i didnt even know rod had done a talk so thanks to porknpuha for bringing the interview to everyones attention and no its not me buying i already own a few
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I'm up nearly 12% since I got in last week so been a very tidy little earner. Thanks to Bull for mentioning the breakouts a few pages back. Planning on an exit just below $4.20 if it heads that way next week. Will be interesting to see how many get on board before ex div
Anybody knows why BRG annual report ended period is for 26 Jan 2020, rather than 31 Mar 2020?
Many retailers have periods ending ending January ....sort of ties In with seasonality, like all of christmas/New Year period and then July post winter peak.
Briscoes also do a 52 week reporting period (comparative periods equal) ending on a Sunday. Hence an ‘odd’ looking date this year of Jan 26th
From their AR -
Reporting period
These consolidated financial statements are in respect of the 52 week period 28 January 2019 to 26 January 2020 and provide a balance sheet as at 26 January 2020. The comparative period is in respect of the 52 week period 29 January 2018 to 27 January 2019. The Group operates on a weekly trading and reporting cycle resulting in 52 weeks for most years with a 53 week period occurring once every 5-6 years.
Nick Mowbray on the case of Briscoe’s and other large employers who have claimed the Government COVID-19 wage subsidy but still reporting large profits:
https://www.rnz.co.nz/national/progr...g-wage-subsidy
Businesses like Briscoe’s need to act appropriately or run the risk damaging their social licence. I note Rod Duke is quoted by Radio New Zealand as declining to comment. Will be interested to see if Mowbray’s call gains momentum.
Mixed feelings on this. If they played by the "rules" then it becomes a moral rather than a compliance issue. There's something to be said for the confidence that the wage subsidy provided to large employers to keep all their staff on board and not reduce their wages - which ultimately means fewer people claiming benefits and continuing income tax for the government. Realise it's a very complex issue though.
Briscoe 2020 annual reported for period ended 26th of Jan 2020, the wage subsidies kicked in after that. The 2020 EPS does not reflect the situation, right? If Rod mentions this, investors may think about 2021 FY EPS, cause price fluctuation. I hope that is the reason, he refused to refund and kept quiet.
I was hoping Rod would take them out at $4.20 /s
no I dont actually regrettably - it was just an off hand joke reference Elon and his naughty tweet a while back. Lol shows where my mind is at I thought you were asking if I had some weed.
I had noted your comments earlier and I had freed up some funds for retail sector by selling Michael Hill (+25% in 6 weeks) , and was going to buy some BGR a few days ago but I slept in and missed the starting bell that day and I do hate chasing trains that have left even though its often not that a bad move.
Ashamedly I actually got greedy and thought it might push through 4.20 and find some support above that, based on the strength of the rise, so I held on...doh.
It had a strong close today (albeit on unimpressive volume) so will be looking to get out tomorrow. If it finds support above 4.20 after ex div I may look to get back in but I don't see that happening in the short term. Of course I'm wrong with alarming frequency so pay me little attention.
Go bull!!! I would do the same....but no position in BGR...
If HLG announcemened would follow...I am happy to do so....so far happy with the capital gain
This shareholder going to donate his $17.85 Briscoes divie to charity (for moral reasons)
Making a $100 donation so if the rebate is claimed get $30 odd bucks back
Hope charity more worthy of government support than the likes of Rod (his words)
https://www.stuff.co.nz/business/ind...to-do-the-same
at the time it was definately the right thing to do to take the subsidy for any business.
Housing is hot – so why aren’t realtors repaying the wage subsidy
https://thespinoff.co.nz/business/08...-wage-subsidy/
how many businesses really needed it in hindsight?
Paying back the Wage Subsidy: https://www.nzherald.co.nz/business/...FZWOGVVY24EGM/
Rod Duke is an incredibly wealthy man. The company is legally entitled to it but its nice to see him giving back but forcing minority shareholders to give their share back is debatable in my opinion. Extremely wealthy people shouldn't impose their philanthropic inclinations on others. My 2 cents.
I get both arguments, Shareholders need to be mindful of public perception especially in times like these....
