Briscoe's first half profit rises 26 percent
Fri, 03 Aug 2012 9:56a.m.
Briscoe Group, the homeware and sporting goods retailer, posted a 26 percent 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 percent gain in second-quarter sales to $102.2m from $97.8m in the same period a year earlier.
Homeware revenue rose 5.3 percent to $71.1m, and sporting goods sales climbed 2.8 percent 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 percent in the past year.
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3/08/2012 10:59:39 a.m.
Funny that, who shops there when they don't have a 50% off sale. So therefore they make all their money from clearance sales. Everyone take note of this
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