Rod Duke: Briscoe Group Managing Director on the company posting record half year profits

Briscoe Group Limited has posted a near record net profit after tax of $84.2 million for the year ending January 28, 2024.

The group, which runs both Briscoes and Rebel Sport, says profits have nearly reached the $88.4 million record set last year - despite a tough economic climate impacting the retail sector. 

Briscoe Group Managing Director Rod Duke says more customers have gravitated to the group's output in recent months.

"The strategy's unchanged - and when we do that, we tell a lot of people that we're going to do it."

LISTEN ABOVE

See omnystudio.com/listener for privacy information.

Episode Transcript

Speaker 1 (00:00):
First, let's go to Brisco's or Brisco should I say,
And despite consumer spending being down, Brisco Group has managed
to power through posting record half year sales. It's twenty
six week half year sales to the end of July
reached three hundred and seventy two point one million, which

(00:20):
is a point seven to seven percent increase in the
same period ladst year, the group's home were sales that's
Briscoes also increased point to eight percent over the period.
Sporting goods that's Rebel Sport that went up one point
five to eight percent. So Rod Duke is the group
managing director of Brisco Group, and he joins me, Now,
good evening to you, right evening, Andrew, Now what's the

(00:42):
magic trick? Mate? Everybody in retail wants to know how
you can make money.

Speaker 2 (00:47):
Look, Look, it is true, it's very very difficult out
there at the moment. I think the numbers you're seeing
from us is probably more about a market share shift
to the two brands that I have, both in Rebel Sport,
rather than increased customers. They're just seem to be switching
their purchasing patterns across to across to our brands.

Speaker 1 (01:09):
Well, then once again, what's the secret? What makes Brisco
better than any other homeware supply? What makes Rebel Sport
better than any other sporting supplier?

Speaker 2 (01:17):
Look, I guess it's all about selling high quality products
at real good prices. That's where we've sat for many,
many years. It's their strategy is unchanged, and when we
do that, we tell a lot of people that we're
going to do it.

Speaker 1 (01:32):
So is that what you'd say to Paul and Liz Blackwell,
who bought Torpedo seven off the Warehouse Group for a dollar? No?

Speaker 2 (01:42):
I know, paulian that team pretty well. Look, they'll probably
they'll probably do okay out of that, but they're in
a slightly different category than we are. Anyway.

Speaker 1 (01:54):
You also said you're not going to produce a net
profit above tax above last year's forty two point seven,
And we all know the good thing about you is
your company is pretty cast rich. So where do you
think you're going to end out eventually?

Speaker 2 (02:07):
Oh, well, we know pretty much where we're going to
end up. For the half year. It's going to be
forty million n change, which is going to be about
ninety four n last year. What happens at the end
of year. Our interview ends in January. Where it ends
up largely depends on the market. You know, we're hopeful
to get the same or a slightly better number than

(02:27):
last year, but we're just going to have to wait
and see.

Speaker 1 (02:30):
And of course the current managers survive until twenty five.
Do you see a turnaround next year?

Speaker 2 (02:38):
Look like the rest of the market. We're hoping so, Andrew,
but you need to see the green shoots first. I
think the suburbs need to feel a bit more secure
about their their outgoings. You know, the insurances, the wages
coming in, the inflation and the price of petrol, all
those costs that are hitting the subs. Everyone's just worried

(03:02):
about it. And housing interest rates of course.

Speaker 1 (03:04):
Of course, of course. But of course, at the same time,
even while all that is happening, you still need sneakers
and you still need names and forks.

Speaker 2 (03:12):
Well, yeah, we are in the staples business, even though
some would say sporting goods are not really staples their luxuries.
That still sees me going pretty well.

Speaker 1 (03:23):
Well. Congratulations, right, and bring on the full year and
let's bring on a turnaround day.

Speaker 2 (03:28):
Cheers mate, thank you.

Speaker 1 (03:31):
So no, he didn't tell us the magic secret source.
Did he really though he has been quite open about
some of the successors of this company in the past.
The fact of the matter is they have no debt,
which is quite handy. Really good on them for doing that.
That means when you see a profit of forty million dollars,
that money and other companies is going towards the debt
and the financing and all that sort of stuff. So
it helps if you have no debt.

Speaker 2 (03:52):
For more from Hither Duplessy Allen Drive, listen live to
news talks it'd be from four pm weekdays, or follow
the podcast on iHeartRadio.