29 Jan 2015

Briscoe Group lifts quarter sales

1:45 pm on 29 January 2015

Briscoe Group has lifted fourth quarter sales 2.92 percent, taking the annual increase to 4.86 percent, and says gross profit margins will be comfortably ahead of the previous year.

The company said net profit for the year ended late January would be no less than $39 million, an increase of at least 16 percent on the previous year.

Its managing director, Rod Duke, said recent reports from other listed retailers showed how tough trading conditions have been.

He said although the previous fourth quarter had been particularly strong, he was disappointed by the latest final quarter.

"Well, I think if you were to characterise our fourth quarter, which is November, December, January just passed, I would have characterised the performance as weather-related," he said.

Mr Duke said his company's online sales rose 50 percent in the year.

Meanwhile, the Bank of New Zealand said its survey showed online retail spending rose 12 percent in December, with domestic sales increasing 7 percent and overseas sales up 19 percent.

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