Briscoe Protects GP Margins but Sporting Goods Sales Weaker Than Expected; FVE Unchanged at NZD 3.65
We maintain our NZD 3.65 fair value estimate on no-moat rated Briscoe Group despite lower-than-expected Sporting Goods sales in the third quarter of fiscal 2019. We anticipated a stronger rebound in the third quarter after a challenging second quarter cycled the British & Irish Lions rugby tour in the previous corresponding period. We cut our full-year sales growth estimate to 3.5% from 6.0% but maintain our long-term estimates with average growth in sporting goods of 4% over the next five y...Briscoe Group is a non-trading holding company. Co. is engaged in the provision of management services to its subsidiaries. Through its principal trading subsidiaries, Co. is engaged in selling homeware products and retailing sporting goods. Co. operates two operating segments: Homeware and Sporting Goods. As of Jan 31 2010, Co. had 58 Homeware stores and 32 Sporting Goods stores located throughout New Zealand.
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