BGR - Briscoes Valuation

[sb9]

Impressive.Briscoes
Full year Online sales as mix of total Group sales, 21.47%
• Full year Online sales growth, +21.01%
Not so impressive.Michael Hill.
• Sustained growth in digital – Further deployment of omni-channel initiatives delivered an increase in sales and
margin for the quarter, resulting in a 28% increase in digital sales. Year to date, digital represented 8.2% of total
sales (FY21: 6.3%).

My comment.
MHJ's online sales representing just 8.2% of total sales reminds of of my school reports."This boy does not understand the subject,and must work harder."

Just imagine what would MHJ sp be if online sale were to be >20%...I agree with Rawz here, which one has more underlying potential to realise?

[percy]

Just imagine what would MHJ sp be if online sale were to be >20%...I agree with Rawz here, which one has more underlying potential to realise?

Potential .
Well so far their online sales record is hopeless.
They need to engage some one like Estar on line to get their online channel working.They have a proven record.Check out their clients,who include Briscoes at.www.estaronline.com

[winner69]

MHJ will show them all up when they start their marketing in the metaverse initiative ..... without you guys just dreaming about this 20% plus of sales being online

[LaserEyeKiwi]

I’m not sure many people want to buy jewelry worth hundreds or thousands of dollars without seeing it in person. Have you lot never seen a women shop for jewelry before? It’s usually a long LONG long process of trying on different ones and comparing them side by side and getting the sizing right etc.

[percy]

I’m not sure many people want to buy jewelry worth hundreds or thousands of dollars without seeing it in person. Have you lot never seen a women shop for jewelry before? It’s usually a long LONG long process of trying on different ones and comparing them side by side and getting the sizing right etc.

I think you maybe right,yet they choose/ buy shoes, dresses, husbands,and even houses on line.

[nztx]

SP price up 40% today on recent results ?

or Not, or maybe next week ? :)

HLG still ahead in the race by looks :)

[Waltzing]

"metaverse initiative "

apparently someone need urgent legal representation after their first beta experience in Meta's immersive platform. Bit of worry since meta data runtime scripting is now all the rage..

once your in the verse image the problem you going to have preventing a complete history of your deeds and thoughts being held against you.

even now your financial data has been mined in ways you cant imagine. Your ID is stripped from your accounting data and thats why ON LINE accounting and shopping make you the GOLD to be mined in the future.

Your more valuable than any Itty Bitty Coins.

[winner69]

Briscoes going to make $87m on $745m of sales

WHS should make a bit more (maybe) on $3.400m of sales

Pretty amazing eh

[Waltzing]

BRIS : Amazing.

Its still a BUY even after you ignore all the fancy NOVXYZ formulas.

[Sideshow Bob]

What was there jingle, "Briscoes you'll never buy better"

Full Year Results Announcement - NZX, New Zealand’s Exchange (https://www.nzx.com/announcements/388911)

Highlights for the full year ended 30 January 2022:
• Total sales $744.4 million, +6.08%
• Gross profit $340.6 million, +10.92%
• Gross profit margin 45.76% vs 43.76% last year
• Online sales growth, +21.01%
• Online sales as mix of total Group sales, 21.47%
• Net profit after tax (NPAT) $87.9 million, +20.10%
• Final Dividend 15.5 cps
• Total Dividend for the year 27.0 cps,+20.0% (excluding the special dividend paid in December 2020).

[Waltzing]

nice . why would you not have some.

Div has really gone skyward.

[winner69]

nice . why would you not have some.

Hopefully Rod will 'turn around' the sales decline that has occurred over the last 3 quarters ..... annualsales down 5% since April last

Look forward to his next sales update

[Waltzing]

margin was up winner(n) and sure people bought up while locked down pushing up sales higher than normal.

if they keep this DIV up they have out performed.

Dont see sales increasing at the same vol as in the big stay home.

If this is the new normal for them then its a BUY and HOLD again!!!

of course who did not have some already.

WHS was a sell but this was not.

Essentially its a whopping special DIV!

and a lot of people are STILL in the HUT!

its still WFH (work from home).

[Muse]

Hopefully Rod will 'turn around' the sales decline that has occurred over the last 3 quarters ..... annualsales down 5% since April last

Look forward to his next sales update





Methinks the market is assuming that that this year will be about the 73m .... and nowhere near the touted $85m


w69 what the bloody hell happened - I thought you said in January this was going to do 73m ? and today we get the actual result of $87.9m (my pick in january was $87m) ?
that is a rare blemish on your otherwise pristine strike rate
(sorry mate couldn't help myself :)

[percy]

Another incredible result driven by their outstanding performance of [ Estar driven ] online sales.21.47% of total sales.

Highlights for the full year ended 30 January 2022:
• Total sales $744.4 million, +6.08%
• Gross profit $340.6 million, +10.92%
• Gross profit margin 45.76% vs 43.76% last year
• Online sales growth, +21.01%
• Online sales as mix of total Group sales, 21.47%
• Net profit after tax (NPAT) $87.9 million, +20.10%
• Final Dividend 15.5 cps
• Total Dividend for the year 27.0 cps,+20.0% (excluding the special dividend paid in December 2020).

[Rawz]

Are BGP at peak margins? (i dont know).

One of the reasons I sold majority of MHJ holding was because margins were nearing long term peak. Must revert back to the mean at some stage

[Sideshow Bob]

Are BGP at peak margins? (i dont know).

One of the reasons I sold majority of MHJ holding was because margins were nearing long term peak. Must revert back to the mean at some stage

Probably more the question is whether margins are sustainable??

I don't know the answer to that either....;)

[Muse]

Are BGP at peak margins? (i dont know).

One of the reasons I sold majority of MHJ holding was because margins were nearing long term peak. Must revert back to the mean at some stage

probably near or at I'd say

BGR are still implementing their change in procurement, logistics and pricing programme which they have been conducting with KPMG so most of their margin enhancement has been from operational enhancements rather than macro factors (aside from currency). But I'd say the bulk of that is done or has been implemented.

Then we have the weaker dollar which will full through once hedges run off & are replaced. And we have input inflation.

Briscoes have changed their promotional strategy which has resulted in stronger pricing offsetting (or more than offsetting) input inflation. Given they sell mainly branded goods they should be able to keep pricing up with inflation.

Below the GP line inflation remains on their fixed labour costs. But it's the eroding discretionary wages and the impact on the consumer demand that worries me with briscoes. On other retailers I worry about that but also their margin performance which has been woeful compared to briscoes.

Probably a high watermark for briscoes for a few years. Most other retailers had their high watermark in FY21 ex MHJ.

[percy]

probably near or at I'd say

BGR are still implementing their change in procurement, logistics and pricing programme which they have been conducting with KPMG so most of their margin enhancement has been from operational enhancements rather than macro factors (aside from currency). But I'd say the bulk of that is done or has been implemented.

Then we have the weaker dollar which will full through once hedges run off & are replaced. And we have input inflation.

Briscoes have changed their promotional strategy which has resulted in stronger pricing offsetting (or more than offsetting) input inflation. Given they sell mainly branded goods they should be able to keep pricing up with inflation.

Below the GP line inflation remains on their fixed labour costs. But it's the eroding discretionary wages and the impact on the consumer demand that worries me with briscoes. On other retailers I worry about that but also their margin performance which has been woeful compared to briscoes.

Probably a high watermark for briscoes for a few years. Most other retailers had their high watermark in FY21 ex MHJ.

Think online..............They have that sorted.
Funny that while online sales are increasing so is their margin.
Correlation.?.....Must be ..

[Muse]

Think online..............They have that sorted.
Funny that while online sales are increasing so is their margin.
Correlation.?.....Must be ..

correlation? yes. causation? dunno.
but they do have their online sorted that's for sure. estar has been a magnificent platform for them.

it's interesting to think about the margin impact a growing mix of online sales

for the generic retailer they still largely retain the fixed costs associated with the store network. albeit if online cannibalises existing customers (rather than attracting incremental customers) they might be able to operate with a FTE or two less staff.

and if it is existing customers who know the product the customer acquisition costs (CAC - google ads, insta/FB ads, etc) will be very low.

the incremental costs are probably fulfillment and higher level of returns. Returns are terrible for retail - high touch to process, a surprising number of goods get damaged in the restocking, etc. Not so bad for hardgoods but horrific costs for apparel - a number of retail companies actually have very high discard rates for apparel which increases their COGS and kills GP.

for ecommerce growth through new customers the CAC cost is more significant. and CAC costs for retail are rising through the roof particularly in australia. all retailers are rushing online and all bidding up adword costs at the same time. paid search as a proportion of total search has risen steeply over the last 18 months. It's not possible to get industry aggregates but there are a few ASX listed bellweathers I follow where you can work them out. RBL has seen its CAC costs rise at a 20.5% CAGR the last 3 years, and TPW 22.4% last 2 years.

Data privacy laws in Australia are also changing with some big changes to yet to come which will make online advertising less effective and ultimately more expensive. This isn't so much an issue for briscoes but it's a huge issue for glassons in australia. One could say the correlation between HLG's online growth and eroding margins has more levels of causation - but it could also be due to them being sloppy on procurement and AIRFREIGHTING 30 buck garments around.

[Waltzing]

"Another incredible result"

when the venerable MR P states this . Its almost a hit it out of the park? Or a 6 into the stands?

high water mark or not its under priced even with inflation still surging and a weaker NZ dollar.

But who says agri prices are going to weaken and the dollar weaken. NZ is not a basket case yet.

Although a complete restructure is needed along with an infrastructure bank and laws to protect local and regional assets.

