Homeware and sports goods retailer Briscoes Group remains the
''flagship'' of the listed retail sector, booking increased
sales of almost 7% for the past financial year, boosting its
profit by 9%.
In an unaudited market update this week, for the trading year
to January 26, Briscoes booked a 6.82% sales increase for the
year, from $452.7 million to $483.6 million, managing
director Rod Duke said in a statement.
After-tax profit was estimated to be up 9%, from last year's
$30.47 million to more than $33 million.
The group's homeware division (Briscoes) increased sales by
6.41% during the year and the sporting goods division (Rebel)
''To exceed 7% same-store sales growth for the quarter and 5%
for the full financial year is a tremendous achievement by
the team,'' Mr Duke said.
As with other recent retailer results, the performance of
online sales is becoming a larger contributor to the balance
Briscoes' shares were unchanged at $2.37 after the
Craigs Investment Partners broker Peter McIntyre said that
the Briscoes result was ''strong'' and confirmed the
company's status as the ''flagship'' of the listed retail
''There have been disparate results from the other retailers
so far for the season,'' Mr McIntyre highlighted.
Hallenstein Glasson has had two downgrades in as many months,
The Warehouse has issued a downgrade last week, Postie Plus'
trading had been ''sluggish'', while Kathmandu had come in
below analysts' expectations in some areas, he said.
Forsyth Barr broker Haley Van Leeuwen said the fourth quarter
was a critical quarter for all in the retail sector and
Briscoes ''certainly hasn't disappointed'', group sales being
up 8.11% on a year ago.
Mr Duke said he was ''very pleased'' with sales, margins and
overall performance for the final quarter of 2013 given it
was ''in a market which continues to be driven by aggressive
''Trading was steady in the run-up to Christmas and
particularly strong immediately prior to and post
For the full year, online sales finished almost 100% up on
the previous year, Mr Duke said.
''This growth ... appears to have had no adverse impact on
in-store sales and reflects the continued trends towards
customers' desire for choice in channels as well as choice
within product ranges,'' he said.
There was ''clearly considerable potential'' for strong
ongoing growth in Briscoes Group's online sales for the
foreseeable future, he said.
Briscoes will deliver its final full-year report on March 6.