Briscoe Group (NZE:BGP, ASX:BGP) recorded flat sales in the 48 weeks ended Dec. 29, 2024, and warned that full-year profit will no longer meet its previous guidance as cheaper interest did not stir spending as initially hoped for, according to a Friday filing with the Australian and New Zealand bourses.
Group sales for the said period inched down 0.28% on a year-on-year basis.
"While there were some positive signs across Black Friday promotions, we believe the event was diluted by the continued economic downturn as well as the amount of promotional activity that started considerably earlier than previous years," said group managing director Rod Duke.
"While Christmas trading, particularly our Boxing Day promotions, improved compared to Black Friday, December trading was still under anticipated levels," Duke added.
Full-year net profit after tax is now expected to fall short of the group's prior guidance but hit above NZ$66 million. This excludes a one-off tax adjustment of NZ$7.4 million.
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