This is not WHS.

Almost worth printing it out and blue tacking it to the white board... result of the month.

[Waltzing]

seeing a shallow bowl shape chart over 5 years here winner(*n).

underlying support moving up left to right on the long base line 2017.

A dip down and then a shallow upward trend line ending in support at mid to upper 5's.

[winner69]

seeing a shallow bowl shape chart over 5 years here winner(*n).

underlying support moving up left to right on the long base line 2017.

A dip down and then a shallow upward trend line ending in support at mid to upper 5's.

Bowls on sale next weekend I’m told

[Waltzing]

looking for some cups and sources....

[Snoopy]

seeing a shallow bowl shape chart over 5 years here winner(*n).

underlying support moving up left to right on the long base line 2017.

A dip down and then a shallow upward trend line ending in support at mid to upper 5's.


Bowls on sale next weekend I’m told

Big unfulfilled demand out there to get around the 'barber ban' for the unvaccinated. Mothers can't do a decent haircut on their kids without possessing the right sized bowl ;-P

SNOOPY

[Waltzing]

imagine they will have VR experiences at their stores soon..

try this set of cups and sources out on your dinning table..

[Recaster]

My take on this company with regard to the interim statements to 1 August, 2021:

https://recastinvestor.substack.com/p/basic-analysis-briscoes-group-bgpnzx

[Recaster]

My take on the latest very good result for Briscoes for the period ending 30 January, 2022. They had a good year with higher profits, improving shareholders' funds and the KMD Brands write-down in now in the rear view mirror:

https://recastinvestor.substack.com/p/update-briscoes-group-bgpnzx

Please leave likes, comments or suggestions if you wish. Always appreciated. Thanks.

[Waltzing]

if they can get the DIV up to 30 then SP will hit well into the 6's.

[Snow Leopard]

My take on the latest very good result for Briscoes for the period ending 30 January, 2022. They had a good year with higher profits, improving shareholders' funds and the KMD Brands write-down in now in the rear view mirror:

https://recastinvestor.substack.com/p/update-briscoes-group-bgpnzx

Please leave likes, comments or suggestions if you wish. Always appreciated. Thanks.

With regard to your speculation about the 52 / 53 week thing:

Retail companies historically did the books every Sunday and this carried over into the annual accounts being for a complete number of weeks usually 52, but every few years there is a leap week to keep the balance date around about the same time every year.

Both BGP & WHS still do it this old fashioned way.

There is nothing sinister going on.

[Recaster]

Thanks for clarifying that. Didn't mean to suggest anything untoward was occurring; it just seemed odd to me.

It's one of the things we were taught to watch for when analysing US stocks as explained in the well-known 'Financial Shenanigans' book.

Do you mind if I change my analysis to include your explanation?

[Muse]

nice fat briscoes dividend arrived today
enough to offset my entire unrealised loss this year on harmoney lol

[Rawz]

nice fat briscoes dividend arrived today
enough to offset my entire unrealised loss this year on harmoney lol

Lol.. Now go bid up HMY SP with the BGP divvy would ya.

[Muse]

Lol.. Now go bid up HMY SP with the BGP divvy would ya.

no way i'm not a complete masochist - lol

[Rawz]

no way i'm not a complete masochist - lol

:lol::lol::lol:

[Waltzing]

Blue Chip retail. reinvest with this winner..

stay with the winners..

[mistymountain]

Been a long term holder since 2003.

Keen to get discussion going on how BGR will perform over next 6 months.

Issue:

Inflation and rising Interest rates impacting consumers.

Big Issue is a Market correction however for a company like BGR I see immediate impacts being less discretionary spending...

[Waltzing]

they are working hard on growing sales.


" We're extremely
pleased with all of the new stores opened this year and their success gives
us confidence for further network growth opportunities in relation to the
refurbishment and/or establishment of new stores. In fact, work has now
started on upgrades to our Rebel Sport stores in Te Rapa and Albany which
will incorporate many of the ideas and concepts introduced in the new
generation Silverdale and Morningside stores."

[Muse]

Been a long term holder since 2003.

Keen to get discussion going on how BGR will perform over next 6 months.

Issue:

Inflation and rising Interest rates impacting consumers.

Big Issue is a Market correction however for a company like BGR I see immediate impacts being less discretionary spending...

Since 2003 wait is Mistymountain really Rod Duke?? What an amazing hold & must have been extraordinarily remunerative one

Aye I have my concerns over what will happen to consumer spending over the next few years, and where briscoes fit into it.

Another interesting aspect is Briscoes FY22 is actually ended 31 January 2022 - so its results will have neatly missed the spike in oil prices, ukraine invasion, and much of the recent increase in interest rates. Briscoes are doing some excellent operational work, but they are facing serious headwinds too. I can't help but think their FY22 will set a high watermark in earnings and dividends for many years.

[mistymountain]

Since 2003 wait is Mistymountain really Rod Duke?? What an amazing hold & must have been extraordinarily remunerative one

Aye I have my concerns over what will happen to consumer spending over the next few years, and where briscoes fit into it.

Another interesting aspect is Briscoes FY22 is actually ended 31 January 2022 - so its results will have neatly missed the spike in oil prices, ukraine invasion, and much of the recent increase in interest rates. Briscoes are doing some excellent operational work, but they are facing serious headwinds too. I can't help but think their FY22 will set a high watermark in earnings and dividends for many years.

Thanks Fiordland Moose; but I can clarify Rod uses a chopper to get around but I still can't! Unless I pull my PLB in those Misty Mountains trying to catch Moose.

Thanks for the those wise comments. That financial reporting date a good point.

I'm curious on Briscoes pricing policy. Eg if costs increase 5 - 10% will that be passed on immediately to customers. Wlll have a dig around on this.

[mistymountain]

Since my last post caught up with one of my online thinkers.

Worth checking in once in a while with the Ninja!!

Anyway... He was thinking like I have been above... so relevant to BGR...

Vid here. Pour a cuppa n watch

https://www.youtube.com/watch?v=77SIrWwUKuw

[winner69]

First quarter sales out this week

No doubt they will be pretty healthy numbers ….Rod always delivers


And hopefully he’ll mention improved margins. ….got to price gouge as much as you can in inflationary times.

[Waltzing]

It will be very very interesting.

Expecting flat but if it exceeds that it will be the Indian summer effect?

Interesting to see average temperatures for April May.

Seems the Wakatoo and BOP are having a huge change in climate.

Outdoor living in MAY!

[winner69]

First quarter sales up 1.7%

Looking at rolling 4 quarter sales chart could say things are getting back to a more 'normal' world. Briscoes have come out of covid lockdowns with sales at a level slightly higher than they where they might have been based on pre-covid tracking.

Quite interesting chart - the downs and the catch ups etc

http://nzx-prod-s7fsd7f98s.s3-website-ap-southeast-2.amazonaws.com/attachments/BGP/391527/369848.pdf

[JohnnyTheHorse]

Are real sales actually going backwards given inflation???

Sorry that's a negative way to look at things.

[winner69]

Are real sales actually going backwards given inflation???

Sorry that's a negative way to look at things.

Probably is selling less things

Did mention margins 'under pressure'

[winner69]

Paid everybody when they were sick

and without application for the Covid-19 Leave Support Scheme.

Well done Rod

[Waltzing]

well W(n) what's your thoughts on that result.

"Recognising this we also note that
this year's first quarter also represents a significant increase of 16.97% on
the more comparable first quarter period of February 2019 - April 2019,
before any impact of Covid."

Interesting to see in a years time how the new store formats perform.

"After this first quarter the Group is on track to overachieve last year's
full year net profit after tax (NPAT). The composition of NPAT between the
first and second halves may fall differently however, given the significant
impacts associated with store closures, supply chain disruptions and staff
availability."

[winner69]

well W(n) what's your thoughts on that result.

"Recognising this we also note that
this year's first quarter also represents a significant increase of 16.97% on
the more comparable first quarter period of February 2019 - April 2019,
before any impact of Covid."

Thats 5.4% pa growth .... about right .... as I said seems sales settling into a new norm ....maybe

Wonder Rod didn't say 21% ahead of comparable period in 2018 .... sounds better

[Waltzing]

W(n) be very interested to see what the customers think of the new store layouts when the country returns from its under the sunny weather flu season.

But it looks like BRIS is not standing still and they have anticipated the supply chain problems.

Surely it a pretty good performance!

[mistymountain]

Since my last post caught up with one of my online thinkers.

Worth checking in once in a while with the Ninja!!

Anyway... He was thinking like I have been above... so relevant to BGR...

Vid here. Pour a cuppa n watch

https://www.youtube.com/watch?v=77SIrWwUKuw

Well .... a month later DJIA / NASDAQ hit due to Walmart / Target profit downturn.

The Ninja does a great update here: https://www.youtube.com/watch?v=N1g0x8UrcXY

Will our kiwi firms see similar issues soon??

Gotta love the Ninja and Global macro finance. Cheers

DISC: sold BGP fortnight ago after holding from 2002. Reinvested in PGG Wrightson as a Hedge due to Global grain / food risks.

Will buy back into BGP once macro conditions become less Risky

[Mr Slothbear]

Watched the AGM yesterday, couple of uncouth question askers thought they all should’ve shown more gratitude, was reminded once again what a true gent Rod is.

overall great presentation by management and board, very happy holder

[winner69]

As first half comes to end wonder how Briscoes have gone .... probably tell us in next week or so

Hope they are ahead of pcp and Rod says it looks like full year profit will be way ahead of last year

Something has to stop the steady downtrend in the share price from $7.24 last September - wow 25% down in spite of Rod's enthusiastic presentation at the ASM

[winner69]

Down trend - recently every time it looked like it the share price might make a higher high it breaks down

Needs a decent boost from Rod .... 2nd quarter sales announcement might be it

[Waltzing]

its a shocker at the moment for sure cant see even that doing much but holding it up a bit.

