Briscoe Group has had another record financial year as net profits rise to 59.4 million NZD or 26.5 cents per share.
In the 52 weeks ended January 26, the report stated that the retailer widened gross margins to 41.07 percent from 40.49 percent in 2015 and 38.9 percent the year before.
Briscoe Group who owns Briscoes, Rebel Sport, and Living and Giving are reportedly remaining cautiously optimistic about the next financial year according to Rod Duke, industry chief executive.
“The focus we place on managing and improving our retail brands underpins our strong profit growth of recent years as we continually drive to improve the way we do things in every area of the business."
Rod Duke, industry chief executive
Duke said the result was an increase of 77 percent on the result from three years ago at an annual growth rate of 21 percent for the same period.
“The relatively late start to summer and unsettled weather patterns in most parts of the country made the selling of seasonal products a little tougher, but by identifying the issues quickly and holding our nerve, we have sold through seasonal stocks at an acceptable rate, protecting both margin and our closing inventory position," Duke said.
In a time when homeware store obsession is at its peak, it is no wonder that Briscoes increased their sales by 40 percent. Accounting for six percent of the retailers cool $582.8 million in revenue.
The Briscoe Group board declared a final dividend of 11c per share, payable on March 31, taking the annual payout to 18c, up from 15.5c last year and 14c the year earlier.