Briscoe Group Limited Reports Unaudited Sales Results for the Fourth Quarter and Full Year Ended January 29, 2017; Provides Earnings Guidance for the Full Year Ended January 29, 2017
The directors of the company announced sales for the 52 weeks ended 29 January 2017 of $582.8 million, being 5.42% above the $552.9 million reported for the 53 weeks ended 31 January 2016. For the 52 week period from 1 February 2016 to 29 January 2017, homeware sales increased by 4.09% to $372.5 million while sporting goods sales increased sales by 7.85% to $210.3 million against last year's 53 week year. The reason for the difference between the two years in relation to the number of weeks is that the Group operates on a weekly trading and reporting cycle of 52 weeks for most years with a 53 week year required once every five to six years to realign the financial and calendar year-ends, as was the case for 2015/16. On a same store basis and adjusting for the additional week included in last year's 53 week period, Group sales for the year ended 29 January 2017 were 4.94% ahead of the previous year.
For the full year ended January 29, 2017, the company is expecting to report a record full year Net Profit After Tax (NPAT) of around $59 million, an increase of approximately 25% on last year's reported NPAT of $47.1 million. Even excluding these one-off items, The company expects it would have been able to report a full year tax paid Group profit in excess of $56 million, representing an increase over last year of around 19%.