Briscoe Group slashed its net profit forecast due to subdued performance in the final quarter of the fiscal year.

“Given the subdued trading performance for the first two months of this crucial final quarter and our expectation that this will continue through January, we now believe the group’s full year net profit after tax will not meet the previous range given by the group but will be greater than $66 million,” said Rod Duke, Briscoe Group MD.

“While Christmas trading, particularly our Boxing Day promotions, improved compared to Black Friday, December trading was still under anticipated levels.”

The group’s sales slightly rose by 0.42 per cent year on year in the nine weeks ended December 29 as homeware sales rose 0.82 per cent while sporting goods fell 0.2 per cent.

In the 48 weeks ended December 29, the group’s sales declined 0.28 per cent with homeware sliding 0.29 per cent and sporting goods decreasing 0.26 per cent.

Earlier, the company reported its net profit remained flat in the first three quarters.