[mike2020]

It's a great company but the return seems to be a historic low. I wouldn't buy it as a div stock under 8.5% at the moment.

[Sideshow Bob]

2nd Quarter Sales to 31 July 2022 - NZX, New Zealand’s Exchange (https://www.nzx.com/announcements/396397)

The directors of Briscoe Group Limited (NZX/ASX code: BGP) announce unaudited sales for the thirteen-week second trading quarter ended 31 July 2022 (91 days) were $191.7 million, being 3.49% higher than the $185.3 million achieved for the same quarter of last year. The Group’s homeware segment for the second quarter increased by 3.29% to $121.9 million, while sporting goods sales increased by 3.84% to $69.8 million.

[bull....]

good result , worth noting they see a slowdown coming

[winner69]

Yep, sales still growing and remaining ahead of pre-covid levels.

The boost after 2020 lockdowns took sales to a new level and they have stayed above trend since

Margins down a bit so H1 NPAT to be down about $2m on pcp but they'll regain this plus more in H2

This chart tells a good story ...at least I think so

[winner69]

Wonder if market will like the 4% sales increase ..... or focus on margins being under stress and NPAT being down ... or take fright with Rod talking ' deterioration in market conditions'

Could be interesting

[Snow Leopard]

good result , worth noting they see a slowdown coming

I think what Rod is getting at is this:


https://youtu.be/c08wiEyVuak

[percy]

“Our online channel continues to respond well and performed magnificently, recording sales growth
in excess of 22% for the half and representing 19.4% of Group sales compared to 16.2% for the
previous year’s first half."

[Muse]

The trading update reinforces in my view Briscoe's operational excellence. To be able to achieve good sales growth (even if negative 'real' growth), keeping margins within 1% of the PCP, and retaining confidence they will outperform FY22 NPAT (which was outstanding & I thought would be a high watermark), is an exceptional achievement within the current macro environment for a retailer (although they still have to achieve it).

It also highlights how good BGP's systems are and the financial/operational awareness it brings. The quarter is barely closed, and boom, the books are closed and completed, a trading update provided to the market, not just on sales but on how NPAT is tracking. At the ASM ~3 months ago they had the confidence to provide guidance for the FY23 NPAT, despite being just 1 quarter into the new financial year. Compare that to other large retailers with their FY22 now completed who still haven't even provided guidance for the year already completed (some since January), let alone for the current financial year. Bad analogy but sort of like the cockpit on a jet - BGP have excellent controls and awareness of the environment they are in, and highly capable of how to use the suite of tools available to them to best effect. Won't stop turbulence or headwinds, but good to have as conditions worsen.

[Waltzing]

Winner() -> RetailOnline.SalesYTD() > RetailOnline.SalesLYTD() ;

No winner dont believe this as another announcement will right this terrible result!!!

oh hang on that is Greater than sign .... not so bad then....

[Waltzing]

FM dont forget the new store formats being rolled out .... the real lesson for other retailers ... WHS look and learn.

[winner69]

The trading update reinforces in my view Briscoe's operational excellence. To be able to achieve good sales growth (even if negative 'real' growth), keeping margins within 1% of the PCP, and retaining confidence they will outperform FY22 NPAT (which was outstanding & I thought would be a high watermark), is an exceptional achievement within the current macro environment for a retailer (although they still have to achieve it).

It also highlights how good BGP's systems are and the financial/operational awareness it brings. The quarter is barely closed, and boom, the books are closed and completed, a trading update provided to the market, not just on sales but on how NPAT is tracking. At the ASM ~3 months ago they had the confidence to provide guidance for the FY23 NPAT, despite being just 1 quarter into the new financial year. Compare that to other large retailers with their FY22 now completed who still haven't even provided guidance for the year already completed (some since January), let alone for the current financial year. Bad analogy but sort of like the cockpit on a jet - BGP have excellent controls and awareness of the environment they are in, and highly capable of how to use the suite of tools available to them to best effect. Won't stop turbulence or headwinds, but good to have as conditions worsen.

That team from KPMG done wonders for Briscoes

[percy]

That team from KPMG done wonders for Briscoes

Think the team at Estar have done a better job.
Online sales up 22%.Incredible.

[Muse]

FM dont forget the new store formats being rolled out .... the real lesson for other retailers ... WHS look and learn.


That team from KPMG done wonders for Briscoes


Think the team at Estar have done a better job.
Online sales up 22%.Incredible.


agree w/ all those points - many positive initiatives driving good results. Great leader in Rod, the team below him is said to be superb, great systems, refreshed and carefully growing footprint, excellent ecommerce implemented without hiccups or massive loss making investment by estar, and procurement & pricing work by KPMG (the later not coded as an unusual item and excluded from the company's "underlying" result - just a normal cost of doing business - which it is). This is what good looks like in the retail sector. Content holder.

[winner69]

Increase in online mix huge but what about stores

Since Jan 2020 (pre-covid) Briscoes sales up $101m -- nearly all the increase has come from online activity - yep $100m more online sales

Means sales ex store are the same as they were two and half years ago.

They've been developing / opening new stores which is good and no doubt stores are used for click and collect as well as these kiosk things they now have .... however one needs to wonder about the economies of scale / store profitability if activity through stores isn't growing

My numbers say BRG annual sales are now $754m (was $653m at Jan 2020) of which $173m (was $74m at 2020) is online and $581m ($579m at 2020) are in store

[Waltzing]

Lazy shopping on smart TV's Winner() ...

wait till you can VR the store .... hang on thats META!

this just shows that lots more people want to shop at BRISC but were to lazy to walk around the stores or in cities the stores were to far away to bother....

show them the goodies and WOW a few clicks and where shopping...

[winner69]

Market must have taken Rod's remarks about challenging times ahead on board

Share price been heading down since --- from 560 t 530

[bull....]

hope tpw in aus isnt a indication of whats to come

record profits but they say sales are 21% down to begin the new financial yr :scared:

[winner69]

hope tpw in aus isnt a indication of whats to come

record profits but they say sales are 21% down to begin the new financial yr :scared:


..and the tpg share price is up 30% on that update

[percy]

• Online sales as mix of total Group sales, 19.36%
• Online sales growth +22.93%

[Baa_Baa]

• Online sales as mix of total Group sales, 19.36%
• Online sales growth +22.93%

They've done well during the period, considering the headwinds. Even a small increase in overall revenue, offset by a small decline in GP and NPAT. Dividend is up, that's nice.

[Waltzing]

well Winner Grinner wasnt that bad after all... think about how good its going to be in 2024 after all those Agri exports roll in and government is cut by 25 percent and country really becomes a rock star economy...:t_up:

[winner69]

They've done well during the period, considering the headwinds. Even a small increase in overall revenue, offset by a small decline in GP and NPAT. Dividend is up, that's nice.

Not just ‘done well’ BaaBaa ..as Dame Rosanne says it’s an ‘outstanding performance considering the significant headwinds faced by the retail sector’

[bull....]

rod warning of headwinds ahead .... people should take note duke knows his business

good result though

[LaserEyeKiwi]

NZ Retail companies are in somewhat of a sweet spot in regards to the current headwinds (inflation, softening demand, lower NZ dollar) being more than compensated in year on year compares in the 2nd half of 2022 by the level 4 lockdowns in hte eyar ago period.

From Briscoes today:


“Whilst the Omicron outbreak appears to be stabilising within the community, the economic outlook for the remainder of the year remains very uncertain. However, we believe there is significant opportunity throughout the second half of the year for the Group, especially in the third quarter which last year was heavily impacted by enforced shutdowns from mid-August to early November.

“The August 2021 period was significantly impacted with all Group stores shut from 18 August to 7 September 2021 due to the declaration of National Alert levels 4 and 3. As a result, August sales this year have closed more than 60% up on the same month last year but as a more relevant comparison we also note that it represents an increase of 27.24% on the August 2019 period, that is, before any impact of Covid.

Given the solid first half performance together with the promising start we have made to the second half of this financial year, we remain optimistic of being able to finish the year ahead of the $87.91 million NPAT delivered last year“

[winner69]

• Online sales as mix of total Group sales, 19.36%
• Online sales growth +22.93%

Since January 2019 annual online sales have grown from $63m to $173m as at July this year - up $110m or 175%

In same 3 1/2 years in store sales have grown by $13m (2%) to $581m and are still about the same as they were at January 2020

Just highights how the online channel has been the saviour of Briscoes over the last couple of years

I'd hazard a guess that shopping habits have changed and online activity is here to stay .... but physical stores still an important part of the overall mix .... both for the shopping experience and 'click and collect'

[Rawz]

Since January 2019 annual online sales have grown from $63m to $173m as at July this year - up $110m or 175%

In same 3 1/2 years in store sales have grown by $13m (2%) to $581m and are still about the same as they were at January 2020

Just highights how the online channel has been the saviour of Briscoes over the last couple of years

I'd hazard a guess that shopping habits have changed and online activity is here to stay .... but physical stores still an important part of the overall mix .... both for the shopping experience and 'click and collect'

Can't wait until i can throw on some goggles and then zoom! im in the metaversa walking around a Briscoes store buying heaps of product

Hope Rod is investing heaps into this.
Some may hope not

[Muse]

Can't wait until i can throw on some goggles and then zoom! im in the metaversa walking around a Briscoes store buying heaps of product

Hope Rod is investing heaps into this.
Some may hope not

lol might be a lonely experience...just you & zuckerberg looking for towels

[Waltzing]

They wont have to do anything for the ME ME verse....

big mistake to put any money into it yet...

they just need to keep truckin along...and truckin it in to the stores for you all to tow it away in the SUV...

