Briscoe Group’s annual net income declined despite higher sales revenue amid challenging macroeconomic conditions.
The retailer’s net income fell 4.8 per cent to $84.2 million despite revenue growing 0.8 per cent to $792 million as homewares and sporting goods sales increased by 0.54 per cent and 1.17 per cent, respectively.
During the first half, the company opened a Rebel Sport store in Ashburton and completed the refurbishments of Briscoes Homeware Whangarei, Rebel Sport Taupo, and Rebel Sport Manukau.
During the second half, the company finished the refurbishments of Briscoes Homeware Manukau and Wairau Park in Auckland, and Rebel Sport Invercargill.
The company also introduced expanded ranges of new products online shipped directly from suppliers to customers.
The company says it plans to introduce electronic shelf labelling in both Briscoes Homeware and Rebel Sport stores after successful trials.
“We’re delighted to have produced another year of record sales against a macro retail environment which has seen many retailers struggling to hold their ground,” Briscoe Group MD Rod Duke said.
“Looking forward, we remain cautious as to the retail environment with ongoing uncertainty in relation to economic conditions, customer sentiment, and cost pressures.”
