Briscoe expects 64 per cent leap in first-half profit

Homeware and sporting goods retailer Briscoe Group is forecasting a half-year net profit of $46 million, up 64 per cent, following a boost in sales for the 26 weeks to August.

Briscoe yesterday reported unaudited sales of $358.4m for the first half, up 22.58 per cent, on the $292.4m for the same period a year ago, which was impacted by Covid-19 lockdown measures.

The group’s homeware segment lifted sales by 20.77 per cent during this period and the sporting goods segment, which included Rebel Sport, by 25.66 per cent.

The proportion of online sales came in at

16 per cent, compared to 11 per cent two years ago.

Briscoe Group is listed on the NZX and the ASX. The shares rose 25c, or 4.35 per cent, to an all-time high of $6 on the NZX yesterday.

Group managing director Rod Duke said the directors expected to release the halfyear profit results on September 14, including a declaration of an interim dividend.

The report also noted after the impact of Covid-19 lockdown during the first quarter of 2020 with 50 days of store closures, the second quarter saw a rebound effect.

“Second quarter was positively impacted by the unprecedented increased post-lockdown demand which continued for the remainder of the year,” the report showed.

“Under this more normalised comparison, the group’s half-year sales increased by

18.30 per cent, with the first quarter increasing by 14.94 per cent and then strengthening to an increase of 21.61 per cent for the second quarter,” said Duke.

Duke said it was still too early to forecast the result for the full year.