Briscoe profit climbs on same store sales growth
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Retailer Briscoe Group has boosted net profit by 55% on higher sales and better gross margins.
The company reported a net profit of $10.3 million for the six months to July 31 compared with $6.6 million for the same period last year, which included a one off tax charge.
On an adjusted basis the net profit was 11.29% higher.
Total sales of $194.10 million were up 2.09% and same store sales climbed 4.42%.
Earnings before interest and tax came in at $13.56 million, up 4.85%.
The company declared an interim dividend of 3.5c-a-share.
"We are cautiously optimistic about Group performance as we move through to the second half of this year," managing director Rod Duke said.
“Customer confidence has remained weak throughout the first half of the year. High food prices and petrol inflation, falling or static house prices coupled with worrying economic news from Europe and America have dampened spending and encouraged people to continue to pay down debt.
“Against this background we believe our marketing strategies have driven improved market share and profitability without incurring additional spend.”
Mr Duke said forecasting was difficult in the current trading environment and the group saw further uncertainty in consumer confidence, “which will result in continued difficult trading conditions for retailers."
Briscoe shares were unchanged at $1.36.
Duncan Bridgeman
Fri, 09 Sep 2011
Fri, 09 Sep 2011
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Briscoe profit climbs on same store sales growth
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