Briscoe Group Limited has announced a near record net profit after tax of $84.2 million for the year ending January 28, 2024.
The group, which runs both Briscoes and Rebel Sport, said the profit is close to the $88.4 million record set last year, despite tough economic headwinds facing the retail sector.
Sales revenue was $792 million, representing an increase of 0.78% on the $785.9 million generated for the previous year.
The announcement comes weeks after vacuum retailer Godfreys went into voluntary administration, and The Warehouse Group sold outdoor brand Torpedo7 for $1.
Briscoe Group managing director Rod Duke said they are "delighted" at their result, despite the environment which “has seen many retailers struggling to hold their ground".
"It’s significant that the Group was able to grow sales across both the first and second halves as well as across each of the trading segments, homeware and sporting good."
Online business for the group represented 18.72% of sales. Duke said the business is continuing to expand this space, with additional payment and delivery options to come later this year.
The group said other projects have contributed to the business’ profitability, including the ongoing introduction of expanded ranges of new products online which are shipped direct from suppliers to customers and electronic shelf labelling to be introduced in both Briscoes Homeware and Rebel Sport stores after completion of successful trials.
"Looking forward, we remain cautious as to the retail environment with ongoing uncertainty in relation to economic conditions, customer sentiment and cost pressures. We do not underestimate just how challenging trading could be but are very confident in relation to the Group’s ability to continue to perform and deliver superior results."
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