Briscoes

Briscoe Group surprised the market yesterday by announcing a special dividend of 10c a share, the share price rising 8% on the news.

Two of New Zealand's most high-profile retail chains reported contrasting profits yesterday with both The Warehouse and Briscoe Group gaining praise from brokers.

Briscoes has delivered a solid result in a tough retailing environment, with increased sales and after-tax profit for its half-year report and its dividend up slightly on last year.

The Briscoe Group seems to be doing better than most other retailers in the current environment, Forsyth Barr broker Suzanne Kinnaird says.

Briscoe Group yesterday reported flat sales for the three months ended May 1 but better earnings thanks to stronger margins.

Fourth-quarter trading for retailer Briscoes underpinned increased annual sales which rose slightly from $416.7 million the year before to $419.3 million, for the year to the end of January.

The Briscoe Group yesterday declared a substantially improved dividend as the retailer enjoyed the benefits of a key restructuring programme put in place in the past year.

Retailer Briscoe Group today reported its fourth quarter sales were up $147.1 million, 14.32% higher than the $128.7m reported for the fourth quarter of last year.