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

 

Half Full: Dairy Payouts Steady, Cash Will Be Tight

Industry body DairyNZ is advising farmers to focus on strong cashflow management as they look ahead to the 2015-16 season following Fonterra's half-year results announcement today. More>>

ALSO:

First Union: Cotton On Plans To Use “Tea Break” Law

“The Prime Minister reassured New Zealanders that ‘post the passing of this law, will you all of a sudden find thousands of workers who are denied having a tea break? The answer is absolutely not’... Cotton On is proposing to remove tea and meal breaks for workers in its safety sensitive distribution centre. How long before other major chains try and follow suit?” More>>

ALSO:

Scoop Business: NZ-Korea FTA Signed Amid Spying, Lost Sovereignty Claims

A long-awaited free trade agreement between New Zealand and South Korea has been signed in Seoul by Prime Minister John Key and the Korean president, Park Geun-hye. More>>

ALSO:

PM Visit: NZ And Viet Nam Agree Ambitious Trade Target

New Zealand and Viet Nam have agreed an ambitious target of doubling two-way goods and service trade to around $2.2 billion by 2020, Prime Minister John Key has announced. More>>

ALSO:

Scoop Business: NZ Economy Grows 0.8% In Fourth Quarter

The New Zealand economy expanded in the fourth quarter as tourists drove growth in retailing and accommodation, and property sales increased demand for real estate services. More>>

ALSO:

Scoop Business: RBNZ’s Wheeler Keeps OCR On Hold, No Rate Hikes Ahead

The Reserve Bank has removed the prospect of future interest rate hikes from its forecast horizon as a strong kiwi dollar and cheap oil hold down inflation, and the central bank ponders whether to lower its assessment of where “neutral” interest rates should be. The kiwi dollar gained. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news