Briscoe Group (ASX:BGP) records slight increase in unaudited sales

• New Zealand retailer Briscoe Group (BGP) records a slight increase in unaudited sales of $744.4 million for the 52-week period to January 30
• This is a 6.08 per cent increase over the $701.8 million recorded for the 53-week period last year and a 7.97 per cent increase for the 52-week period
• Additionally, the company’s homeware segment saw sales increase by 4.93 per cent and its sporting goods sales grew eight per cent
• Briscoe expects to report its full year results on March 16 and estimates a full year net profit after tax of roughly $87 million
• Shares in Briscoe have been trading at $4.84 since December 23

New Zealand retailer Briscoe Group (BGP) has recorded a slight increase in unaudited sales of $744.4 million for the 52-week period to January 30.

This is a 6.08 per cent increase over the $701.8 million recorded for the 53-week period last year and a 7.97 per cent increase for the 52-week period.

Briscoe’s homeware segment saw sales increase by 4.93 per cent and the sales of its sporting goods grew eight per cent.

For the Q4 period from November 1 to January 30, unaudited sales totalled $247.6 million, down a slight 0.22 per cent from the same period last year.

Homeware sales decreased 3.42 per cent in the quarter while sporting goods sales increase 5.21 per cent.

“Amidst the turmoil, uncertainty and continuing disruption of the pandemic, Briscoe Group has had an outstanding final quarter which will, once again, result in record full year sales and profit,” Managing Director Rod Duke commented.

“I’m thrilled that the Group has returned a sales lift of nearly 5% for this quarter when adjusted for last year’s additional week of trading.

“Part of this year’s success has been our focus on ensuring the business has had sufficient inventory to satisfy demand. With the uncertainty around national and international supply chains we committed to a strategy of securing product often months in advance of traditional timings, to minimise the wide-spread and widely reported, supply chain disruptions.”

Briscoe expects to report on its full year results on March 16 and has estimated a full year net profit after tax of roughly $87 million.

Shares in Briscoe have been trading at $4.84 since December 23. The company has a $1.07 billion market cap.