Briscoe interim profit up despite gloomy consumers
Homeware and sporting goods retailer Briscoe Group has reported a 29 per cent jump in half-year net profit to $13.3 million.
Sales revenue for the group, which includes the Briscoes, Rebel Sport and Living and Giving chains, rose 5 per cent on the same period last year to $204.7m.
Group managing director Rod Duke said the company was very pleased with the result.
"Customer confidence remained subdued throughout most of the first half of the year as the economic news focused on the deepening financial worries being experienced in Europe and the potential flow-on effects for the New Zealand economy.
"Against this background, customers tended to react by maintaining conservative spending habits, suggesting that the group's sales gains have resulted in improved market share.
"These gains have been driven by our marketing strategies of offering customers products they want and need in ways that have reinforced the quality and value proposition of our brands.''
Duke said the economic outlook remained uncertain but the company was cautiously optimistic.
''The group is well-placed to better last year's full year reported profit of $27.53m.''
The company declared an interim dividend of 4 cents per share. Its shares were trading down half a per cent on the NZX today, at $1.95.