Briscoes quiet on Australia

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 chairwoman Dame Rosanne Meo told shareholders at the company’s annual meeting yesterday that Briscoe was joining a wave of NZX-listed 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.

The speculation, however, is that Briscoe is considering making another takeover bid for Kathmandu, a dual-listed outdoor clothing company.

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

An Australian listing promised greater visibility and a broader shareholder base, but many New Zealand companies had expanded across the Tasman ‘‘and returned home somewhat chastened’’.

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

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.

The company made a net profit of $59.4m, up 26 per cent on the previous year, but there was still a lot of work ahead, and quality would be the main means of staving off competition, he said. –Fairfax NZ