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Briscoes expecting record profit after merry Christmas season

Radio New Zealand logo Radio New Zealand 11/02/2019

One of the country's largest listed retailers is expecting a record profit after it had a strong Christmas shopping season.

Briscoe Group, the owner of Briscoes Homewares, Living & Giving and Rebel Sport, is forecasting a $63 million net profit, following 5.8 percent growth in sales in the last quarter of 2018.

The homeware chain was the key factor in group revenue rising 4.4 percent for the year to $631.9m.

Briscoes' managing director Rod Duke said the result was an outstanding achievement in a difficult retail market.

"From what I hear around the industry, it was quite difficult out there."

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Mr Duke said the company's ninth consecutive year of positive earnings growth came down to two things, done well.

"I think pricing and product has everything to do with it," he said.

Briscoe spent a lot of money and time surveying consumers, to understand what products they wanted, and what prices they were willing to pay, he said.

"We understand trends, the way people are thinking, the merchandise they expect from us, the promotions that they want."

Briscoe will release its full financial year result and dividend payout in March.

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