Latest / Best of Business / Rod Duke: Briscoe Group Managing Director on the company posting record half year profits

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Rod Duke: Briscoe Group Managing Director on the company posting record half year profits · Best of Business

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  Speaker 2: First, let's go to Brisco's or brisco should I say?
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  Speaker 2: And despite consumer spending being down, Brisco Group has managed
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  Speaker 2: to power through posting record half year sales. It's twenty
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  Speaker 2: six week half year sales to the end of July
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  Speaker 2: reached three hundred and seventy two point one million, which
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  Speaker 2: is a point seventy seven percent increase on the same
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  Speaker 2: period last year. The group's homeware sales that's Briscoes also
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  Speaker 2: increased point to eight percent over the period. Sporting goods
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  Speaker 2: that's Rebel Sport, that went up one point five to
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  Speaker 2: eight percent. So Rod Duke is the group managing director
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  Speaker 2: of Brisco Group, and he joins me, Now, good evening
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  Speaker 2: to you.
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  Speaker 3: Rob Evening Andrew.
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  Speaker 2: Now, what's the magic trick? Mate? Everybody in retail wants
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  Speaker 2: to know how you can make money.
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  Speaker 3: Look, Look, it is true. It's very very differ figure
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  Speaker 3: out there. At the moment. I think the numbers you're
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  Speaker 3: seeing from us is probably more about a market share
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  Speaker 3: shift to the two brands that I have, both Prisco's
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  Speaker 3: and Rebel Sport, rather than increased customers. They're just seem
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  Speaker 3: to be switching their purchasing patterns across to across to
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  Speaker 3: our brands.
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  Speaker 2: Well, then, once again, what's the secret. What makes Brisco
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  Speaker 2: better than any other homeware supply? What makes Rebel Sport
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  Speaker 2: better than any other sporting supplier?
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  Speaker 3: Look, I guess it's all about selling high quality products
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  Speaker 3: at real good prices. That's where we've sat for many,
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  Speaker 3: many years. It's their strategy is unchanged, and when we
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  Speaker 3: do that, we tell a lot of people that we're
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  Speaker 3: going to do it.
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  Speaker 2: So is that what you'd say to Paul and Liz Blackwell,
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  Speaker 2: who bought Torpedo seven off the Warehouse Group for a dollar?
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  Speaker 1: No?
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  Speaker 3: I know Pauling and that team pretty well. Look they'll
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  Speaker 3: probably they'll probably do okay out of that, but they're
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  Speaker 3: in a slightly different agree than we are. Anyway.
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  Speaker 2: You also said you're not going to produce a net
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  Speaker 2: profit above tax above last year's forty two point seven million.
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  Speaker 2: We all know. The good thing about you is your
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  Speaker 2: company is pretty cast rich. So where do you think
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  Speaker 2: you're going to end out eventually?
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  Speaker 3: Oh, well, we know pretty much where we're going to
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  Speaker 3: end up. For the half year it's going to be
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  Speaker 3: forty million and change, which is going to be about
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  Speaker 3: ninety four to ninety five percent of last year. What
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  Speaker 3: happens at the end of year our interview ends in January.
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  Speaker 3: Where it ends up largely depends on the market. You know,
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  Speaker 3: we're hopeful to get the same or a slightly better
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  Speaker 3: number than last year, but we're just going to have
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  Speaker 3: to wait and see.
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  Speaker 2: And of course, the current manators survive until twenty five.
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  Speaker 2: Do you see a turnaround next year?
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  Speaker 3: Look like the rest of the market. We're hoping so, Andrew,
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  Speaker 3: but you need to see the green shoots first. I
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  Speaker 3: think the suburbs need to feel a bit more secure
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  Speaker 3: about their their outgoings. You know, the insurances, the wages
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  Speaker 3: coming in, the inflation and the price of petrol, all
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  Speaker 3: those costs that are hitting the suburbs. Everyone's just worried
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  Speaker 3: about it. And housing interest rates of course.
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  Speaker 2: Of course, of course. But of course, at the same time,
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  Speaker 2: even while all that is happening, you still need sneakers,
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  Speaker 2: and you still need fight names and forks.
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  Speaker 3: Well, yeah, we are in the staples business, even though
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  Speaker 3: some would say sporting goods are not really staples. They're
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  Speaker 3: luxuries that still sees me going pretty well.
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  Speaker 1: Well.
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  Speaker 2: Congratulations, right, and bring on the full year and let's
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  Speaker 2: bring on a turnaround day.
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  Speaker 3: Cheers mate, thank you.
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  Speaker 2: So No, he didn't tell us the magic secret source,
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  Speaker 2: did he? Really, though he has been quite open about
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  Speaker 2: some of the successors of this company in the past.
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  Speaker 2: The fact of the matter is they have no debt,
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  Speaker 2: which is quite handy. Really good on them for doing that.
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  Speaker 2: That means when you see a profit of forty million dollars,
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  Speaker 2: that money and other companies is going towards the debt
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  Speaker 2: and the financing and all that sort of stuff. So
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  Speaker 2: it helps.
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