Briscoes quiet on Australia expansion

The long shadow of Amazon has reached homeware and sporting goods retailer Briscoe Group, which is seeking a dual listing on the Australian stock exchange.

Briscoe’s chairwoman Dame Rosanne Meo told shareholders at its annual meeting yesterday that Briscoe was joining a wave of NZXlisted companies taking advantage of a rule change which permitted a ’’foreign exempt’’ listing on the ASX.

‘‘Our motivation to seek the listing does not reflect any immediate expansion initiative,’’ she cautioned.

There is speculation, however, that Briscoe is considering making another takeover bid for duallisted Kathmandu.

Meo would say only that ‘‘overseas markets represent an opportunity to take our business up a level’’.

Many New Zealand companies had expanded across the Tasman ‘‘and returned home somewhat chastened’’.

Australia offered potential for growth but it was also about to become a base for mega-online retailer Amazon and European retailer Decathlon.

‘‘They and others will provide us with a stern test of our capabilities and the full range of products and services we provide – online and in-store,’’ Meo said.

Managing director and major shareholder Rod Duke said the company had been affected by November’s Kaikoura earthquake, closing its Living & Giving store in Queensgate for good and affecting other stores in Wellington and the upper South Island.

Briscoe closed the year in a strong position, with $60 million in cash, no interest-bearing liabilities and net assets of more than $200m.