Briscoe Group has recorded near-record annual sales despite facing significant pressure on profit margins.
The retailer, which owns Briscoes Homeware and Rebel Sport, saw revenue remain steady at $791.5 million, just shy of last year’s $792.0 million.
However, net profit fell to $60.6 million from $84.8 million, impacted by a $7.4 million non-cash tax adjustment and the absence of dividends from its investment in KMD Brands.
Gross profit margins declined from 42.4% to 40.37%, and the full-year dividend dropped to 22.5 cents per share from 28.5 cps.
Managing Director Rod Duke acknowledged challenging trading conditions ahead but remained optimistic about a stronger second half, with hopes of a gradual economic recovery supporting profitability.
