Briscoe Group marks record profit in uncertain economic conditions

Tuesday, 12 March 2019

Briscoes Group had continued to grow despite tough economic conditions.

Briscoe Group has defied uncertain economic conditions and online rivals to post it's ninth record profit.

Group managing director Rod Duke said profits for its 2018 full year results had grown 3.37 per cent, with the company posting a net profit after tax of $63.39 million, up from the $61.32m posted the previous year.

'We are pleased to announce another record profit for Briscoe Group in a challenging retail market which continues to contend with erratic consumer confidence and economic indicators making customers even more determined than ever to seek true value for money,' Duke said.

Online sales had also increased, with Duke teasing a new online platform for later in 2019.

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Rod Duke, managing director of Briscoe Group said the company had posted it's ninth record profit, despite erratic consumer confidence.

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'Providing customers with an exceptional shopping experience whether it be through a physical store, via online, or both, is a major focus for us and critical in defending our market position against new and emerging competition,' he said.

'We will continue to focus on our online offering while maintaining our proven strategy of adding stores to our network as and when we identify suitable opportunities. Leveraging customer data and our own knowledge and experience, provides a rich platform for us to deliver an outstanding shopping experience for customers to access the best brands at the best prices.'

Duke said the company's customer service focus and distinctive brands resonated strongly with customers.

Briscoe Group Ltd included Briscoes Homeware, Living & Giving and Rebel Sport.

Last year, Duke announced the company would close its gaps in its coverage of Auckland with the addition of three new stores before the end of 2020.

The company had also opened two new Rebel Sport stores in 2018, one in Keri Keri and the other in Christchurch.

Briscoes Group chairwoman Dame Rosanne Meo said the results reflected the fact that customers recognised value for money products and good service.