Fourth-quarter trading for retailer Briscoes underpinned increased annual sales which rose slightly from $416.7 million the year before to $419.3 million, for the year to the end of January.
Briscoes, whose 86 outlets include Briscoes, Rebel Sport, Living and Giving and Urban Loft, would have booked a 10% gain in after-tax profit of more than $23 million, if not for a $2.6 million tax adjustment.
Managing director Rod Duke said competition remained fierce across most retail sectors and Briscoes' strong start to the crucial December and Christmas trading period more than offset the disappointing lower-than-expected Boxing Day sales.
"The market responded very favourably to our marketing initiatives during the lead up to, and throughout the crucial Christmas trading period," Mr Duke said in a statement.
Craigs Investment Partners broker Peter McIntyre the result was "reasonable" for the difficult trading conditions being experienced by all retailers.
"The result reflects further evidence of the hardline retail sector. With unemployment up [to 6.8%] that will add further pressure on the sector," he said.
Forsyth Barr broker Suzanne Kinnaird said there appeared to be a "marked slowdown" in the January quarter, similar to most other retailers.
Briscoes' after-tax profit was still expected to be more than $23 million, up on last year, even though there was an extra week in Briscoes' reporting year, last year.
"The run-up to Christmas was good for Briscoes, but things have been much flatter since," she said.
Following quite solid growth in both groups in earlier quarters, the same-store sales in the quarter were flat.
Excluding a one-off $2.6 million tax adjustment for Government changes to building depreciation, Mr Duke expected Briscoes would have been able to report a full-year tax-paid group profit of more than $23 million, representing an increase of about 10% on last year.
On a same-store same-day basis, the Briscoes group's sales for the year were 2.4% ahead of the same period last year. Homeware sales increased 1.98% and sporting goods sales increased 3.31%.
• Briscoes is scheduled to report its final full-year audited result on March 8.
