What fuelled Briscoe Group’s (ASX:BGP) bumper Q4 sales

Summary

  • Briscoe Group Ltd (ASX:BGP) reported an increase of 18.29 per cent in unaudited sales for 13 weeks ended 26 January 2020.
  • While the homeware sales surged by 18.77 per cent to A$156.2 million, the sporting goods sales were up 17.47 per cent to A$91.9 million, compared to the fourth quarter last year. 
  • The total sales for 53 weeks (27 January 2020 to 31 January 2021) increased 7.47 per cent to A$701.8 million, above the A$653 million in the 52 weeks ended 26 January 2020. 

Briscoe Group Ltd (ASX:BGP) on Tuesday reported robust Q4 sales results for the period ended 31 January 2021. The Group announced unaudited sales worth $248.1 million for the 14-week quarter ended 31 January 2021, which was an 18.29 per cent spike over the 13-week quarter ended 26 January 2020.

While the homeware sales surged by 18.77 per cent to A$156.2 million, the sporting goods sales were up 17.47 per cent to A$91.9 million, compared to the fourth quarter (26 October 2020 to 31 January 2021) last year. 

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On a same-store same-day basis, the fourth quarter sales ended 31 January 2021 were 11.89 per cent above the corresponding period of last year. Similarly, the homeware sales climbed 12.62 per cent and sporting goods sales jumped10.68 per cent for the same quarter on the same-store same-day basis. 

The Group operates on a weekly trading and reporting cycle of 52 weeks for most years. 

Full-year results

The total sales for the 53-week period (27 January 2020 to 31 January 2021) increased 7.47 per cent to A$701.8 million, above the A$653 million in the 52 weeks ended 26 January 2020.  While the homeware sales rose 6.89 per cent to A$439.2 million, the sporting goods sales increased by 8.45 per cent to A$262.6 million in the given period.

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Company commentary

Commenting on the results, Managing Director Rod Duke said that the Group had smashed a milestone by clocking in sales surpassing A$700 million for the first time. Board Chair, Dame Rosanne Meo said that Briscoe was among the first major retailers to repay the government wage subsidy. 

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Stock performance

Shares of Briscoe Group were trading flat at A$4.02 on the ASX 200. The stock value has remained mostly unchanged this year.

READ MORE: Why Challenger (ASX:CGF) is on-track to meet its profit guidance

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