rd February 2011

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Sales by Briscoe Group for the 12 months to the end of January edged up from a year earlier, with a strong start to the December and Christmas trading period offsetting disappointing Boxing Day sales.

The company also said today that, excluding a one-off tax adjustment, it expected it would have been able to report a full year tax paid profit of more than $23 million, 10% up on a year earlier.

The tax adjustment was a one-off deferred-tax liability of $2.6 million as a result of changes to building depreciation. The figure was expected to adjust back to around $2.4 million and would be booked against tax expense for the year.

The group, which includes Briscoes Homeware, Living & Giving, Urban Loft and Rebel Sport, said sales for the latest 52 week period were $419.3 million.

That was 0.6% up on the $416.7 million for a 53-week period last year. The company operates a weekly trading and reporting cycle, meaning that every six years it has a 53-week period.

On a same store same day basis, the group's sales for the latest year were 2.4% ahead of the same period last year.

On a same store basis, and adjusted for the additional week last year, homeware sales increased 2% compared with the 12 months of last year, while sporting goods sales were up 3.3%.

Briscoe managing director Rod Duke said competition remained fierce across most retail sectors.

The group's strong start to the crucial December and Christmas trading period more than offset disappointing lower-than-expected Boxing Day sales, he said.

Trading throughout January was satisfactory, but previous year comparisons were always going to be tough with the additional week included in the 4th quarter of last year.

"So we are very pleased to be able to report positive same store sales for this final quarter and believe it compares well against other retailers for the same trading period."

Group sales for the 13 weeks to the end of January were $139.4 million, 5.2% lower than in the 14-week fourth quarter of last year.

On a same store same days basis, group sales for the quarter were 0.03% ahead of the same period last year, Briscoe said.

Homeware sales for the period decreased 5.1% to $97 million and sporting goods sales fell 5.6% to $42.5 million.

On a same store basis, and adjusted for the additional week last year, homeware sales were 0.4% ahead of last year while sporting goods sales dropped 0.7%.

Total Group store numbers decreased to 86 from 88 during the quarter with the closure of Living & Giving stores at Takapuna and Hamilton, following the expiry of the leases for these properties.



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