Briscoe Group (BGP) Q2 2024 TU earnings summary

Executive summary

• Record half-year sales of $372.1 million, up 0.77% year-over-year, with growth in both homeware and sporting goods segments.

• Online sales accounted for 18.77% of total sales, up from 18.33% in the prior year period.

• Inventory levels reduced by approximately 10% compared to July 2023.

Financial highlights

• Underlying trading NPAT expected to be at least $40 million, about 94% of last year's $42.7 million.

• Gross profit margin anticipated to be around 100 basis points lower than last year.

• Increased interest income of about $1 million pre-tax due to higher cash balances.

• Negative impact from absence of $1.4 million interim dividend from KMD Brands received last year.

Outlook and guidance

• Underlying trading NPAT projected to exceed $40 million, excluding a one-off, non-cash $7.4 million deferred tax expense.

• Full half-year results and interim dividend declaration scheduled for 11 September 2024.