9 Mar 2012

Record profit for Briscoe Group

9:21 pm on 9 March 2012

Listed retailer Briscoe Group has reported a record profit despite a difficult retail environment.

The owner of the Briscoes, Rebel Sport and Living and Giving chains, made $27.5 million in the year to January.

This is a rise of 27% on the previous year.

Same store sales at its homeware shops rose more than 7%, while Rebel Sport sales rose just over 9% during the period, as the Rugby World Cup boosted sales.

Total sales rose about 4.5% to $438 million.

Briscoe Group's managing director, Rod Duke, says recent restructuring, and additional merchandise and financial systems, are paying off.

Mr Duke says the group has leveraged off big events such as the Rugby World Cup, and the high dollar has also helped.

He says its new Briscoes store in central Christchurch should be complete later this year.

Briscoe Group will pay a total dividend of 10 cents a share, up 1 cent on the previous year.

Shares closed up 6 cents, to $1.53, on Friday.