[percy]

Since January 2019 annual online sales have grown from $63m to $173m as at July this year - up $110m or 175%

In same 3 1/2 years in store sales have grown by $13m (2%) to $581m and are still about the same as they were at January 2020

Just highights how the online channel has been the saviour of Briscoes over the last couple of years

I'd hazard a guess that shopping habits have changed and online activity is here to stay .... but physical stores still an important part of the overall mix .... both for the shopping experience and 'click and collect'

Thanks for your post.
Yes online is here to stay.

[winner69]

Briscoes share price has taken a hammering last week or so

Close today at $5.00 ..a 52 week low

Other retailers haven’t done this bad lately ..they’ve been hanging in there

Briscoes out of favour …never

[Rawz]

Briscoes in a major downtrend. What’s the rules? Never ever buy into a downtrend

[bull....]

pretty similar decline to some others

bgp - 27%
hlg - 24%
whs - 22%

times a tough with prices increasing so quickly so price is important to me
i ordered a blender from amazon au a while ago , arrived in 5 days and was 70$ cheaper than briscoes.

[bull....]

ORR wont be happy briscoes sales are still doing alright

[winner69]

Briscoes sales still going well - Q3 up 27% on pcp

Briscoes seem to have out of covid in a better place than if the world had just continued as normal - annual sales ahead of pre covid trend. Sales have grown at 6.3% pa since Jan 2019 - pretty respectable even allowing for a bit of inflation

http://nzx-prod-s7fsd7f98s.s3-website-ap-southeast-2.amazonaws.com/attachments/BGP/401678/382502.pdf

Here's how I see their sales going --- can't really see any reasons by they shouldn't continuing to grow

[winner69]

oops - forgot to add the important part

Online sales as mix of total Group sales, +18.25%

[Rawz]

BGP is such a quality company.

Duke is the retail king
and
W69 is the chart king

[Sideshow Bob]

That graph is a thing of beauty W69.

With FX and shipping costs, almost guaranteed to continue in the short term.

Just how much will drop to the bottom line.....

[Muse]

BGP is such a quality company.

Duke is the retail king
and
W69 is the chart king

hear hear to both. Always enjoy them charts.

I love how prompt the quarterly updates are - not just because I'm impatient - but it signals how good their systems are, and the situational awareness they possess. In Q1 they said they would beat FY22 NPAT which raised my eyebrows, and to their credit they have stuck to that guidance each quarter. Exudes confidence and self awareness of how their business operates.

At yesterday's close this is what about 12.4xPE and gross dividend yield of about 8%. Next year will be a different chapter I'm sure.

[winner69]

Briscoes out of favour at the moment as share price sinks to what it was 2 years ago

But then most retail stocks a bit soft ... maybe a sign of the times

The 475 does seem a long way down from the 7 bucks it was not that long ago

[Sideshow Bob]

Now just waiting for a Winner graph....

https://www.nzx.com/announcements/406251

Highlights:

• Record full-year (52 weeks) Group sales $785.9 million, +5.56%
• Full year Homeware sales growth, +5.77%
• Full year Sporting goods sales growth, +5.22%
• Full year Online sales as mix of total Group sales, 18.97%
• Expected record full-year net profit after tax (NPAT) not less than $88 million
• Announcement of full year results including final dividend - 15 March 2023

Full year: 31 January 2022 – 29 January 2023 (52 weeks):
The directors of Briscoe Group Limited announce unaudited sales for the full-year, 52-week period to 29 January 2023 of $785.9 million, an increase of 5.56% on the $744.4 million reported for last year.

[winner69]

Q4 sales down on last year ….start of trend? Rod ‘uncertain’ about the future …hmmmm

Sales trend interesting

[Sideshow Bob]

Good man that Rod!

https://www.nzx.com/announcements/408334

Highlights for the full year ended 29 January 2023:
• Total sales $785.9 million, +5.56%
• Gross profit $345.9 million, +1.55%
• Online sales as mix of total Group sales, 18.97%
• Net profit after tax (NPAT) $88.4 million, (LY $87.9M)
• Final Dividend 16.0 cps
• Total Dividend for the year 28.0 cps, +3.70%

[bull....]

duke did it again record results
good too see he is up front and says next yr wont be as good

[Muse]

duke did it again record results
good too see he is up front and says next yr wont be as good

aye looking forward to my chunky dividend.

he's been on the speaking tour for a month or two now saying FY24 internal budget set lower than for the year just been (source, NBR). Hardly surprising.

[Waltzing]

He always likes to beat the forecast...not writing him off yet.

[Waltzing]

on a market that is down retail is holding up ... till

[winner69]

He always likes to beat the forecast...not writing him off yet.

Said next year ‘wont be as good’ which probably means ‘will be as good ..and better’

[nztx]

Said next year ‘wont be as good’ which probably means ‘will be as good ..and better’


nothing like mastering understanding of the 'Rod Speak" :)

[Waltzing]

"Rod Speak" is now up against the negative we cant do anything about speak by these central bankers who are central bankers because they dont see a way forward....

will the "RODS" of this world lead the country out of this negative speak in these speaks by the RBNZ conservative painters of money trees...

https://www.nzherald.co.nz/business/rbnz-we-need-to-accept-were-poorer/ZWTC5TIBEBCZNOBGH5ZQLUOOGU/

[winner69]

Share price close today at $4.38

Price been in a steady downtrend since the Sept 21 high of $6.93

Possibly price adjusting to Rod saying next year 'won't be as good'.

I reckon it'll start levelling out about $4.00 / $3.80 - a PE of 10 being more respectable, unlike the high teens it was not that long ago.

[nztx]

Share price close today at $4.38

Price been in a steady downtrend since the Sept 21 high of $6.93

Possibly price adjusting to Rod saying next year 'won't be as good'.

I reckon it'll start levelling out about $4.00 / $3.80 - a PE of 10 being more respectable, unlike the high teens it was not that long ago.



2 year pattern is interesting - maybe an indication of market confidence in retail going into tightening times
with just local retail exposure

[Waltzing]

Yes interviews on CNBC this evening voicing concern that bank lending will face more regulation.

a credit tightening and therefore more chance of recession...

HLG went up and MHJ held?

BRS still well run.

[Rawz]

Just looking at the EBIT Margin % over the years and its slowly increased from 9.45% in 2014 to 20.09% last year and slightly dropped back to 19.11% this year.

How do they achieve such high margins? And is it sustainable or will it drift down to mid teens levels?

Looking at some other retailers:

HLG: 10.57% ebit margin
MHJ: 11.33% ebit margin
KMD: 7.83% ebit margin
WHS: 4.66% ebit margin

[Waltzing]

Great stuff many thanks Rawz.

Inflation will cause a wobble down for a while but performance still pretty good?

[bull....]

sales up marginally prob due to price rises ill say
that what i like about duke , he is straight up toasts his success but is honest that things are going to get tougher going forward

“Gross margin remains a major focus for the Group and we continue to see pressure as the impacts of the economic downturn are felt. However, we currently expect this year to show that the Group can protect around half of the 633 basis points gained during the 2 years ended January 2021 and January 2022.

https://www.nzx.com/announcements/410852

[Sideshow Bob]

"Confident we can outperform our retail peers".

I'd be pretty confident in that too!! :)

[winner69]

sales up marginally prob due to price rises ill say
that what i like about duke , he is straight up toasts his success but is honest that things are going to get tougher going forward

“Gross margin remains a major focus for the Group and we continue to see pressure as the impacts of the economic downturn are felt. However, we currently expect this year to show that the Group can protect around half of the 633 basis points gained during the 2 years ended January 2021 and January 2022.

https://www.nzx.com/announcements/410852

And a bit more lowering full year expectations … we expect it to be difficult for the Group to replicate last year’s record profit result

And a real competitor …….”but are confident that we are well placed to outperform our retail peers.” ,,,,not that it would take to much to beat Warehouse

[Balance]

And a bit more lowering full year expectations … we expect it to be difficult for the Group to replicate last year’s record profit result

And a real competitor …….”but are confident that we are well placed to outperform our retail peers.” ,,,,not that it would take to much to beat Warehouse

K-mart is the real competitor these days to Briscoes & The Warehouse when it comes to value for money and quality of goods.

[bull....]

duke not alone seeing slowdown starting to happen in retail

JB Hi-Fi hit by sales slowdown, but demand still stronger than expected
The $4.9 billion retailer revealed on Wednesday that while quarterly sales were still well above pre-COVID levels at its stores in Australia and New Zealand and at whitegoods retailer The Good Guys, momentum slowed in the three months to March 31 compared with the same time last year.

https://www.theage.com.au/business/companies/jb-hi-fi-hit-by-sales-slowdown-20230503-p5d557.html

looks like slowdown just starting

[winner69]

duke not alone seeing slowdown starting to happen in retail

JB Hi-Fi hit by sales slowdown, but demand still stronger than expected
The $4.9 billion retailer revealed on Wednesday that while quarterly sales were still well above pre-COVID levels at its stores in Australia and New Zealand and at whitegoods retailer The Good Guys, momentum slowed in the three months to March 31 compared with the same time last year.

https://www.theage.com.au/business/companies/jb-hi-fi-hit-by-sales-slowdown-20230503-p5d557.html

looks like slowdown just starting

But JB Hi Fi New Zealand sales up more than 10% ....going gangbusters

[winner69]

What Briscoes sales trend looks like below

Bit flat of late

You can see why maintaining margins and good cost control a necessity to keep profits up

[winner69]

Jeez ….BGP share price back to pre-pandemic levels …..2019 prices

Markets forward looking they say ……this so called recession must be bigger and longer lasting than first thought

[bull....]

