Briscoe Group owns Briscoes homeware store and Rebel Sport. Photo / Supplied
Homeware and sports retailer Briscoe Group has released its first-half results with revenue and profits mostly in line with last year as consumer demand struggles to improve.
However, its managing director, Rod Duke, is remaining cautious, signalling that the ongoing economic environment may impact the group’s full-year net profit.
In the 26 weeks to July 27, 2025, Briscoe Group reported total revenue of $371.27 million, equivalent to 99.8% of sales compared to the same period last year.
Its net profit after tax fell from $33.2m in the first half of 2024 to $29.3m in the first half of 2025, a drop of 11.8%.
Homeware sales fell 0.11% from $230m to $229.78m, while sporting goods fell 0.4% from $142m to $141.48m.
Online sales rose over the period, lifting to 19.36% of the mix of total group sales.
Briscoe Group managing director Rod Duke said he was pleased with the progress the business made during the half, despite the challenges.
“To drive group sales to 99.8% of last year’s record half-year sales is a terrific achievement and it’s important to recognise that in what continues to be an incredibly challenging environment.
“As stated previously, our goal this year is to stabilise gross profit percentage and while we’re progressing initiatives to support this, the pace of economic recovery and consumer confidence will be critical.”
Briscoe Group’s inventory levels continued to decrease over the year, down from $106.32m in the first half of 2024 to $105.98m in the first half of 2025.
The group’s balance sheet remains strong with cash balances of $119.83m at the close of the period, compared to $131.77m held at the same time last year.
Approximately $22m of creditor payments included in the trade payables balance were also paid by July 31, 2025.
The business has also continued to make progress on its incoming South Auckland distribution centre, with $10.37m of capital expenditure injected into the project.
Duke said the project had gained “serious momentum” in the past six months, with the shell of the 320,000cu m facility now largely in place, with practical completion of the construction phase expected in early 2026.
A total of $14.85m of capital investment was made by the group during the year.
Duke said that two major store refurbishments were completed at Briscoes Homeware Westgate and Rebel Sport Henderson, installing elevated fixture suites, energy-efficient lighting, enhanced counters and improved Click & Collect facilities.
“We’re also very excited about the progress made in relation to Rebel Sports’ new flagship store at Mt Wellington which is on track to launch in November.
“We believe it will set a new benchmark for sports retail in Australasia, delivering a premium customer experience, supported by advanced technology, elevated product ranges, retail media integration, and dedicated customer experience zones.”
Duke said cost control would continue to be a focus, with ongoing cost inflation widely reported as another impediment to improving consumer confidence.
He explained that utility costs for the business have continued to climb, including increases to store rents, rates and power charges.
Adding to these costs are the group’s ongoing strategic initiatives, with additional spending going towards projects including electronic shelf-labelling, upgrades to its merchandise planning and its new Adobe online platform, which its team transitioned to during August.
“Looking ahead, we remain cautious about the retail environment. In the absence of a clear uplift in consumer confidence, the ongoing economic headwinds may result in a full-year npat [net profit after tax] closer to $60m.”
An interim dividend of 10c per share will be distributed on October 9, 2025.
The business will release its third quarter results on October 26, 2025.
Tom Raynel is a multimedia business journalist for the Herald, covering small business, retail and tourism.