Briscoe Group and Hallenstein Glasson end the financial year on a high

  • News
  • February 9, 2016
  • Ahmed Bashir
Briscoe Group and Hallenstein Glasson end the financial year on a high

Hallenstein Glasson has had a strong year in total, recording a net profit after tax for the 12 months to 1 August 2015 of $17.4 million. This represents a 21.7 percent increase over the corresponding previous year. 

In similar fashion, Briscoe Group Limited recorded very strong year-end figures, with a pleasing 9 percent increase in group sales from last year's figures. Managing director Rod Duke said, “We are delighted with the group’s overall performance for the final quarter of the year.” He later highlighted the group’s forecast of a record full-year profit of $46.5 million. This represents an 18.3% increase in the previous year’s $39.3 million.

Hallenstein Glasson and Briscoe Group both recorded overall profit, but how well did their retail brands do individually? 

Briscoe Group had a strong year across both Rebel Sports and Briscoes. Both recorded strong increases in sales: Briscoes saw a 6 percent sales increase, while star player Rebel Sports continued its golden run with a rise in sales of nearly 15 percent.

The NZX credits Briscoe Group’s high performance to its previous year investment in inventory management “with initiatives such as the stock receipting project..implemented throughout all Briscoes Homeware and Rebel Sports stores, which further streamlined the supply chain process”. A move that minimized the effect that increased competition had in other retail markets.

Unlike Briscoe Group, Hallenstein Glasson had mixed results when analysing the results of its two major brands (Hallensteins and Glassons) separately.

In 2015, the Hallenstein Brothers NZ chain had a very strong year, with full year sales growing by 6.8 percent while the net profit after tax increased by 29.4 percent from the previous year. This was boosted by the now “substantially completed” key store refurbishment program.

However, not all was good news for Hallenstein Glasson. Last year was very disappointing for the Kiwi arm of its womenswear label, Glassons, as it recorded a loss of 16.5 percent in profit after tax compared to the previous financial year. In his chairman's report, Warren Bell said: “Changes in management during the year saw a disruption to the momentum Glassons were experiencing in the earliest part of the year.”

Bell forecasts that the main challenges facing Hallenstein Glasson are increased competition in the retail markets, along with the possibility of margin pressure wrought upon retailers by falling NZ and Australian dollars. These two challenges are relevant to the rest of the Kiwi retauil industry, too.

The positive response from Briscoe Group’s successful investment in inventory management and Hallenstein Glasson Holdings investment on new store fit-outs has shown that these retailers are up for the increased competition and challenges in the 2016/2017 financial year.

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