Briscoe Group hits record profit

Briscoes1Briscoe Group achieved record net profit of $63.39 million over the year to 27 January 2019 – a 3.37 per cent increase over last year.

Group managing director Rod Duke noted that the “erratic consumer confidence and economic indicators” over the year made customers “even more determined than ever to seek true value for money”.

Duke credits the group’s success to its brands’ ability to provide customers with an exceptional shopping experience.

“Whether it be through a physical store, via online – or both, [this] is a major focus for us and critical in defending our market position against new and emerging competition,” Duke said.

The business saw same-store sales growth of 3.1 per cent year over year, which helped drive the 4.43 per cent increase in total sales to $631.92 million.

Online sales for the year improved 27 per cent over the previous year, with a new online platform to launch later in 2019.

The increased demand online, as well as the opening of two Rebel stores and a higher level of imported merchandise compared to the year prior, drove inventories up to $81.02 million – $6.53 million higher than last year’s result of $74.49 million.

The net result includes a $6.4 million dividend received through the group’s 18.9 per cent share of Kathmandu Holdings, with Duke indicating Briscoe “remains an interested observer of Kathmandu’s performance.”

The Briscoe board said it would pay a final dividend of 12 cents per share, which when added to the interim dividend of 8 cents per share, equalled a total dividend of 20 cents per share – a 5.25 per cent increase year over year.

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