Briscoe Group saw revenue rise last year due to higher sales across its homewares and Rebel Sport businesses.
The company’s sales in the full year ended January 28 went up 0.78 per cent to $792 million despite consumers under cost of living pressure.
Homeware sales grew 0.54 per cent while sporting goods sales rose 1.17 per cent.
“Our business model has again demonstrated how relevant and flexible it is irrespective of existing economic conditions,” said Rod Duke, MD at Briscoe, the holding company for retail stores Briscoes and Rebel Sport.
Duke said that inventory was a significant factor that fuelled the growth.
“We have invested considerable energy into refining how, when and what we purchase, as well as improving other inventory measures,” said Duke.
The company estimates the gross profit margin to be at least 42.30 per cent and net profit after tax to be over $83 million, representing at least 94 per cent of the net profit in the previous year.
“As previously reported the group will not match last year’s NPAT of $88.4 million but we do now expect the result to be in excess of $83 million. This represents the achievement of at least 94 per cent of last year’s record NPAT – a remarkable performance given the difficult trading conditions experienced across the retail market,” said Duke.
He added that while Briscoe expects a challenging retail environment to persist this year, its core business has proven to be resilient and it has initiatives in place to drive growth.