Briscoe 4th-qtr sales rise 4.7%
Briscoe Group, the home ware and sporting goods retailer, posted a 4.7 percent gain in fourth-quarter sales and said a strong finish to the year drove annual profit up at least 25 percent.
Sales in the 13 weeks ended Jan. 29 rose to $146 million from $139.4 million in the fourth quarter a year earlier, the Auckland-based retailer said in a statement today. Sales at stores open at least 12 months rose 9.1 percent.
Fourth-quarter revenue lifted annual sales by 4.5 percent to $438 million, resulting in full-year profit of at least $27 million, from $21.6 million a year earlier, said Rod Duke, managing director and major shareholder. Briscoe stock has climbed 4.4 percent in the past 12 months, while an index of consumer stocks on the NZX dropped 10.5 percent.
“The market responded very favourably to our marketing initiatives during the lad up to, and throughout the crucial Christmas trading period,” Duke said. “”While competition remained fierce across most retail sectors, which placed some strain on gross margins, sales for the group were consistently strong during December and also through January.”
Sales at the company’s home-ware stores gained 4.8 percent to $101.6 million in the fourth quarter and revenue at its Rebel Sport outlets were up 4.6 percent to $44.4 million. On a same-store basis, sales were up 10.7 percent and 5.7 percent respectively.
Briscoe expects to post its annual results on March 9. Its shares last traded at $1.42.
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