Briscoes tips 25pc annual profit boost

Rod Duke. Photo / Brett Phibbs

Briscoe Group is heading for a 2011/12 annual net profit of no less than $27 million, an increase of 25 per cent over previous year's, thanks to a strong sales performance, the retail chain said today.

The company said its fourth quarter sales were up by 4.7 per cent over the fourth quarter of last year, and were up by 8 per cent over the year to January 29.

Sales for the 13-week period to January 29 came to $146m, up from $139.4m in the fourth quarter of last year.

On a same store basis the group's sales for the fourth quarter were 9.14 per cent ahead of the same period last year.

Homeware sales increased by 4.8 per cent to $101.6m while sporting goods sales increased by 4.6 per cent to $44.4m for the quarter.

On a same store basis, homeware sales increased by 10.7 per cent, while sporting goods increased by 5.7 per cent.

Managing director Rod Duke said the market responded favourably to the company's marketing initiatives during the lead up to, and throughout, the crucial Christmas trading period.

"While competition remained fierce across most retail sectors, which placed some strain on gross margins, sales for the group were consistently strong during December and also through January," he said in a statement.

The company is due to report its final result on March 9.

Briscoe shares last traded on Wednesday at $1.42.