Briscoe Group’s profit rose about 25 per cent to $59 million in the last year as the household and sporting goods retailer resisted discounting to protect its gross margins.

Directors of Briscoe today announced unaudited sales for the 52 weeks ended 29 January 2017 of $582.8 million, being 5.42 per cent above the $552.9 million reported for the 53 weeks ended 31 January 2016.

For the 52 week period from 1 February 2016 to 29 January 2017, homeware sales increased by 4.09 per cent to $372.5 million while sporting goods sales increased sales by 7.85 per cent to $210.3 million against last year’s 53 week year.

“The strong growth in sales recorded throughout the first three quarters of the year eased a little on the back of one less week being included in this quarter compared to last year’s final quarter, a slow start to the Christmas trading period and also the late and inconsistent weather so far this summer,” said Rod Duke, MD, Briscoe.

On a same store basis and adjusting for the additional week included in last year’s 53 week period, group sales for the year ended January 29 2017 were 4.94 per cent ahead of the previous year.

On the adjusted same store basis, homeware sales increased by 3.79 per cent, while sporting goods sales increased by 7.04 per cent.

“We made the decision early in the fourth quarter to protect gross profit and profitability by resisting the temptation to unnecessarily chase profitless sales,” said Duke.

“Our inventory is in good shape, stock-turn has improved on last year and with the trend of recent summers finishing later, we are confident the decision was the right one.

“We are also pleased with the continued growth we are generating in online sales. For the full year ended 29 January 2017 online sales finished more than 40 per cent up on the previous year.”