BRISCOE LOOKING FORWARD TO BIG H1 PROFIT RISE

By August 03, 2016 Industry news

Big first half profit forecast as Briscoe Group reports 2nd Quarter sales with big sales boosts for sporting goods and to a lesser extent homewares.

Briscoe Group's unaudited sales for Q2 (13 weeks to 31 July 2016) were $135.4 million, +9% on last year.

Homeware sales were +6.56% while sporting goods grew +14.33%.

On a same store basis, Group Q2 sales were +6.5% on last year, +4.5% for homewares and +10.7% for sporting goods.

Unaudited Group sales for the half year to date were $268.4 million, +10% on last year, +7.6% for homewares and +14.4% for sporting goods.

Also for the half year, Group same store sales were +7.1%, homewares' were +5.2% and sporting goods' +10.6%.

Online sales have grown by some 40% compared to last year and now contribute over 5% of total Group sales.

Looking ahead, Group Managing Director, Rod Duke, says: “Our bottom line is tracking well ahead of last year despite the high levels of competitiveness across the retailing sectors in which we operate."

Scheduled to announce its first half results on 19 September, at this point Gross Profit Margin (dollars and percentage) are expected to be "significantly higher" than for the first half of last year. 

“We are expecting to report an increase of at least 32% over last year’s profit for the first 6 months. This would represent a record first half Net Profit After Tax (NPAT) of no less than $27 million,” says Duke.

See the full Q2 2016 report here.

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