Briscoe's FH profit jumps 26 percent to $13mln on sales, margin growth
Briscoe Group, the homeware and sporting goods retailer, posted a 26 percent gain in first-half profit on "strong sales and margin performance."
Profit at the retailer, whose stores include Briscoe, Rebel Sport and Living and Giving, rose to about $13 million in the six months ended July 31, from $10.3 million a year earlier, it said in a statement announcing its quarterly sales. Its full results are to be released on Sept. 7.
The company posted a 4.5 percent gain in second-quarter sales to $102.2 million from $97.8 million in the same period a year earlier. Homeware revenue rose 5.3 percent to $71.1 million, and sporting goods sales climbed 2.8 percent to $31.1 million.
"A strong sales and margin performance has enabled group profit to track ahead of last year which is very important in relation to our full-year profit given the very strong third quarter result achieved last year on the back of the Rugby World Cup," Rod Duke, managing director said in a statement.
"Notwithstanding the continued tough operating conditions, and a significant commitment of resources and expenses to generate new streams of online business levels from our websites, group earnings before interest and tax has tracked above last year during this first half and we expect this to be reflected in our results for the half year," he said.
Costs were "well managed" during the first half, he said.
Shares in the Auckland-based company last traded at $1.78 and have gained 31 percent in the past year.
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