Briscoe Group (ASX:BGP), a dual-listed entity on the NZX and the ASX, has released its trading performance update for the 48 weeks ended Dec. 29, 2024.
The company reported a slight decline in sales across its homeware and sporting goods segments compared to the previous year.
The homeware division experienced a small year-on-year sales decrease of 0.29%, whereas sporting goods sales fell by 0.26%.
Overall, the group’s sales decreased by 0.28%, reflecting ongoing challenges in the retail environment.
"In line with recent reports highlighting a struggling economy and sluggish spending across retail, we are yet to see any marked improvement in consumer confidence," stated Rod Duke, Group Managing Director of Briscoe Group.
Despite these challenges, Duke acknowledged that finishing the year at 99% of last year’s record full-year sales remains significant.
However, he noted that the full-year net profit after tax would not meet earlier projections but should exceed $66 million.
The revised forecast excludes a non-cash tax adjustment of $7.4 million previously announced due to tax policy changes by the government.
Briscoe Group is a New Zealand-based non-trading holding company that provides management services to its subsidiaries. The company operates through two segments: homeware and sporting goods.