Briscoes profit up 81 percent

Briscoe Group has posted a $21.03 million tax-paid profit for the year ending January, up 81 percent on last years $11.63m.

Sales revenue was up 7.3 percent to $416.7m.

The result is marred by a poor performance from the group's Living and Giving stores - which incurred $1.86m in impairment adjustments for the year.

Group managing director Rod Duke said it would boost store openings and refurbishments this year, including relocating its Palmerston North Briscoes Homeware and Rebel Sports stores, and revamping Rebel Sport stores in Wellington city and Botany.

"Although the economic indicators are still difficult to read we are cautiously optimistic that we will continue to build on the improvements in operating and financial performance we made through 2009-10."

- © Fairfax NZ News