Briscoe Group posts sales record but profits slip

Briscoe Group managing director Rod Duke. Photo / Dean Purcell

Briscoe Group anticipates half-year profits to fall despite the company posting a fourth successive sales record in what managing director Rod Duke called a “standout result”.

In an interim trading update posted on the New Zealand Exchange (NZX) on Thursday, the retailer said underlying net profit after tax (npat) is expected to be around 94% of last year’s $42.75 million for the 26 weeks to July 28.

Duke said the number will likely exceed $40m.

The underlying figure is equal to npat, excluding the impact of a one-off $7.4m deferred-tax expense, the company said.

This decline is expected despite the company’s sales rising 0.77% to $372.1m compared with the first half of 2023.

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