Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Briscoe says FY profit rose at least 9% after strong 4Q

Briscoe says annual profit rose at least 9% after strong fourth-quarter sales

By Suze Metherell

Jan. 30 (BusinessDesk) – Briscoe Group, the homeware and sporting goods chain, expects its annual profit to rise by at least 9 percent after “particularly strong” Christmas sales and an overall steady fourth quarter.

Net profit will exceed $33 million in the 52 weeks ended Jan. 26 from $30.5 million a year earlier, the Auckland-based company said in a statement. It had previously said it expected to exceed last year’s earnings.

Fourth quarter sales were up 8.1 percent on the same quarter the previous year, totalling $162.7 million. Homewares made up the majority of the group’s sales, rising 7.3 percent to $111.9 million, while sporting goods sales rose about 10 percent to make up the remaining $50.7 million. Annual sales rose 6.8 percent to $483.6 million, with the group’s homeware sales increasing 6.4 percent and sporting goods sales up 7.7 percent.

Managing director Rod Duke said performance in the final quarter had been driven by “aggressive promotional activity” and strong pre and post-Christmas sales had boosted fourth quarter profits.

The company also reported a near 100 percent lift in online sales over the past 12 months, with “no adverse impact on in-store sales”.

“We are pleased with the growth we are generating in online sales across all three trading brands and especially with the significant lifts achieved during the fourth quarter,” Duke said. “There is clearly considerable potential for strong on-going growth in our online sales for the foreseeable future.”

On a same store basis fourth quarter sales increased 7.2 percent compared to the same quarter a year earlier. Fourth quarter homeware sales increased 6.2 percent, and sporting goods sales rose 9.5 percent ahead of the same quarter a year earlier.

Shares in the retailer were unchanged at $2.37, and have declined 5.2 percent over the past 52 weeks.

The company expects to report its full year audited results on March 6.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

BusinessDesk: SkyCity Lifts Minimum Convention Centre Investment To $430M

SkyCity Entertainment Group, the casino operator, has lifted the minimum it will invest in the Auckland International Convention Centre to $430 million and said total costs including land may be $450 million to $470 million. More>>

Statistics: Drop In Dairy Prices Leads Fall In Exports

Total goods exports fell $240 million (5.5 percent) to $4.2 billion in April 2015 compared with April 2014, Statistics New Zealand said today. More>>

BusinessDesk: APN's NZME Sees Future In Paywalls, Growth In Digital Sales

APN News & Media has touted a single newsroom concept for its NZME unit in New Zealand, similar to what Germany's Die Welt uses, saying an 'integrated sales proposition' is helping it win market share, including ... More>>

Labour Party: Global Milk Prices Now Lowest In 6 Years

The latest fall in the global dairy price has brought it to the lowest level in six years and shows there must be meaningful action in tomorrow’s Budget to diversify the economy, says Labour’s Finance spokesperson Grant Robertson. “Dairy prices ... More>>

BusinessDesk: NZ Inflation Expectations Creep Higher In June Survey

May 19 (BusinessDesk) - New Zealand businesses lifted their expectations for inflation over the next two years, sapping any immediate pressure on the Reserve Bank to cut interest rates, and prompting the kiwi dollar to jump higher. More>>

BusinessDesk: Lower Fuel Costs Drive Down NZ Producer Input, Output Prices

May 19 - Producer input and output prices fell in the first quarter, mainly reflecting lower fuel costs and weakness in prices of meat and dairy products. More>>


Media: Fairfax Media NZ Announces Senior Editorial Team

Fairfax Media New Zealand has today confirmed its new editorial leadership team, as part of a transformation of its newsrooms aimed at enhancing local and national journalism across digital and print. More>>

Science: Flavonoids Reduce Cold And Cough Risk

Flavonoids reduce cold and cough risk Research from the University of Auckland shows eating flavonoids – found in green tea, apples, blueberries, cocoa, red wine and onions – can significantly reduce the risk of catching colds and coughs. The research, ... More>>

BusinessDesk: RBNZ House Alert Speech The Catalyst For Government Action

Prime Minister John Key all but conceded that pressure from the Reserve Bank of New Zealand for concerted action on rampant Auckland house prices was one of the main catalysts for the government's weekend announcements about tightly ... More>>

BusinessDesk: How To Fall Foul Of The New Housing Tax Rules: Tips From IRD

Just because you rented out your investment property doesn't absolve you from paying tax, says the Inland Revenue Department in a summary of commonly made mistakes by non-professional property investors when it comes to their tax liability.More>>

Legal: Superdiversity Law, Policy And Business Stocktake Announced

Mai Chen, Managing Partner at Chen Palmer New Zealand Public and Employment Law Specialists and Adjunct Professor of Law at the University of Auckland, today announced the establishment ... More>>

Housing: More House Price Gains Expected

House price expectations remain high, with a net 56% of respondents expecting house prices will increase. Fears of higher interest rates are fading, consistent with the RBNZ’s signals this year. Affordability and a lack of houses for ... More>>

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news