Briscoes profits up 9pc on strong Xmas

Briscoes chief executive Rod Duke. Photo / NZ Herald
Briscoes chief executive Rod Duke. Photo / NZ Herald

Briscoe Group, which operates the Rebel Sport, Briscoe and Living & Giving retail chains, says annual profit climbed by at least 9 per cent after boosting sales in the fourth quarter, encompassing the Christmas period.

Group profit will beat $30 million in in the year ended January 27, up from $27.5 million a year ago, managing director Rod Duke said in a statement.

The retail chain boosted fourth-quarter sales 3.1 per cent to $146 million, with a 3.9 per cent gain in its Rebel Sport stores and a 2.7 per cent increase in its homeware outlets. Revenue gained 3.4 per cent to $452.7 million on an annual basis.

"Trading was particularly strong immediately prior to and post-Christmas, and we were especially pleased with the significant lift in sales achieved by our online stores," Duke said. "We are reasonably pleased with our sales, margins and overall performance for the final quarter of the year."

In November, Duke signalled net profit would trump 2011, though he wasn't more specific citing the importance of the Christmas retail period.

The retailer's shares were unchanged at $2.50 yesterday, and have rallied 14 per cent this year.

Briscoe expects to report its final result on March 7.

- BusinessDesk

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