Discounted goods, a recovering economy and greater consumer confidence helped Briscoe jump 14% year-on-year from $128.7 million in the fourth quarter last year to $147.1 million in unaudited sales to the end of January.
Briscoe managing director Rod
Discounted goods, a recovering economy and greater consumer confidence helped Briscoe jump 14% year-on-year from $128.7 million in the fourth quarter last year to $147.1 million in unaudited sales to the end of January.
Briscoe managing director Rod Duke said the market had responded well during the lead up and throughout the crucial Christmas trading period. This morning shares [BGR; NZX] were trading at $1.350, up 9c on yesterday's close.
“As well as generating a same store sales increase of 8.53% for the group, I am pleased to advise that we have also achieved significant margin and profit improvements continuing the trend established in every previous quarter of this financial year,” Mr Duke said.
On a same store basis and adjusted for the quarter just ended, the group’s sales for the quarter were 8.53% ahead of the fourth quarter of last year. The unaudited group sales for the fourth quarter increased by 7.3% from $388.5 million in 2009 to $416.7 million in 2010.
Homeware sales increased 7% during the final quarter and sporting good sales were also up 7.9%. On a same store basis (and adjusted for the 53 week year), the group’s sales for the 12 months ending January 31 were 4.7% ahead of the same period last year.
“As part of the half year result, we made an impairment adjustment of $827,000 for under-performing assets associated with these stores and it is likely that a further adjustment of about $1 million will be included in the full year result.”
Mr Duke said he was confident the company would achieve stronger second half results this year than for the same period last year. “We now expect to report a full year tax paid group profit in excess of $20 million. This includes the impact of the additional 53rd week and also the impairment adjustments. For these two ‘one-off’ impacts we would have achieved a group tax paid profit of around $21 million.”
Briscoe did not open any new stores during the last quarter. The audited results for final quarter will be released March 9.
