11 Dec 2020

Shareholder bonus after record sales help boost Briscoe profits

11:53 am on 11 December 2020

The retailer Briscoe Group is going to pay shareholders a special dividend as sales leading into Christmas are outpacing last year's.

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Photo: RNZ

The homewares and Rebel Sport retailer said trading had been strong, with the full year net profit for the year to 31 January expected to beat 2020's $62.6 million.

Group managing director Rod Duke said the company had recovered from the Covid lockdowns and was in the position to pay shareholders a special dividend of 6 cents a share, which would be in addition to the full year dividend to be announced in March.

"Our Black Friday promotions produced record sales for the group, which augurs well for trading in the lead-up to Christmas and through to our year-end on 31 January 2021," he said.

The group's cash position was strong as a result of the previously cancelled $28m dividend, back in March and it had also repaid all of the $11.5m government wage subsidy it received during the first lockdown period.

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