Briscoe Group predicts increased profits
Listed retailer Briscoe Group is predicting its full-year profit will top $33 million, an increase of at least 9 per cent on last year's result.
The owner of the Briscoes, Rebel Sport and Living and Giving chains has reported an increase in unaudited sales of 6.8 per cent for the year to January 26 of $483.6m, up from $452.7m in the equivalent period last year.
Homeware sales lifted by 6.4 per cent during the period while the sporting goods segment grew by 7.7 per cent, the retailer said.
On a same-store basis the group's sales for the 12 months to January 26 were 5.2 per cent up on the same period last year. Homeware sales increased by 4.6 per cent, while sporting goods sales rose by 6.6 per cent.
Compared with the fourth quarter of 2013, the group's overall sales were up 8.1 per cent at $162.7m from $150.5m in the same quarter last year. Fourth-quarter homeware sales increased 7.3 per cent to $111.9m, while sporting goods sales rose by 9.9 per cent to $50.7m.
"We are very pleased with our sales, margins and overall performance for the final quarter of the year in a market which continues to be driven by aggressive promotional activity," group managing director Rod Duke said.
"Trading was steady in the run-up to Christmas and particularly strong immediately prior to and post Christmas.
"To exceed 7 per cent same-store sales growth for the quarter and 5 per cent for the full financial year is a tremendous achievement by the team."
Duke said he was pleased with growth in online sales across all three trading brands, which were up almost 100 per cent on the previous year.
"This growth which appears to have had no adverse impact on in-store sales, reflects the continued trends towards customers' desire for choice in channels as well as choice within product ranges," Duke said.
"There is clearly considerable potential for strong ongoing growth in our online sales for the foreseeable future."