4th Quarter / Full Year Sales

4th Quarter / Full Year Sales

The directors of Briscoe Group Limited announce that unaudited sales for the three months ended 31 January 2004 were $106.2 million, being 3.04% higher than the $103.1 million reported for the fourth quarter of last year.

Briscoes Homeware sales increased 2.90% to $74.5 million and Rebel Sport sales rose 3.36% to$31.7 million.

On a same store basis, the group’s sales for the quarter were 3.05% behind those for the fourth quarter of last year.

The group added three new stores during the quarter with the opening of the Cambridge Briscoes Homeware store and a further two Rebel Sport stores in Porirua and Tauranga. Briscoes Homeware stores now number 30 with total store area of 59,922 sqm. Rebel Sport store numbers increased to 17 with total store area now at 35,417 sqm.

The January 2004 quarter sales figure takes unaudited group sales for the year ended 31 January 2004 to $315.4 million, a rise of 6.75% over the $295.4 million reported for last year. Briscoes Homeware sales increased 6.02% during this period, and Rebel Sport 8.44%.

Because of the move to calendar month-end reporting, this financial year comprised four fewer trading days than last year. Adjusting for these four days and on a same store basis, the group’s sales for the twelve months ended 31 January 2004 were 3.44% ahead of the same period last year.

On a same store, same days, basis, Briscoes Homeware sales increased by 6.18% over the twelve months of last year, while Rebel Sport sales decreased by 2.90%.

The directors advise that the month of December was a record sales month for the Group and a marginal improvement in full year Gross Profit % is expected.

Full year group earnings before interest and tax (EBIT) is expected to be in line with the $33.3 million reported for last year, reflecting the impact of higher sales and margin, offset by increased operating costs.

After taking into account the impact of lower interest income and the provisioning of a taxation expense ($0.45 million) against the amortisation of the final Rebel Sport franchise fee payment, the group’s tax paid profit is expected to be approximately 4% below that of the $23.6 million reported for last year.

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