Briscoe Group, a retailer specialising in homewares and outdoor equipment, reported an after-tax profit of $33.21 million for the six-month period ending July 28, 2024. The company, which operates the Briscoes and Rebel Sport retail chains, achieved record sales of $372 million during the first half of its current financial year, marking a 0.77% increase from $369 million in the same period last year.
Despite the sales, Briscoe Group’s net profit fell by 22.3% to $33.21 million, down from $42.75 million in 2023.
This decline was influenced by a one-time tax adjustment of $7.37 million from recent changes in tax regulations.
Briscoe Group Chair Dame Rosanne Meo commended the company’s impressive results, stating that it was “an outstanding performance in a market that continues to be very challenging.” Over the past two years, major retailers have faced challenges with declining sales due to weak consumer demand and a lack of confidence.
The company also highlighted that its online business maintained strong performance, now accounting for nearly 19% of total group sales.
Briscoe Group managing director, Rod Duke, said the results are still commendable, considering the current economic conditions.
“Optimising gross profit while maximising sales is a constant focus for the team, and they have done a terrific job this half in enhancing the promotional events for seasonal products, particularly sporting goods, to increase sell-through and protect margins,” Duke said.
He also expressed that the group remains cautious regarding the challenging retail landscape but is optimistic that the Reserve Bank’s reduction of the official cash rate indicates a potential change.
“I am confident about the group’s ability to deliver a strong result in what is unquestionably the most challenging retail environment we have seen for some considerable time.”
“We are hopeful that the recent announcement of a lower OCR will mark the beginning of improved consumer confidence and improved retail spend.”
