No Surprises in Briscoe's First-Half Results; FVE Unchanged
There were no surprises in no-moat-rated Briscoe Group's first half results, thanks to good quarterly disclosure. Group sales of NZD 293 million, already released in early August, rose 4.3% on the prior corresponding period, or PCP. Net profit after tax, or NPAT, of NZD 29 million was 2.7% higher than the PCP, slightly trailing our full-year fiscal 2019 forecast of 3.6% growth. Despite tough trading conditions, Briscoe managed growth across both the homeware and sporting goods segments, and we a...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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