Briscoe Group reports record full-year sales of $792m

The news: New Zealand retailer Briscoe Group reported record full-year sales of $792 million, up 0.7% on the year prior.

The numbers: Briscoe said it expects net profits after tax (NPAT) to be above $83 million. However this is only 94% of calendar year 2023's NPAT. Homeware sales and sporting goods sales led the way with 0.5% and 1.2% growth respectively, while online sales totalled 18.7% of all sales.

The context: Retail sales in the last year has been challenged by weaker economic conditions and Briscoe expects this to continue into 2024. Briscoe Group managing director Rod Duke said the firm was not underestimating how difficult trading would be in the coming year.

What they said: "Our business model has again demonstrated how relevant and flexible it is irrespective of existing economic conditions. The team’s focus on improving critical performance measures through enhanced process and technology continues to translate into improved sales, gross profit, inventories and ultimately, customer experience," Duke said.