Jeez ….BGP share price back to pre-pandemic levels …..2019 prices

Markets forward looking they say ……this so called recession must be bigger and longer lasting than first thought

i have found some items cheaper to order from AUS

[nztx]

Jeez ….BGP share price back to pre-pandemic levels …..2019 prices

Markets forward looking they say ……this so called recession must be bigger and longer lasting than first thought


don't tell anyone will ya .. the longer the speeding ramp up - the better :)

[alokdhir]

Soon it will be on 10% Gross yield threshold ...then it will catch the attention of ONE ...which will make it popular to all ...before that happens ...maybe get in first ?

:p

[winner69]

Briscoes shareprice back to pre-pandemic levels when npat was about $60m

F33 npat was $88m

Is the market expecting F24 npat to fall back to about $60m? Maybe not but a sign of how much the market has rerated some stocks from the exuberance of the post covid highs.

[Rawz]

be interesting to chart the rerate vs the risk free rate aye

[alokdhir]

Briscoes shareprice back to pre-pandemic levels when npat was about $60m

F33 npat was $88m

Is the market expecting F24 npat to fall back to about $60m? Maybe not but a sign of how much the market has rerated some stocks from the exuberance of the post covid highs.

If one is looking for steady , reliable dividend stream for long term ....Which is best buy at current prices ? BGP / HLG / TRA ??

Does BGP look better for that purpose as its already corrected a lot over other two ...will other two will also correct ahead ? Or BGP corrected to fall in line with yields being offered by other good quality reliable dividend yield stocks like HLG and TRA ??

Or something BGP specific bringing it down ...from $ 7 to $ 4 is a huge correction !!!

[Balance]

Matter of time imo that Rod Duke will look to sell down his stake.

Market’s view is that Briscoe is a very matured business in NZ with limited growth prospects. Duke’s attempts to diversify beyond current operations have not succeeded and the competition is heating out there.

IKEA opening up in 2025 will also open the eyes of NZers to just how tired, limited and uncompetitive Briscoe, Warehouse and Farmers really are.

[Alf]

Certainly some potential headwinds for Briscoes. Cash in bank 2021 $67m, 2022 $100m, 2023 $149m. That's about $0.67 per share I think. May not rise as much 2024 of course. Could even fall I suppose. Chance of special dividend sometime?. I recall one or two in the past.

Long time holder

[ValueNZ]

Matter of time imo that Rod Duke will look to sell down his stake.

Market’s view is that Briscoe is a very matured business in NZ with limited growth prospects. Duke’s attempts to diversify beyond current operations have not succeeded and the competition is heating out there.

IKEA opening up in 2025 will also open the eyes of NZers to just how tired, limited and uncompetitive Briscoe, Warehouse and Farmers really are.
Valid concerns in my opinion. The question becomes at what point are these concerns covered by the discount in price?

[Sideshow Bob]

Matter of time imo that Rod Duke will look to sell down his stake.

Market’s view is that Briscoe is a very matured business in NZ with limited growth prospects. Duke’s attempts to diversify beyond current operations have not succeeded and the competition is heating out there.

IKEA opening up in 2025 will also open the eyes of NZers to just how tired, limited and uncompetitive Briscoe, Warehouse and Farmers really are.

Think the market would be more worried with him retiring. Rod is now 72 or 73 and done a stellar job.

https://www.newsroom.co.nz/to-retire-or-not-to-retire-rod-duke-on-succession-planning#:~:text=He's%2068%2C%20she's%20in%20her%2 0early%2070s.

Agree with the comments on the like of the tired offering of the Warehouse especially.

Wonder who would be in line for the 77% stake, if it came up for sale and didn't stay within the family.....

[Balance]

Think the market would be more worried with him retiring. Rod is now 72 or 73 and done a stellar job.

https://www.newsroom.co.nz/to-retire-or-not-to-retire-rod-duke-on-succession-planning#:~:text=He's%2068%2C%20she's%20in%20her%2 0early%2070s.

Agree with the comments on the like of the tired offering of the Warehouse especially.

Wonder who would be in line for the 77% stake, if it came up for sale and didn't stay within the family.....

Another reason why the sp is unlikely to go up due to stock overhang?

[winner69]

Close at 444

Been a bit of enthusiasm for Briscoes lately ….up 10% from recent lows

[winner69]

Close at 444

Been a bit of enthusiasm for Briscoes lately ….up 10% from recent lows

Up to 470

Rod must be going report some strong sales / profit in next day or two

[Waltzing]

Yes trading update due any day to the 8th...

[Sideshow Bob]

Virtually stand-on sales numbers.....

https://www.nzx.com/announcements/415994

The directors of Briscoe Group Limited (NZX/ASX code: BGP) announce unaudited sales for the 26-week half-year to 30 July 2023 of $369.2 million, an increase of 0.35% on the $367.9 million reported for the same period ended 31 July 2022. The Group’s homeware segment increased sales by 0.28% during this period and the sporting goods segment by 0.46%.

Group Managing Director Rod Duke said, “We’re pleased with the sales we’ve produced for this first half. To achieve positive sales growth for both homeware and sporting goods given the continued negative economic factors impacting consumer confidence and retail spending is a solid first half performance for the Group. It’s encouraging to see a return to physical stores with the Group’s bricks and mortar sales showing higher growth than online sales for the half.

“Our online channel continues to perform well and represents 18.33% of Group sales for the half as we continue to invest in both the front and back-end platforms.
“We were delighted to open a brand-new Rebel Sport store in Ashburton during April in conjunction with the relocation of the existing Briscoes Homeware store. Both stores have been received exceptionally well by the local catchment and we are very pleased with how they are trading.

“Gross margin remains a major focus for the Group, and we continue to see pressure as the impacts of the economic downturn are felt. Our goal for the full year remains to be able to show that the Group can protect around half of the 633 basis gross profit margin points gained during the 2 years ended January 2021 and January 2022. While we expect the gross profit margin percentage for the first half to be around 200 basis points below last year, with the plans we have in place we do not expect the same amount of decline for the second half.

“The retail environment continues to be difficult and unpredictable to navigate from an economic perspective and the widely reported explosion in retail crime continues to have a significant operational as well as economic impact. Over the last two years the Group has suffered seven ram raid attacks and at least 12 other significant break-ins causing substantial property damage and stock loss. Of even more concern, is the ever-increasing level of abuse and aggressive behaviour our store teams have to endure. We have significantly increased our capital investment in security initiatives to ensure our team feel as safe as possible when they are working in our stores and I would like to once again, thank the entire team for their continued commitment and outstanding efforts during this half. It is greatly appreciated and acknowledged by all of the Group’s directors.

“We expect New Zealand retail to remain highly sensitive to ongoing uncertainty in relation to economic conditions, customer sentiment, cost pressures, higher interest rates and political uncertainty given the upcoming election. As previously reported, we expect it to be difficult for the Group to replicate last year’s full-year record net profit after tax (NPAT) result of $88.4 million. In relation to the half-year ended 30 July 2023 we are confident of producing a half-year net profit after tax (NPAT) in excess of $42 million, compared to the $45.6 million reported for the first half of last year.”

Briscoe Group expects to release its half-year results on 13 September 2023, including declaration of an interim dividend.

[Rawz]

Retail doing it tough. I didnt know Briscoes were getting the ram raids as well. Media will pick up the paragraph discussing the crime/abuse issues and hopefully blast it everywhere. Its not good enough how soft we are on crime in this country. Thanks to the soft 'be kind' govt.

[LaserEyeKiwi]

Not a great update - margin & NPAT shrinking, while revenue also falling meaningfully when adjusted for inflation.

However the stock is trading at a low earnings multiple, even when using the lower forward NPAT expectations.

[Rawz]

Not a great update - margin & NPAT shrinking, while revenue also falling meaningfully when adjusted for inflation.

However the stock is trading at a low earnings multiple, even when using the lower forward NPAT expectations.

what is the forward multiple? (ive never owned BGR)

[winner69]

Q1 sales UP 2.8% on pcp

Q2 sales DOWN 2.0% on pcp

You’d have to think inflation adjusted they selling less things


But not too bad in these challenging tines

Betcha WHS sales won’t be as ‘resilient’

[Balance]

Just wait for IKEA to open up in 2025 & more Costco to open in NZ over the next few years - then Briscoes can expect to see its sales and margins eroded even further.

Rod Duke must be wondering what he can sell his shareholding to?

[Muse]

Virtually stand-on sales numbers.....

https://www.nzx.com/announcements/415994

The directors of Briscoe Group Limited (NZX/ASX code: BGP) announce unaudited sales for the 26-week half-year to 30 dividend.

stand still at half year but dig deeper you can see it going backwards (should not come as a surprise to anyone!)

First quarter revenue was up 2.8% on the previous first quarter. The implied second quarter was a down (negative) 1.9% on the second quarter from last year. Bit of a flip. Margins shrinking (although margin compression looked better than I was expecting based on Rod's commentary) and CODB going up.

[Rawz]

Just wait for IKEA to open up in 2025 & more Costco to open in NZ over the next few years - then Briscoes can expect to see its sales and margins eroded even further.

Rod Duke must be wondering what he can sell his shareholding to?

