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Briscoe Group profit jumps 17 per cent after a year “like no other”

Briscoe Group kitchenwares displayed.

Net profit at retailer Briscoe Group jumped 17 per cent to $73.19 million during the year to 31 January, after online sales rose 79 per cent and gross profit margin grew to 43.7 per cent.

The group, which operates the Briscoe chain, as well as Rebel Sports and Living & Giving, will pay a final dividend of 13.5 cents per share after the strong performance.

“We are pleased to announce record sales and profits for Briscoe Group in a year truly like no other,” said group managing director Rod Duke.

“Navigating the twists and turns encountered this year really has been like riding a retail roller-coaster [and] I’m immensely proud of the commitment and effort shown by the entire Briscoe Group team.”

The strong result was generated off a 7.4 per cent increase on sales revenue, which hit $701.8 million for the year.

And despite the difficulties felt in the retail industry, and the whole of New Zealand more broadly, due to the Covid-19 pandemic, Briscoe Group continued a number of store development projects throughout the year – with a number of stores receiving new fit outs, as well as new stores launching throughout the year.

“While the recovery across most of New Zealand retailing since the end of lockdown has been significant, the agility shown by the Briscoe Group team to adapt to and leverage the new trading conditions has also been nothing short of incredible,” Duke said.

Looking forward, the business will work to deliver a number of initiatives in the next three to five years to sustain and build on its successes, mainly revolving around three key areas: providing an enhanced shopping experience, redesigning its supply chain, and developing new sources of revenue.

Briscoe Group has partnered with KPMG to audit the group’s supply chain, and to identify and implement ways to improve it.

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