HomeNEWSBriscoe Group’s forecast comes true: annual profits grow by 17 percent

Briscoe Group’s forecast comes true: annual profits grow by 17 percent

Overall, sales rose 4.9 percent to $507.1 million. Managing director Rod Duke says it’s a record profit for the company.

The retailer introduced new technology to stores to manage its stock, improved its store layouts, improved its inventory management and increased the quality of its product ranges over the past year.

A strong New Zealand dollar also helped increase its profits.

Sales across Briscoe’s 46 stores increased by 3.5 percent to $337.2 million. The homeware stores cover a whopping 95,787 square metres nationwide.

Rebel Sports’ sales made a strong showing, increasing by 8.3 percent to $169.9 million. The sports stores’ total floor space covers 53,993 square metres.

Duke says Briscoe Group is cautiously optimistic about the coming year.

“While many commentators are talking up the outlook for the New Zealand economy we anticipate a continuation of recent challenges for retailers,” he says.

However, he says with the initiatives in place and the positive start to the year, Briscoe Group will continue to be New Zealand’s leading retailer of homeware and sporting goods.

Duke says brand new, state-of-the-art stores in Queenstown, Westgate in Auckland, and Hornby in Christchurch which are yet to be opened will also drive profits up.

There are also major refurbishments planned for Briscoes Homeware stores in Invercargill and Gisborne, while stores in Hamilton and Taupo will be relocated to larger sites.

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