Briscoe's first half profit rises 26%
Briscoe's boss Rod Duke says a strong sales and margin performance has enabled group profit to track ahead of last year.
3 August 2012
Briscoe Group, the homeware and sporting goods retailer, posted a 26 per cent gain in first-half profit on "strong sales and margin performance".
Profit at the retailer, whose stores include Briscoe, Rebel Sport and Living and Giving, rose to about $13m in the six months ended July 31, from $10.3m a year earlier, it said in a statement announcing its quarterly sales. Its full results are to be released on September 7.
The company posted a 4.5 per cent gain in second-quarter sales to $102.2m from $97.8m in the same period a year earlier.
Homeware revenue rose 5.3 per cent to $71.1m, and sporting goods sales climbed 2.8 per cent to $31.1m.
"A strong sales and margin performance has enabled group profit to track ahead of last year which is very important in relation to our full-year profit given the very strong third quarter result achieved last year on the back of the Rugby World Cup," managing director Rod Duke said in a statement.
"Notwithstanding the continued tough operating conditions, and a significant commitment of resources and expenses to generate new streams of online business levels from our websites, group earnings before interest and tax has tracked above last year during this first half and we expect this to be reflected in our results for the half year," he said.
Costs were "well managed" during the first half, he said.
Shares in the Auckland-based company last traded at $1.78 and have gained 31 per cent in the past year.
Bu
NZN
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