Duke said at the time of the interim results that the third quarter had started off very well so I guess with Q3 update due early Nov - and if it's a good one - there would just come more pressure to pay back, so they've decided to put this one to rest now.
duke da man , expect hallensteins , sum to fellow etc
actually Jacinda Ardern didnt make it a big deal in the candidate contest hosted by Paddy Gower. She seemed (to me) to accept that if they were within the rules she wasnt going to fight hard to get it back. So it depends what pressure you mean. Public and media pressure?? THere may be a bit of that ....
Well done Briscoes - respect.
On what basis ? Change the law retrospectively and do a complete about face on the terms of the wage subsidy scheme that Labour itself established ?
Labour set the terms and there are many companies that claimed the subsidy that are well within the scope of those terms so are perfectly entitled to it and should keep it.
Lets all not forget that the wage subsidy was intended to keep staff in work and only covered part of the staff costs.
Minority shareholders deserve the respect to undertake their own philanthropic decision making without having extraordinary rich businessmen impose their wishes on minority shareholders.
Call me a cynic if you like but I think its a cunning marketing ploy to pretend to be "Mr Nice guy" so that customers spend up big at Briscoes stores in the lead up to Christmas.
Briscoes have been running disingenuous and in many cases very misleading sales and marketing programs for many years...their regular prices are a total rort. Rod Duke Mr nice guy...yeah right....where's my Tui ?
Yes...it is all about perception, a trick Rod Duke has been using very successfully for many years. He makes people perceive they are getting a bargain when they're not.
The last time I went into Briscoes...I don;t bother now unless there is no alternative I was looking for a very small lite vacuum cleaner for my office a few months back, not a huge area to vacuum and was tired of lugging the big home vacuum cleaner down to my office.
Went into Briscoes and they has some small cheap piece of Chinese made junk there for $599 but was on sale for more than 60% off at $199. What a bargain...but my Beagle nose smelled a rat because it was so small and pathetic and couldn't possibly be worth anything like $599 retail which seemed like a total rort.
Went into Placemakers afterwards to spend my airpoints before they expire or get confiscated by Air New Zealand and bought a better looking more robust looking machine for $99. Briscoes have been rorting customers for decades with their fake sales...just go to K Mart and their regular everyday prices are generally around half what Briscoes prices are on so called sale.
People thinking this is a decent company doing the right thing are simply not aware that Briscoes use some very disingenuous sales tactics on unsuspecting people and have been doing so for decades.
A bit like Hallensteins denims at $99
59.
Only buy them when they down to NOW $29.99
That's marketing for you
When is a sale not a sale? when its a permanent Briscoes sale.
Good for Briscoes, one of many now doing the right thing.
Ryman should follow suit. Reporting record profit and dividend payouts while taking corporate welfare meant for struggling businesses is a bad look and evident of weak, low quality leadership.
Bunnings have different SKU numbers and have used these, at least in the past, to avoid their "beat it by 15%" clause.
Also don't think you're getting a bargain on any and every product that these companies sell. There are large number of items that are more expensive at Mitre10 (for example) than other retailers. They bank on the big-box convenience factor, with low lead-in prices on regular sellers.
But worse still are the business practices of these two companies with their suppliers.
I don't have any specific information about how Briscoes interact with their suppliers, but I expect it will be very similar.
Rod buying up $1 million of shares.
Hes flagged strong growth and shareprice is not reflecting true value of the business so easy to see why hes buying. Been like this for a long while now, i've always put it down to low float and not much interest from analysts and instos
He has one of the keenest eyes for value around
Smashing it.....
https://www.nzx.com/announcements/362483
3rd Quarter Sales to 25 October 2020
3/11/2020, 9:42 amMKTUPDTEBriscoe Group Limited (NZX/ASX code: BGP)
Highlights for the 3rd quarter (13 weeks) to 25 October 2020:
• Total Group sales $161.3 million, +14.97%
• Homeware sales growth, +12.28%
• Sporting goods sales growth, +19.48%
• Online sales mix of total Group sales, 16.3%
• $11.5 million wage subsidy repaid in full
Third Quarter: 27 July 2020 – 25 October 2020:
The directors of Briscoe Group Limited announce unaudited sales for the third quarter period, being the thirteen weeks ended 25 October 2020, of $161.3 million, 14.97% above the $140.3 million for the same quarter last year. For the quarter, homeware sales increased by 12.28% to $98.7 million, while sporting goods sales were $62.6 million, an increase of 19.48% from the $52.4 million achieved for the equivalent quarter last year.
