Briscoe Group to pay special dividend, Duke to reap $16.7m
BUSINESSDESK: Briscoe Group, the homeware and sporting goods retailer, will pay a special dividend of 10 cents a share, generating a windfall of about $16.7 million for managing director and controlling shareholder Rod Duke.
The dividend will be paid on June 28 to investors on the register at the close of trading on June 14, the company said.
Interests associated with Mr Duke own 78% of the retailer, which has about 214m shares on issue.
Shares of Briscoe rose 2.6% to $1.60 after the announcement.
The stock has gained 14% this year, outpacing a 9.4% in an NZX index of consumer stocks.
Last week the company reported a 6.5% gain in first-quarter sales while warning that full-year revenue may be flat because last year’s result was inflated by Rugby World Cup turnover in the second half.
Sales at the retailer, whose brands include the Briscoe, Rebel Sport and Living and Giving, rose to $102.5m in the three months ended April 29, from $96.3m a year earlier.
Homeware revenue rose 5.7% to $66.1m and sporting goods sales climbed 7.8% to $36.4m.