Briscoe Group has reported a 0.28% decline in group sales for the 48 weeks ended December 29, 2024.
Homeware sales decreased by 0.29%, while sporting goods sales were down 0.26%.
In the more recent nine-week period, homeware sales increased by 0.82%, while sporting goods sales decreased by 0.2%.
Group managing director Rod Duke attributed the subdued trading performance to a struggling economy and sluggish spending in the retail sector.
He said there had been no marked improvement in consumer confidence, despite decreases in the official cash rate.
Duke also noted that the highly competitive retail environment continued to put pressure on gross margins and bottom-line profit.
As a result of the trading performance in the first two months of the final quarter, Briscoe now expects its full-year net profit after tax to be greater than $66 million, but not to meet the previous range.
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