Trading Sales Growth for Better Margins Leaves Our FVE for Briscoe Unchanged at NZD 3.50
No-moat-rated Briscoe Group’s sales growth slowed in the fourth quarter of fiscal year 2017, ended Jan. 29, 2017. Group sales of NZD 582.8 million for the year were 4% less than our estimate, due to like-for-like sales growth of only 1.8% for the fourth quarter, compared with 5.4% in the third quarter of fiscal 2017. However, gross margins have materially improved for the full year, and likely by more than we had previously expected.At the interim results, management stated that its focus remai...
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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