Do IKEA and Costco sell homewares and sporting goods? not really..

[Balance]

Do IKEA and Costco sell homewares and sporting goods? not really..

They both sell homewares and Costco does sell some sporting goods (eg. golf clubs, shoes and apparels).

[Muse]

Disproportionate focus on revenue in this environment is tunnel vision when trends in CODB, margin & underlying volumes are more influential to earnings. Case in point...Briscoes produces a 0.4% increase in half year revenue, but it's 1H profits fall by ~7%.

[Sideshow Bob]

Disproportionate focus on revenue in this environment is tunnel vision when trends in CODB, margin & underlying volumes are more influential to earnings. Case in point...Briscoes produces a 0.4% increase in half year revenue, but it's 1H profits fall by ~7%.

It's about the headline. Companies are always going to highlight the metric that reads best.......;)

Sales standing still in this sort of environment is always going to eat away at the bottom line as cost inflation bites.

[Muse]

It's about the headline. Companies are always going to highlight the metric that reads best.......;)

Sales standing still in this sort of environment is always going to eat away at the bottom line as cost inflation bites.

Sideshow has got it.

The commentary on gross margin % the interesting bit, although its unclear if they mean will 2H margin % be less than a 200bps reduction on the prior year or if they don't assume as big a step down in the 2H (ie not 200+200=400 but say 200+100=300). Either way I'd imagine the drop in freight rates will go from being a headwind to a tailwind to arresting overall GP margin compression at some point for the broader retail industry. FX remains an issue.

[winner69]

Market Close report - quoting the guy from octagon -

“But Rod Duke and Briscoe have done it again. Their sales are only down a little bit in a competitive space of general merchandise. They have a simple business model and have done a great job compared with The Warehouse, and Hallenstein Glasson which has been volatile,” he said.

Briscoe Group increased 10c or 2.16 per cent to $4.74 after reporting a steady sales performance for the half-year ending July. Group sales increased 0.35 per cent to $369.2 compared with the same period last year, with homeware up 0.28 per cent and sporting goods 0.46 per cent.

[percy]

Online sales remain very strong at 18.33% of revenue.

[Muse]

Online sales remain very strong at 18.33% of revenue.

Remaining strong indeed. Page 29 from the May 2023 ASM might interest you....shows monthly online sales as a % of total sales over time. Pretty solid. Never reached the highs that HLG did (@32.8% over the 6 month period to 1 February 2022 / 1H FY22) but they have settled more or less at the same place in the low 18% range. Probably tick up slowly & incrementally from here....be interesting where it maxes out at.

http://nzx-prod-s7fsd7f98s.s3-website-ap-southeast-2.amazonaws.com/attachments/BGP/411648/394568.pdf

[Sideshow Bob]

https://www.nzx.com/announcements/418104

Results for announcement to the market

Reporting Period: Half-Year 30 January 2023 to 30 July 2023
Previous Reporting Period: Half-Year 31 January 2022 to 31 July 2022

Currency: New Zealand Dollars
Amount (000s); Percentage change

Total revenue
$369,237 +0.35%

Net profit
$42,750 -6.29%

Interim Dividend
Amount per share: $0.12500000
Imputed amount per share: $0.04861111

Record date: 20 September 2023
Payment date: 11 October 2023

Net tangible assets per share
Current period: $1.3900
Prior comparable period: $1.327
Half Year Review

Briscoe Group Limited (NZX/ASX code: BGP)

The directors of Briscoe Group Limited (NZX/ASX code: BGP) announce a net profit after tax (NPAT) of $42.75 million for the half-year ended 30 July 2023 compared to $45.62 million achieved for last year’s first half. The half-year results are unaudited.

Dame Rosanne Meo, Briscoe Group Chair said, “This half-year result represents a very solid performance considering the continued headwinds faced by the retail sector and to post record sales for the half is a significant achievement. The ability of the leadership team to positively drive the business despite the enduring negative economic factors is impressive and reassuring for the entire Group.”

The directors have resolved to pay an interim dividend of 12.50 cents per share (cps). This compares to last year’s interim dividend of 12.00 cps. Books will close to determine entitlements at 5pm on 20 September 2023 and payment will be made on 11 October 2023. The company’s dividend policy is to pay out at least 60% of NPAT when calculated on a full year basis.

Rod Duke, Group Managing Director, said, “To produce an NPAT of $42.75 million in this economic environment is very pleasing. The team have done a great job in continuing to advance initiatives important for future growth while, at the same time, maintaining focus on the “business-as-usual” imperatives of driving sales and controlling costs.”

The earnings were generated on sales revenue of $369.24 million, an increase of 0.35% on the same period last year. Rod Duke said, “Whilst only a modest increase, to deliver positive sales across both the homeware and sporting goods segments in this current environment, is a significant achievement. It’s also worth noting that this half-year result represents an increase of 51% on the NPAT produced for the half-year immediately before Covid (July 2019; $28.27 million) on 22% (+$66 million) higher sales.”
Gross margin percentage declined for the period from 45.64% to 43.73%.

Rod Duke said, “Like all retailers we are facing margin pressure from a number of factors as the impacts of the ongoing economic downturn are felt. As previously reported, our goal for the full year remains to be able to show that the Group can protect around half of the 633-basis gross profit margin points gained during the 2 years ended January 2021 and January 2022. With the plans we have in place we do not expect the same amount of decline for the second half of this financial year as was experienced for the first half.

“We were pleased earlier this year to be able to repeat last year’s wage rate increase for our in-store hourly-paid team of 7.0%. We are very mindful of the impact on all our team from the declining economic factors in an employment market which continues to be very competitive. The effort and commitment demonstrated by the entire team is truly outstanding and greatly appreciated.”
The Group received a dividend of $1.44 million from its investment in KMD Brands Limited during the six months, matching the amount received for the same period last year.

Interest income booked by the Group increased by $2.0 million, predominantly as a result of significantly increased interest rates.
Homeware sales for this first half increased in relation to last year by 0.28% from $228.74 million to $229.39 million and sporting goods sales by 0.46% from $139.21 million to $139.85 million.

The Group’s online business continues to perform well and represented 18.33% of Group sales as at 30 July 2023. Rod Duke said, “We continue to invest in both the front and back-end platforms with a number of initiatives completed including; implementation of a new product information system, introduction of enhanced online buying guides connected through QR codes for instore customers, improved experience of the reviews platform and integration of the ‘Starshipit’ shipping platform to improve both courier and fulfilment productivity efficiency.”

Inventory levels as at 30 July 2023 were $120.21 million, up from $113.00 million at the same time last year. Rod Duke said, “While this includes inventory for the new Rebel Sport store opened by the Group in April 2023 as well as additional inventory purchased in relation to major sporting events during 2023, the majority of the increase reflects significant supply chain cost increases – the actual increase in units held was less than 1%. We continue to work closely with our supply partners in relation to optimising the Group’s inventory position.”

The Group’s balance sheet remains strong with cash balances of $126.90 million at the close of the period, compared to $97.58 million held at the same time last year. Approximately $18 million of creditor payments included in the trade payables balance were subsequently paid on 31 July 2023.

Despite the difficult trading conditions, the Group progressed a number of store development projects during this first half. Rod Duke said, “We were delighted to open a brand-new Rebel Sport store in Ashburton during April in conjunction with the relocation of the existing Briscoes Homeware store. Both stores have been received extremely well within the local catchment and we are very pleased with how they are trading. In addition, three full-store refurbishments were completed during the period at; Briscoes Homeware Whangarei, Rebel Sport Taupo and Rebel Sport Manukau. There are at least another three store refurbishments planned for the second half of the year.

“A number of other projects also continue to grow and benefit the Group’s profitability.

A great example of this is the ongoing introduction of new products online which are shipped direct from suppliers. Sales continue to build from this initiative from which we expect sales to exceed $10 million this year and we’re excited about the future opportunity from the momentum it’s generating.

“Opportunities to expand product and category ranges are also emerging in the current tightening market and we are extremely pleased to have secured a number of new market-leading, quality brands for the Group. Varying product ranges from Dyson, Samsung and Ecoya will be available from Briscoes Homeware by the end of the year. During the first half we also successfully launched the Huffer brand into eleven Rebel Sport stores and we plan to continue the rollout during the second half.

“Leveraging retail media across the in-store network and online platform is another opportunity for the Group to grow revenue. During the first half we successfully deployed digital marketing screens across all Briscoes Homeware and Rebel Sport stores. This initiative provides existing and new supply partners with the opportunity to showcase a range of product communications direct to our customers. This approach also encompasses our online channel where we see great opportunity to enhance value across our customer database and also web traffic.

“We remain cautious as to the retail environment with ongoing uncertainty in relation to economic conditions, customer sentiment, cost pressures, higher interest rates and political uncertainty given the upcoming election. As previously reported, we expect it to be difficult for the Group to replicate last year’s full-year record net profit after tax (NPAT) result of $88.4 million. However, this first-half performance against the widely reported retail slow-down gives me great confidence about our ability to produce a solid second half result.”

The Group’s next planned market release will be shortly after its 3rd quarter which closes on 29 October 2023.

[Rawz]

If I was a long term holder I would see the pay rise (dividend), be very happy and go back to living life.

The rest Duke can sort

[percy]

A very good result.
I liked this.Clever.
A great example of this is the ongoing introduction of new products online which are shipped direct from suppliers. Sales continue to build from this initiative from which we expect sales to exceed $10 million this year and we’re excited about the future opportunity from the momentum it’s generating.

