Acknowledges competitive retail landscape.
Briscoe Group has reached a record net profit after tax (NPAT) of $29.34 million for the half year ended 29 July 2018. Total sales grew by 4.31% to $293.2 million and online channels are almost 9% of total group sales.
During the half year period, homeware sales increased 4.58% to $186.7 million. On a same store basis, homeware sales increased 2.28%.
Briscoe Group managing director, Rod Duke said, “Despite the ongoing competitiveness of the retail environment and increasing negative economic indicators testing consumer confidence, overall we are satisfied with the record sales and profit achieved for the first six months.”
The retailer has welcomed Fiona Stewart to the senior executive team as general manager for marketing and strategy. “Fiona has a strong marketing background and will help us to improve the way we focus on, and communicate with, our customers,” Duke said.
Progress was made on the build to replace the Group’s support functions in Auckland during the half. The new offices and retail space are on track to relocate by September 2019 before the temporary relocation of the existing Briscoe Homeware store to allow for its complete rebuild.
During the second half of the year, the Briscoe Homeware store at Northlands, Christchurch will relocate to the new North Link Retail Centre at Papanui where a new Rebel Sport store will open before Christmas 2018.
A lease agreement has been signed to establish new Briscoe Homeware and Rebel Sport stores in Mt Roskill, Auckland with scheduled openings by the end of 2019. A new Briscoe Homeware and Rebel Sport store at Silverdale, north of Auckland, are planned to commence trade in early 2020.
“The economic outlook for the second half remains uncertain with flagging consumer confidence, increased industrial action, record high fuel costs, increased wage pressures and a lower New Zealand dollar. Despite these challenges, we are confident that we have the right programs in place to continue to maintain market share and deliver quality products, services and shopping experiences,” Duke said.