Briscoe Group Ltd has lifted its adjusted same-store annual sales by just under 5% – sporting goods by 7%, homeware by 3.8%.
The company normally measures sales in 52-week periods, but the period to 31 January 2016 ran for 53 weeks because, every 5-6 years, it needs to realign its financial & calendar year-ends.
Sales for the 52 weeks to 29 January 2017 were $582.8 million, up from $552.9 million for the previous 53 weeks. Homeware sales rose 4.1% to $372.5 million, sporting goods by 7.85% to $210.3 million.
Adjusted same-store sales for the fourth quarter were 1.8% ahead – homeware up 1.5%, sporting goods 2.3%.
Unadjusted sales for the Group for the 13 week quarter ended 29 January 2017 were $188.9 million, a decrease of 2.15% on the 14 week quarter for the previous year. Homeware sales decreased by 2.16% to $123.2 million, while sporting goods sales were $65.7 million, a decrease of 2.12% on the fourth quarter last year.
Managing director Rod Duke said sales eased after 3 strong quarters. The final quarter had one week less, the Christmas trading period started more slowly and the weather was inconsistent.
“We made the decision early in the fourth quarter to protect gross profit & profitability by resisting the temptation to unnecessarily chase profitless sales. Our inventory is in good shape, stock-turn has improved on last year and, with the trend of recent summers finishing later, we are confident the decision was the right one.
“Gross profit margin percentage continues to be a highlight for the group and will finish the financial year significantly ahead of last year, despite the continued aggressive promotional activity across the retail markets in which we operate and the impact of increased product cost as foreign exchange cover taken in previous years was replaced with currency at less favourable rates.”
Mr Duke said online sales were over 40% up on the previous year.
The company expects to report a record full year net profit after tax of about $59 million, up 25% on last year’s reported $47.1 million. Excluding one-offs, full-year tax-paid group profit would still be up 19% at $56 million.
Briscoe expects to report its audited full-year result on 14 March.
Attribution: Company release.