[bull....]

duke da man :t_up: but dukee i have to admit i have brought some stuff of temu recently very cheap man

[mike2020]

duke da man :t_up: but dukee i have to admit i have brought some stuff of temu recently very cheap man

We bought a few things at Briscoes Saturday and it was so cheap it put me off buying some shares, I thought how can they make money? Also, retail appeared to be humming on the weekend, we took a look inside Kmart and the line stretched from the front to the rear and went around the corner. I was impressed.

[Muse]

A decent result all things considered and one that does fly in the face of 'conventional' retail wisdom where it had been argued that things like homewares would be harder hit by the macro environment than things like youth fashion/HLG. Briscoes 1H FY24 result lines up with HLG's 2H FY23 result - both incorporate the same 6 month trading period of February to July. Briscoes NPAT down 6% over this period, whereas HLG down 3x that with its 2H NPAT falling 18%, again over the same period of Feb-July 2023 vs Feb-July 2022.

[winner69]

A decent result all things considered and one that does fly in the face of 'conventional' retail wisdom where it had been argued that things like homewares would be harder hit by the macro environment than things like youth fashion/HLG. Briscoes 1H FY24 result lines up with HLG's 2H FY23 result - both incorporate the same 6 month trading period of February to July. Briscoes NPAT down 6% over this period, whereas HLG down 3x that with its 2H NPAT falling 18%, again over the same period of Feb-July 2023 vs Feb-July 2022.

Be interesting how WHS have gone in same period

[winner69]

Always admire how prompt Briscoes are at printing their final results …..like we have to wait another couple of weeks for WHS and HLG to do so ….and WHS haven’t even had a sales update (with profit guidance like HLG)

[Grimy]

Always admire how prompt Briscoes are at printing their final results …..like we have to wait another couple of weeks for WHS and HLG to do so ….and WHS haven’t even had a sales update (with profit guidance like HLG)

If the WHS stores around the place are as quiet as the New Lynn branch was today, they probably don't want to give an update....(sorry-wrong thread I know).

[Muse]

Always admire how prompt Briscoes are at printing their final results …..like we have to wait another couple of weeks for WHS and HLG to do so ….and WHS haven’t even had a sales update (with profit guidance like HLG)

I think BGP have a pretty whiz bang fully integrated ERP system and Duke probably wears getting his results out so incredibly fast as a badge of pride. It probably illustrates the group has got incredible situational awareness.

The WHS' reporting isn't so bad, with one big caveat. They do quarterly sales reports by brand you can usually derive the consolidated margin for the quarter. Then they have good brand profit and loss statements at the half and full year. The big caveat is despite all that they fail miserably to provide any real detail on the markets.com. For something that has been losing $20m PA, and with the consolidated group NPAT looking like something in the range of $40-45m for FY23 (per a few broker reports), that loss is nearly 1/3 the NPAT from the rest of the brands. That they provide no real detail or page P&L call out in their presentations in the way they do for the rest of the brands is deeply disappointing. As an aside, I reckon Temu is having a wicked little time taking marketshare from the markets...oh dear.

HLG quite prompt getting out a raw number NPAT range - usually within a month after close of half year of financial year. Nothing to sneeze at there. Then about 6 weeks later you get the set of accounts with some minimal management discussion and analysis. It's a pity and borders on the obstinate that they won't give any commentary, context or indicative divisional figures when they first provide their NPAT range. Why they can't over a few paragraphs talk about how divisions performed over the period and recent trends is beyond me and leaves a totally incomplete view on what is happening in the business. Case in point - I think divisional P&L performance for their 2H will be quite surprising to many of their shareholders once it is released so at least from a disclosure point of view an appropriate thing to do. Until a month or so ago they didn't even have a CFO and don't appear to have a COO so things might change once the new guy from KMD takes the big seat.

KMD and MHJ more or less the same with half and full year accounts coupled with the odd ad hoc trading update. Lots of commentary and detail. MHJ's initial trading updatesdo my head in a bit with their normalisations and tying it back to their actual accounts. The WHS the worst offender when it comes to normalisations. BGP and HLG you'd struggle to find the word 'underlying' or 'normalised earnings' in the history of their accounts. All the fun and games in retail.

[winner69]

Rod must be thrilled with his marketing in seeing Robertson saying Nicola Willis is just like the Briscoes Lady……even though some would say his discounts and Nats tax cuts are both scams

[Sideshow Bob]

https://www.nzx.com/announcements/420930

Briscoe Group Limited (NZX/ASX code: BGP)
Highlights for the 3rd quarter (13 weeks) to 29 October 2023:
• Total Group sales $179.7 million, +2.37%
• Homeware sales growth, +1.32%
• Sporting goods sales growth, +4.05%
• Online sales as mix of total Group sales, 19.07%


Third Quarter: 31 July 2023 – 29 October 2023:
The directors of Briscoe Group Limited announce unaudited sales for the third quarter period, being the thirteen weeks ended 29 October 2023, were $179.7 million, 2.37% above the $175.5 million for the same quarter last year. For the quarter, homeware sales increased by 1.32% to $109.1 million, while sporting goods sales were $70.6 million, an increase of 4.05% from the $67.8 million achieved for the equivalent quarter last year.

Year-to-date: 30 January 2023 – 29 October 2023:
Unaudited sales for the thirty-nine-week period from 30 January 2023 to 29 October 2023 were $548.9 million, an increase of 1.00% on the $543.5 million achieved for the first three quarters of last year. The Group’s homeware segment increased sales by 0.62% during this period and the sporting goods segment by 1.64%.
Group Managing Director, Rod Duke said, “We’re extremely pleased with the lift in sales delivered for this third quarter. To post positive sales growth across both the homewares and sporting goods segments in an extremely tough trading environment, as highlighted in recent retail announcements, is an excellent achievement.

“While pressure on margins continues to increase, our goal for the full year remains to protect around half of the of the 633 gross profit basis points gained during the 2 years ended January 2021 and January 2022.

“As we enter the final and crucial quarter of our financial year and with the general election behind us, we remain cautiously optimistic in relation to the retail environment and the economic conditions which impact consumer spending. As previously reported, we don’t expect to replicate last year’s record net profit after tax (NPAT) of $88.4 million, however we are currently forecasting the Group to deliver a full year NPAT in excess of $80 million.”

[Rawz]

Good stuff Duke.

over $80m top effort.

However, it will be the first time in over 10 years that profit has not grown from previous period.
More a reflection of how weak the economy is than anything BGP is doing

[winner69]

Briscoes Group sales remain pretty flat in spite of inflation …..still same level as at April 21

You can see why margin preservation is so important for Rod

Updated Rolling 4 Quarter Sales below ….prob a good indicator of overall retail market in NZ at moment

[Mr Slothbear]

Yes agree. Realistically they gave fully saturated NZ and would either need to expand offering to aussie or acquire or launch a 3rd brand or offer more under existing brand umbrellas though that may be hard to do in a meaningful way.

[Sideshow Bob]

Rod still top of the class......

https://www.nzx.com/announcements/425646

Briscoe Group Limited (NZX/ASX code: BGP)

Highlights:

• Record full-year (52 weeks) Group sales $792.0 million, beating last year by +0.78%
• Full year Homeware sales growth, also ahead of last year, by+0.54%
• Full year Sporting goods sales growth, +1.17% improvement on last year
• Full year Online sales as mix of total Group sales, 18.72%
• Full Year gross profit margin to be at least 42.30%
• Closing inventories to be at least $10 million below last year
• Expected full-year net profit after tax (NPAT) to be in excess of $83 million which will represent at least 94% of last year’s record NPAT
• Announcement of full year results including final dividend - 13 March 2024

Full year: 30 January 2023 – 28 January 2024 (52 weeks):

The directors of Briscoe Group Limited announce unaudited sales for the full-year, 52-week period to 28 January 2024 of $792.0 million, an increase of 0.78% on the $785.9 million reported for last year.

Both segments delivered sales growth - the homeware segment increased sales by 0.54% during the full year and the sporting goods segment increased by 1.17% for the full year.

2nd Half: 31 July 2023 – 28 January 2024 (26 weeks):

Unaudited sales for the 2nd half, 26-week period ended 28 January 2024 were $422.7 million, 1.15% ahead of the $417.9 million for the 26-week 2nd half period of last year.

For the 2nd half, the homeware segment sales increased on last year by 0.76% with the sporting goods segment increasing by 1.79%.
Commentary

Group Managing Director, Rod Duke said: “I’m excited and delighted to announce another year of record sales. To post positive sales growth across both trading segments in a year widely regarded as extremely difficult for retail trade, is an outstanding achievement.

“Our business model has again demonstrated how relevant and flexible it is irrespective of existing economic conditions. The team’s focus on improving critical performance measures through enhanced process and technology continues to translate into improved sales, gross profit, inventories and ultimately, customer experience.

“We’re again pleased with our online performance which has held up well during the year and will represent 18.72% of total Group sales for the year ended 28 January 2024, virtually unchanged from last year’s 18.97%. Developments and enhancements have driven both functionality and productivity improvements across the E-Commerce platform during the year.

“Gross margin remains an important focus for the Group and despite increasing margin pressure from the impacts of weaker economic conditions, I’m extremely proud that we will meet our goal to protect around half of the 633 gross profit basis points gained during the 2 years ended January 2021 and January 2022. We expect the Group’s final reported full-year margin to be at least 42.30% which would result in 287 basis points (45%) of the 633 points being maintained since January 2022.

“Inventory has been another area which has enabled us to deliver sales growth and meet our gross profit margin goals. We have invested considerable energy into refining how, when and what we purchase, as well as improving a number of other inventory measures. Whilst there are still some year-end procedures to be completed to determine the final inventory value, the Group will close our financial year at least $10 million under last year’s closing value of $117.8 million.”

