Briscoe sales rise

BGR

1.450

-0.05

-3.33%

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Briscoe Group said its interim earnings before interest and tax (EBIT) rose 41.85 percent on a 2.49 percent rise in same-store sales.

Net profit after tax, but excluding a one-off deferred tax adjustment, rose 42.31 percent to $9.28 million in the six months to August 1 from the same period last year.

The company is paying an interim dividend of three cents a share, up from two cents a share last year.

Net profit after tax of $6.64m compared to $6.52m last year and is in line with the advice given to the market on August 6. This figure includes a tax adjustment of $2.64m for government tax changes, which is a one-off non-cash accounting entry.

The group also booked an impairment adjustment of $828,000 for under-performing specialty stores. Adjusting for this EBIT rose 30 percent.

The company's gross margin percentage decreased slightly from 40.34 percent to 39.94 percent, reflecting the impact of the later than normal start to winter and the continued competitiveness and tightening across the retail industry in general.

- NZPA