Briscoe posts 35 per cent rise in profit

Homeware and sports retailer Briscoe Group today reported a 35 per cent rise in full year profit.

The group, which owns Briscoes Homeware, and Rebel Sport, posted a net profit of $25.22 million for the year ended January 31, up from $18.73 million the previous year.

A fully imputed final dividend of 4.5c per share was declared, bringing the total dividend for the year to 7.5cps.

Earnings per share rose to 11.9c, from 8.9c.

Earnings before interest and taxation (ebit) rose 29 per cent, to $35.26 million from $27.34 million the previous year.

Total operating revenue rose to $346.4 million, from $320.6 million.

Group managing director, Rod Duke, said Briscoe had stuck to its resolve to have fewer sales, and also focused on improving product selection.

On a same-store basis sales were up 3.35 per cent for the year, with Briscoes Homeware same-store sales up 1.71 per cent and Rebel Sport up 6.49 per cent.

Mr Duke said he remained positive about the full year outlook.

"Despite the general view of a slowing retail environment we are positive about, and looking forward to, the ensuing year. Like-for-like sales have started very positively for both chains. Stock levels and gross margins are in excellent condition, and there is considerable operational and marketing focus to build further on this year's achievements," he said.

The group has decided to report to the stock exchange in 13 week quarters instead of a month-end quarter basis, in order to align its financial management systems with other internal processes.

For the current financial year the balance date will be January 28.

Shares in Briscoe were up 4c at $1.36 in early trading today, having ranged between $1.14 and $1.47 over the past year.

- NZPA