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.
I dont know the guy but Rod Duke is doing well at the helm. These are challenging times. He is still making profit, still in business and his model is popular with his customer base.
Many homeware products are not essential in this economy, Rod is making it work for his staff, company and shareholders.
Aussie owned companies do a better job than kiwi owned comapnies like warehouse. Woke slogans do not supplant consumer service. Warehouse is shyte really.
Breaking even in these times while annoying is an acceptable practice.