Briscoe warns accounting change and margin squeeze may knock profit

Sun, 05 May 2019

By Paul McBeth May 6 (BusinessDesk) - Briscoe Group says it may struggle to deliver another record profit as accounting rule changes reduce earnings already facing a squeeze from higher wages and increased costs. Accounting rule changes to how firms can treat leases reduced net profit by $600,000 in the three months ended April 28 and will continue to do so throughout the year. However, Briscoe stressed there was no cash impact on the retailer. Even before the accounting changes, the retailer's bottom line was under pressure, with a...

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