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: NZ Dollar Falls To 3-Year Low As Investors Favour Greenback

The New Zealand dollar fell to its lowest in more than three years as investors sold euro and bought US dollars, weakening other currencies against the greenback. More>>

ALSO:

Scoop Business: NZ Govt Operating Deficit Smaller Than Expected

The New Zealand’s government’s operating deficit was smaller than expected in the first five months of the financial year as a clampdown on expenditure managed to offset a shortfall in the tax-take from last month’s forecast. More>>

ALSO:

0.8 Percent Annually:
NZ Inflation Falls Below RBNZ's Target

New Zealand's annual pace of inflation slowed to below the Reserve Bank's target band in the final three months of the year, giving governor Graeme Wheeler more room to keep the benchmark interest rate lower for longer.More>>

ALSO:

NASA, NOAA: Find 2014 Warmest Year In Modern Record

Since 1880, Earth’s average surface temperature has warmed by about 1.4 degrees Fahrenheit (0.8 degrees Celsius), a trend that is largely driven by the increase in carbon dioxide and other human emissions into the planet’s atmosphere. The majority of that warming has occurred in the past three decades. More>>

ALSO:

Scoop Business: New Zealand’s Reserve Bank Named Central Bank Of The Year

The Reserve Bank of New Zealand’s efforts to stifle house price inflation by using new policy tools has seen the institution named Central Bank of the year by Central Banking Publications, a publisher specialising in global central banking practice. More>>

ALSO:

Science Media Centre: Viral Science And Another 'Big Dry'?

"Potentially, if there is no significant rainfall for the next month or so, we could be heading into one of the worst nation-wide droughts we’ve seen for some time," warns NIWA principal climate scientist Dr Andrew Tait. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

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