Briscoe Group sees record profit in 2017

Briscoe Group says full-year sales topped $600 million for the first time. Photo / File

Briscoe Group says full-year sales topped $600 million for the first time, helped by stronger revenue from sporting goods in the fourth quarter, and the retailer expects to report a record annual profit of about $61m.

Total sales rose 2.6 per cent to about $194m in the 13 weeks ended January 28, the Auckland-based company said in a statement.

Homeware sales climbed 1.3 per cent to $124.8m, although on a same-store basis they were down 0.3 per cent, while sporting goods sales rose 5.1 per cent to $69m, or a 4.9 per cent same-store gain.

For the year sales rose 3.5 per cent to $603m as homeware gained 3 per cent to $384m and sporting goods sales were up 4.3 per cent to $219m.

On a same-store basis, Briscoes homeware and Rebel sporting goods sales were up 2.7 per cent and 3.8 per cent respectively. Online sales rose more than 30 per cent, the company said, without giving details.

"We operate in highly competitive markets, and it is a credit to the whole team that we have once more delivered a record performance," said managing director Rod Duke, who owns about three-quarters of Briscoe stock.

"Our traditional store format and promotional campaigns continue to resonate with our customers. This was particularly evident during Black Friday and Boxing Day – both were record days for us."

Briscoe shares rose 1.2 per cent to $3.44 and have fallen 15 per cent in the past six months while the S&P/NZX 50 Index has gained 8 per cent.

"Gross profit dollars will finish comfortably ahead of last year although gross profit percentage will be a little lower than last year as a result of the intensely competitive and ever-changing retailing environment; however, it remains a focus for the group as we strive to build sales volumes without compromising profitability," Duke said.