Photo: Hazel Redmond Photographer
Retailer Briscoe Group has delivered a steady profit as margins came under pressure, while it made record full-year sales.
Key numbers for the 12 months ended January 2025 compared with a year ago:
- Net profit $59.2m v $60.6m
- Revenue $798.8m v $791.5m
- Gross profit margin 39.2% v 40.4%
- Final dividend 10 cents per share v 10cps
Managing director Rod Duke said delivering record sales in a year of weak consumer sentiment was "an outstanding result".
"While gross margin remained under pressure due to a highly competitive retail environment, we continued to focus on disciplined execution - balancing sales performance and gross profit margin, controlling costs and maintaining excellent inventory outcomes," he said.
Briscoes homeware sales increased by 1.4 percent to $496.8 million, and Rebel Sport sales were marginally higher at $302.1m.
"To deliver positive full-year growth across both segments and achieve another record sales outcome is a terrific result, reflecting the strength of our brands, their value proposition and the quality of execution by our teams across stores, online and support functions," Duke said.
The group's online business continued to improve, with online sales representing 20 percent of sales.
Briscoes also remained focused on cost control.
"Cost control continues to be an integral part of managing the business and the year has closed with total store and overhead costs only 1.2 percent higher than the previous year," Duke said.
He said he "[does] not underestimate how challenging the retail environment is likely to remain in the near term".
"Recent geopolitical disruption in the Middle East has the potential to place renewed pressure on fuel prices, with flow-through impacts on inflation, operating costs and consumer sentiment across the New Zealand economy," he said.
"Notwithstanding these near-term headwinds, we are excited about the potential for our initiatives to drive meaningful benefits over time."
Duke expected the initiatives to support profit growth over the next three-to-four years, and was targeting a return to record profit levels.
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