Releasing the fourth-quarter sales to January 29, Mr Duke said the strong growth in sales recorded throughout the first three quarters of the year eased as the result of one week fewer being included in the quarter, compared to last year’s final quarter.
There was a slow start to the Christmas trading period, along with a late start to summer and inconsistent weather so far.
The group reported unaudited sales for the 52 weeks ended January 29 of $582.8million, 5.4% above the $552.9million reported for the 53 weeks ended January 31, 2016.
Unadjusted sales for the 13-week quarter ended January 29 were $188.9million, a fall of 2.15% on the previous corresponding period. Homeware sales fell 2.16% to $123.2million and sporting goods sales fell 2.12% to $65.7million.
"We made the decision early in the fourth quarter to protect gross profit and profitability by resisting the temptation to unnecessarily chase profitless sales," Mr Duke said.
The group’s inventory was in good shape, stock-turn had improved and, with the trend of recent summers finishing later, he was confidence the decision made was the right one.
Gross profit margin percentage continued to be a highlight for the group and would finish the financial year significantly ahead of last year, despite the continued aggressive promotion activity in the retail market in which Briscoe operated, he said.
The group was also affected by increased product cost, as foreign exchange cover taken in previous years was replaced with currency at less favourable rates.
Mr Duke forecast a full-year reported profit of about $59million, an increase of about 25% on the previous period. The result would include a $2million gain from the sale of property in Hastings and the subsequent reversal of deferred tax.
Excluding those items, Mr Duke expected the group profit would be more than $56million, a 19% increase.
The full-year result was expected on March 14.
