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

 

Scoop Business: RBNZ Keeps OCR At 3.5%, Signals Slower Pace Of Future Hikes

Reserve Bank governor Graeme Wheeler kept the official cash rate at 3.5 percent and signalled he won’t be as aggressive with future rate hikes as previously thought as inflation remains tamer than expected. The kiwi dollar fell to a seven-month low. More>>

ALSO:

Weather: Dry Spells Take Hold In South Island

Many areas in the South Island are tracking towards record dry spells as relatively warm, dry weather that began in mid-August continues... for some South Island places, the current period of fine weather is quite rare. More>>

ALSO:

Scoop Business: Productivity Commission To Look At Housing Land Supply

The Productivity Commission is to expand on its housing affordability report with an investigation into improving land supply and development capacity, particularly in areas with strong population growth. More>>

ALSO:

Forestry: Man Charged After 2013 Death

Levin Police have arrested and charged a man with manslaughter in relation to the death of Lincoln Kidd who was killed during a tree felling operation on 19 December 2013. More>>

ALSO:

Smells Like Justice: Dairy Company Fined Over Odour

Dairy company fined over odour Dairy supply company Open Country Dairy Limited has been convicted and fined more than $35,000 for discharging objectionable odour from its Waharoa factory at the time of last year’s ”spring flush” when milk supply was high. More>>

Scoop Business: Dairy Product Prices Decline To Lowest Since July 2012

Dairy product prices dropped to the lowest level since July 2012 in the latest GlobalDairyTrade auction, led by a slump in rennet casein and butter milk powder. More>>

ALSO:

SOE Results: TVNZ Lifts Annual Profit 25% On Flat Ad Revenue, Quits Igloo

Television New Zealand, the state-owned broadcaster, lifted annual profit 25 percent, ahead of forecast and despite a dip in advertising revenue, while quitting its stake in the pay-TV Igloo joint venture with Sky Network Television. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news