Briscoe Group, the homeware and sporting goods retail chain, will "easily exceed" last year's annual profit after third-quarter sales rose 4.5 percent on the strength of its sporting goods unit, maintaining momentum through the start of the year
Briscoe Group, the homeware and sporting goods retail chain, will "easily exceed" last year's annual profit after third-quarter sales rose 4.5 percent on the strength of its sporting goods unit, maintaining momentum through the start of the year.
The company expects annual profit ahead of the $33.58 million it reported in the 52 weeks ended Jan. 26, with gross profit outpacing the growth in sales in the third quarter, Auckland-based Briscoe said in a statement. Group sales rose to $108.2 million in the three months ended Oct. 26 from $103.5 million a year earlier, with same-store sales up 5 percent from 2013. The retailer's homeware sales rose 2.1 percent to $70.5 million in the period and sporting goods sales were up 9.2 percent to $37.7 million.
"We are very pleased with the group's performance across this third quarter in a market which continues to demand aggressive promotional activity to drive sales," said managing director Rod Duke. "We are certainly encouraged by our performance to date and are confident that the group's full-year tax-paid profit will easily exceed last year's tax-paid profit result of $33.58 million."
The retailer posted a 10 percent lift in first-half profit, and has previously said it's "cautiously optimistic" about the year ahead, without giving firm guidance on the annual earnings result.
Duke said all of the company's key performance indicators were ahead of the same period for the nine months to Oct. 26, and that the company is "optimistic in our outlook."
The shares last traded at $2.80, and have gained 17 percent this year. The stock is rated an average 'hold' based on three analyst recommendations compiled by Reuters, with a median price target of $3.
(BusinessDesk)
