Briscoe Group Half Year Sales Announcement

Briscoe Group Limited (NZX/ASX code: BGP) has announced unaudited record half year sales of $372.1 million for the 26-week period ending 28 July 2024, representing a 0.77% increase from the same period last year. The company's homeware segment saw a sales increase of 0.28%, while the sporting goods segment experienced a 1.58% growth. Online sales accounted for 18.77% of the Group's total sales, reflecting a positive trend in the digital retail space. The Group's inventory levels were approximately 10% lower than the previous year, and the underlying trading NPAT is expected to be around 94% of last year, not less than $40 million.

Executive Commentary on Half Year Sales Performance

We're pleased with the record sales we've produced for this first half. To achieve positive sales growth for both the second quarter and for the first half, given the current challenging economic environment which continues to impact consumer confidence and retail spending, is a significant performance for the Group. Our online channel continues to perform well also closing with positive sales growth for the first half. Online sales represent 18.77% of Group sales compared to 18.33% at the close of last year's first half and we continue to improve both the front and back-end operations. Gross profit margin remains a major focus for the Group, and we continue to see pressure as the impacts of the economic downturn are felt. We expect the gross profit margin percentage for the first half to be around 100 basis points below last year.

Summary of Briscoe Group's Half Year Sales and Outlook

Briscoe Group Limited (NZX/ASX: BGP) has reported a record half year sales of $372.1 million, with positive growth in both the homeware and sporting goods segments. The company's online sales share has increased to 18.77% of total sales, reflecting a strong performance in the digital retail space. Despite challenges posed by the economic environment, the Group's focus on inventory levels and cost control has resulted in a 10% reduction in inventory compared to the previous year. The underlying trading NPAT is expected to be around 94% of last year, not less than $40 million. Briscoe Group is set to release its half-year results on 11 September 2024, including the declaration of an interim dividend. The company remains optimistic about its performance and is committed to navigating the challenges posed by the economic conditions.