KEY POINTS:
Briscoe Group has reported a net profit increase of 5.2 per cent for the year to January 28.
The homeware and sporting goods retailer made a net profit after tax of $26.05 million on sales revenue of $372.08m, up 8.3 per cent.
Same-store sales growth for the group was 2.7 per cent , with 4.18 per cent for homeware chain Briscoes and flat growth for Rebel Sport.
An unchanged final dividend of 4.50 cents per share was declared, bringing the total divided to 8cp s, compared with 7.5cps.
Group managing director Rod Duke said the year had been difficult in the later months , after a strong first half.
"Despite the tight retail environment we are reasonably satisfied with the increases achieved for the year in sales, margins and bottom line profit," he said.
Mr Duke said the group would continue to focus on improving product selection and reinforcing brand strength, and rolling out more stores, particularly smaller versions for provincial centres.
Briscoe also said a change to international reporting standards has resulted in last year's comparative results being restated.
Last year's $25.22m net profit under New Zealand reporting standards has been restated to $24.77 million.
The group's gross profit rose 9.8 per cent from $138.19 million to $151.73 million for the year. This equated to a gross profit margin of 40.8 per cent compared to 40.2 per cent in the 2005-06 year.
Mr Duke said group like-for-like sales had started positively this year. He was looking forward to a profitable year but economically expected conditions to be difficult.
Shares in Briscoe were flat today at $1.65, having traded between $1.80 and $1.32 during the year.
- NZPA
