Briscoe Group ups third quarter sales, expects profit dip

Briscoe Group's sales were up in the third quarter. Photo / File

Retail chain Briscoe Group expects its net profit to fall to around $80 million despite a strong third quarter sales performance.

Sales for the quarter to October 29 came to $179.7m, up 2.37 per cent.

Homeware sales growth came to 1.32 per cent and sporting goods sales were up by 4.05 per cent.

The online sales as a mix of total group sales was 19.07 per cent.

Unaudited sales for the 39-week period from January 30 to October 29 were $548.9m, up 1 per cent on the same period last year.

Managing director Rod Duke said he was pleased with the quarterly sales lift.

“To post positive sales growth across both the homewares and sporting goods segments in an extremely tough trading environment, as highlighted in recent retail announcements, is an excellent achievement,” Duke said.

Looking ahead, he said: “As we enter the final and crucial quarter of our financial year and with the general election behind us, we remain cautiously optimistic in relation to the retail environment and the economic conditions which impact consumer spending.”

Briscoe Group has previously said that it does not expect to replicate last year’s record net profit after tax of $88.4m.

The company said it now expects to deliver a full-year net profit “in excess of $80 million”.