7 Mar 2013

Record profit reported by Briscoe Group

7:47 pm on 7 March 2013

Briscoe Group has reported a record full year profit following a strong performance from its Rebel Sport brand, and focusing on inventory management and cost controls.

Profit rose 10.86% to $30.47 million dollars in the year to January, compared with the same period a year ago.

Gross earnings rose 11.74% to almost $41 million. Total sales for stores open longer than a year rose 2.59%.

The group owns the Briscoes, Rebel Sport and Living & Giving chains.

Managing director Rod Duke said the result reflects a range of initiatives implemented, including expanding its online operations.

However, he said shoppers remain prudent, and the company's still having to discount to attract customers.

Mr Duke said that a high New Zealand dollar has made the cost of goods cheaper, while it's kept tight control of stock levels and costs.

Briscoes will pay a dividend of seven cents per share.

Briscoe's shares rose 10 cents, or 4%, to $2.40 on Thursday.