Briscoe Group Limited Reports Unaudited Sales Results for the Fourth Quarter and Full Year Ended January 29, 2017; Provides Earnings Guidance for the Full Year Ended January 29, 2017
February 02, 2017 at 01:45 am IST
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Briscoe Group Limited reported unaudited sales results for the fourth quarter and full year ended January 29, 2017. For the quarter, On a same store basis and adjusting for the additional week included in last year's final quarter, the Group's sales for the fourth quarter ended 29 January 2017 were 1.78% ahead of the fourth quarter for last year. On the adjusted same store basis, homeware sales increased by 1.52% and sporting goods sales increased by 2.27% for the same quarter. Unadjusted sales for the Group for the 13 week quarter ended 29 January 2017 were $188.9 million, a decrease of 2.15% on the 14 week quarter for the previous year. Homeware sales decreased by 2.16% to $123.2 million, while sporting goods sales were $65.7 million, a decrease of 2.12% on the fourth quarter last year.
The directors of the company announced sales for the 52 weeks ended 29 January 2017 of $582.8 million, being 5.42% above the $552.9 million reported for the 53 weeks ended 31 January 2016. For the 52 week period from 1 February 2016 to 29 January 2017, homeware sales increased by 4.09% to $372.5 million while sporting goods sales increased sales by 7.85% to $210.3 million against last year's 53 week year. The reason for the difference between the two years in relation to the number of weeks is that the Group operates on a weekly trading and reporting cycle of 52 weeks for most years with a 53 week year required once every five to six years to realign the financial and calendar year-ends, as was the case for 2015/16. On a same store basis and adjusting for the additional week included in last year's 53 week period, Group sales for the year ended 29 January 2017 were 4.94% ahead of the previous year.
For the full year ended January 29, 2017, the company is expecting to report a record full year Net Profit After Tax (NPAT) of around $59 million, an increase of approximately 25% on last year's reported NPAT of $47.1 million. Even excluding these one-off items, The company expects it would have been able to report a full year tax paid Group profit in excess of $56 million, representing an increase over last year of around 19%.
Briscoe Group Limited is a New Zealand-based non-trading holding company. The Company provides management services to its subsidiaries. The Company operates through two segments: Homeware and Sporting goods. The Company's principal trading subsidiaries are Briscoes (New Zealand) Limited, and The Sports Authority Limited, trading as Rebel Sport. Briscoes (New Zealand) Limited is a specialist homeware retailer selling branded products. Its product categories include bed, bath, electrical, kitchen, dining, laundry, home decor, furniture and storage, outdoor, travel, and heating. The Sports Authority Limited is a retailer of brands of sporting goods. The Company operates 47 Briscoes homeware stores, 43 Rebel stores, one distribution center, and One Auckland-based support center.
Briscoe Group Limited Reports Unaudited Sales Results for the Fourth Quarter and Full Year Ended January 29, 2017; Provides Earnings Guidance for the Full Year Ended January 29, 2017