The Group will benefit from around $3.2 million of improved net interest income compared to the previous year as a result of improved cash balances and higher interest rates.

Rod Duke said, “As previously reported the Group will not match last year’s net profit after tax (NPAT) of $88.4 million but we do now expect the result to be in excess of $83 million. This represents the achievement of at least 94% of last year’s record NPAT - a remarkable performance given the difficult trading conditions experienced across the retail market.

“We believe the challenging retail environment will continue into the 2024 calendar year and do not underestimate how difficult trading will be. However, we have a very strong core business which has proven to be very resilient, exciting initiatives to drive growth and an incredibly talented team which positions the Group to continue to outperform most other retailers in New Zealand.”

The Group is due to report its full year result, including announcement of final dividend, on Wednesday 13 March 2024.

[Sideshow Bob]

Email just in.....Rebel Sport have a sale!! Who knows, even Briscoes might have a sale!!

20% off STOREWIDE | Waitangi weekend sale on now! :cool:

[Ricky-bobby]

I thought is a pretty top effort, especially in this environment… He runs a good ship. what are peoples thoughts?

[winner69]

I thought is a pretty top effort, especially in this environment… He runs a good ship. what are peoples thoughts?

What’s going to happen when he wants out and cash out?

[Ricky-bobby]

How old is he? Will he ever step aside?.. these old guys love it as it’s theirs life’s work.

[Sideshow Bob]

How old is he? Will he ever step aside?.. these old guys love it as it’s theirs life’s work.

About 74 and owns about 75% of Briscoes.....surely there is a plan......

[Muse]

About 74 and owns about 75% of Briscoes.....surely there is a plan......

yeah - flog it to westfarmers lol

[Ricky-bobby]

It’s a similar thing to Delegats. Jim Is majority shareholder. He’s tried to step back but now back in there as chairman….

[Sideshow Bob]

Pretty good Rod.......:)

https://www.nzx.com/announcements/427855

Briscoe Group Limited (NZX/ASX code: BGP)
Highlights for the full year ended 28 January 2024:

• Total record sales $792.0 million
• Both Homeware and Sporting Goods segments delivered positive growth, +0.54% and +1.17% respectively
• Gross profit margin 42.40%, protecting 47% of the 633 gross profit margin points gained across the two years impacted by Covid (years ended January 2021 and January 2022)
• Online sales as mix of total Group sales 18.72%, (LY 18.97%)
• Net profit after tax (NPAT) $84.2 million, 95% of last year’s record NPAT
• Final Dividend 16.5 cps
• Total Dividend for the year 29.0 cps, +3.57%

The directors of Briscoe Group Limited announce a net profit after tax (NPAT) of $84.2 million for the year ending 28 January 2024, representing 95% of the record $88.4 million reported for the previous year.

Board Chair, Dame Rosanne Meo announced that the directors have resolved to pay a final dividend of 16.5 cents per share (cps).

The dividend is fully imputed and, when added to the interim dividend of 12.5cps, brings the total dividend for the year to 29.0 cps, an increase of 3.57% on the prior year. The final dividend will be paid on 27 March 2024. The share register will close to determine entitlements to the dividend at 5pm on 20 March 2024. The Company’s dividend policy is to pay out at least 60% of NPAT when calculated on a full-year basis. “We are delighted to be able to reward our shareholders with a record total dividend of 29.0 cents per share, achieved with an increased interim dividend earlier this year now also with this final dividend announcement.

“The team’s ability to consistently produce quality results is notable and indeed extraordinary, given the continued uncertainty and deterioration of the retail market during the twelve months to January 2024.”

Rod Duke, Group Managing Director, said: “We’re delighted to have produced another year of record sales against a macro retail environment which has seen many retailers struggling to hold their ground. It’s significant that the Group was able to grow sales across both the first and second halves as well as across each of the trading segments, homeware and sporting goods.

“The combination of a strong core business and the execution of strategic initiatives by an extremely talented team has again proved to be a great formula for success - delivering a bottom line equal to 95% of last year’s record NPAT.”

The earnings were generated on sales revenue of $792.0 million, an increase of 0.78% on the $785.9 million generated for the previous year.

As expected, gross margin percentage declined for the period from 44.02% to 42.40%. Rod Duke said, “Like all retailers we faced margin pressure from a number of factors as the impacts of the ongoing economic downturn were felt. However, the Group has differentiated itself by protecting a significant portion of the margin percentage increase achieved during the Covid pandemic. I’m extremely proud to report that this result will represent the protection of 47% of the 633 gross margin basis points gained during that period. The Group’s full year gross profit margin immediately prior to Covid (Year ended January 2021) was 39.43% compared to this year’s margin of 42.40% - a significant achievement which we have worked hard to deliver.”

The Group’s online business continues to perform well and represented 18.72% of Group sales as at 28 January 2024. Rod Duke said, “We continue to invest in both the front and back-end platforms with a number of initiatives designed to connect the online and physical store experiences including; introduction of an omni-members voucher programme and also management of complete customer experience through “My Account”. Complementing this our focus on frictionless customer experience continued with the introduction of features such as; self-service returns and tools to help customers find the right product based on individual needs. Additional payment and delivery options are also being worked on which should enable these features to be expanded during 2024.”

This year’s result includes $2.1 million (after tax) of dividends from the Group’s investment in KMD Brands Limited, matching the amount received for the same period last year.

The Group will benefit from $3.4 million of improved net interest position compared to the previous year because of improved cash balances and higher interest rates.

Inventories totaled $104.9 million at year-end, including a new Rebel Sport store opened by the Group in April 2023, $12.9 million below the $117.8 million reported for last year. Rod Duke said, “Inventory improvements have been critical in enabling us to deliver sales growth and meet our gross profit goals. As local and international supply chains have returned to more normal, reliable and cost-effective levels of service compared to the disruption of recent years, the team has been able to tighten the levels of inventory held by the Group. This has seen a rationalisation of inventory across most categories and we continue to invest considerable energy into refining, how, when and what we purchase, to continually improve our inventory measures.

The Group’s balance sheet remains strong, with cash and bank balances of $175.4 million as at 28 January 2024 and no term debt. Approximately $20 million of creditor payments included in the trade payables balance were subsequently paid on or before 31 January 2024.

During the year $15.1 million of capital investment was made by the Group of which $4.3 million represents expenditure on the fit-out of new and refurbished stores. $5.6 million was spent to purchase the existing Briscoes Homeware site in Timaru and the balance of the capital investment was for online platform improvements, enhancements to system software and hardware and the continuation of security initiatives including ungraded alarm and camera systems, stronger roller shutters and concrete bollards.

Despite the difficult trading conditions, the Group progressed a number of store development projects during the year. As reported at half year, we were delighted to open a brand-new Rebel Sport store in Ashburton during April in conjunction with the relocation of the existing Briscoes Homeware store. In addition, three full-store refurbishments were completed during the first six-month period at; Briscoes Homeware Whangarei, Rebel Sport Taupo and Rebel Sport Manukau.

During the second half of this financial year refurbishments were also completed at Briscoes Homeware Manukau and Wairau Park in Auckland, as well as Rebel Sport Invercargill. All store upgrades result in a dramatic difference to the look and feel of the stores and include the latest ideas from the new-store design concepts including LED lighting, redesigned fixtures, personalized counters, click & collect storage zones and dramatic new in-store signage.

A number of other projects also continue to grow and benefit the Group’s profitability. Examples of these include; the ongoing introduction of expanded ranges of new products online which are shipped direct from suppliers to customers and electronic shelf labeling to be introduced in both Briscoes Homeware and Rebel Sport stores after completion of successful trials.

Rod Duke said, “Significant progress has also been made during the year in relation to establishing a new distribution centre in South Auckland. We are well into the implementation at our existing distribution centre, of a new Warehouse Management System (WMS). This will enable the current team to upskill themselves before transitioning to the new facility when it eventually becomes operational. In addition, we have selected our automation partner in relation to the significant improvement in warehousing capability intended for the new facility. In February we also signed a Letter of Intent for the purchase of land and the building of a new warehousing facility at Drury, South Auckland. We expect the project to require expenditure, inclusive of land and building construction, of at least $100 million across the next 3 financial years. This state-of-the-art facility will step-change our capability in warehousing and distribution, enhance inventory management across the entire group network including optimisation of the existing store footprint, to deliver significant performance and efficiency gains.

“Looking forward, we remain cautious as to the retail environment with ongoing uncertainty in relation to economic conditions, customer sentiment and cost pressures. We do not underestimate just how challenging trading could be but are very confident in relation to the Group’s ability to continue to perform and deliver superior results.”

Group Chair Dame Rosanne Meo said, “On behalf of the Board I would like to acknowledge the outstanding work done by the entire Briscoe Group team. We are thankful to our over 2,000 team members from the distribution centre, across stores and to support office for their level of commitment, teamwork and enthusiasm to produce the best shopping experience possible. This is at the core of the impressive results which the company continues to deliver.”

[Toddy]

Credit to the team alright. That's impressive in the current environment.

[winner69]

Always admire Briscoes fifer having reports out so quickly

Most take the full 2 months they have …but not Briscoes

Sign of an efficient well run business who are always on top of things …..and shows in their results

[winner69]

Rod says “It's hard to complain when you see some of our competitors suffering to a large extent because of reduced demand for their product or their brand,”

Prob referring to WHS lol

just shows you need to micromanage the things that matter when macro things not going your way

good stuff Rod ….pity others don’t learn from him

[bull....]

Duke still da man :t_up: