Briscoe Group has had another record financial year as net profits rise to 59.4 million NZD or 26.5 cents per share.
Spending power has improved for the Kiwi consumer over the past year with interest rates at record low levels. Business commentator Warren Head picks apart the factors affecting retail shoppers, and takes a look at how Briscoe Group has remained so competitive.
Briscoe Group has beat its full-year forecast and increased its profit to $47.1 million in the year ending January 31, up almost 20 percent from $39.3 million the previous year. The company credited its success to inventory management and new technology that manages stock.
Two of New Zealand and Australia’s leading retailers saw a strong year in 2015 as they overcame increased pressure from international competitors and the drop in the exchange rate of the NZ dollar to record strong profits. Briscoe Group continues its golden run from the previous financial year, while Hallenstein Glasson Holdings also end its financial year with strong numbers, tipping 2016 as a potentially exciting year.
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Briscoe Group has announced its first-half profit increased 11 percent, but despite its success, Kathmandu shareholders aren’t biting. The retailer has revealed that it has gained just 2.3 percent of the 80.1 percent of Kathmandu shares it doesn’t own in its takeover attempt.