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Briscoe Group boss says low consumer confidence to blame for profit drop

Author
Newstalk ZB,
Publish Date
Thu, 19 Sep 2019, 10:46AM
Briscoe Group said low business and consumer confidence was affecting its business. Photo / File

Briscoe Group boss says low consumer confidence to blame for profit drop

Author
Newstalk ZB,
Publish Date
Thu, 19 Sep 2019, 10:46AM

A mild winter is shouldering some of the blame when it comes to a drop in profits for one of country's biggest retailers.

Briscoe Group which owns Briscoes, Rebel Sport and Living and Giving, has reported a profit of just over $28 million for the first half of the year, down three percent on last year.

Managing director Rod Duke told Mike Hosking the weather played a part.

He says winter didn't really arrive until July, so that was three or four million dollars of their potential revenues.

"Falling consumer confidence contributed to that. When you get periods like this, the focus is simply on getting as many people through the store as possible."

Briscoe will pay an interim dividend of 8.5 cents per share, up from 8 cents in the prior year, to shareholders on the register at Oct. 1. It will be paid on Oct. 8.

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