Year-to-date: 27 January 2020 – 25 October 2020:
Unaudited sales for the thirty-nine-week period from 27 January 2020 to 25 October 2020 were $453.7 million, an increase of 2.35% on the $443.3 million achieved for the first three quarters of last year. The Group’s homeware segment increased sales by 1.30% during this period and the sporting goods segment by 4.14%.
Group Managing Director, Rod Duke said, “The significant increase in sales reported for the second quarter has continued through this third quarter. After trading interruptions due to Covid-19, we’re delighted in the way the Group has rebounded to produce consecutive quarterly double-digit sales growth. Importantly, this augurs well for continued strong sales as we commence the crucial final quarter.”
On 8 September the company announced a half-year net profit after tax (NPAT) of $28.0 million. This result included $11.5 million of government wage subsidy which the Group was eligible to receive.
On 16 October Board Chair, Dame Rosanne Meo, announced that after experiencing sustained sales growth since the end of the national lockdown, the Group would pay back all of the $11.5 million wage subsidy. Dame Rosanne said, “It’s the right decision for our company to pay back the subsidy given the strong sales recovery we experienced and reduced likelihood of another full national lockdown. We supported our employees in full through-out this difficult year and there were no redundancies or permanent store closures.
“Notwithstanding the interim dividend announced by the Board, we think it’s important to recognise the support of our shareholders who have taken the financial brunt of Covid-19. They missed $28 million through the cancellation of our dividend payment back in March when the national lockdown was first announced. Although it was pleasing to be able to reinstate dividend payments at the half-year they are still one significant payment down.
“It is a credit to the team led by Rod that we have come through this crisis so strongly. The energy and success of the team in continuing with new developments and initiatives during this extraordinary period has far exceeded the Board’s expectations.”
Rod Duke said, “Clearly the repayment of the wage subsidy will impact our second-half and full-year results, as will the recent announcement by Kathmandu that they will not be paying a dividend at all for their financial year ended July 2020. Last year Briscoe Group received $6.8 million in dividends from our investment in Kathmandu. However, notwithstanding this, I am optimistic that if the current trading momentum continues, we can still produce a full-year result to the end of January of which we can be extremely proud.
“The massive disruption to trading from Covid-19 has produced opportunities for us to re-think the way we construct our promotional activity and also how we process and manage the flow of inventory through the business. This is having a very positive impact on gross profit margin.
“The Group’s online business continues to show impressive growth over last year and for the third quarter ending 25 October 2020 it represented 16.3% of total Group sales. The accelerated roll-out of Click and Collect across the entire store network was a significant achievement for us during lockdown. More than 25% of online sales during the third quarter were produced via our Click and Collect operation.
“In addition, our strategic initiatives around; enhancing our customers’ shopping experience, improvements within our supply chain and sourcing new revenue streams are progressing well and we expect to see some ‘quick-wins’ emerging before the end of this financial year.
“I am very confident that with the initiatives we have in place, the Group can produce a remarkable full-year result. Just how close we get to achieving last year’s profit will depend on how buoyant trading is across the crucial 4th quarter.”
Tuesday 3 November 2020
“MKTUPDTE: BGP: 3rd Quarter Sales to 25 October 2020
Briscoe Group Limited (NZX/ASX code: BGP)
Highlights for the 3rd quarter (13 weeks) to 25 October 2020:
o Total Group sales $161.3 million, +14.97%
o Homeware sales growth, +12.28%
o Sporting goods sales growth, +19.48%
o Online sales mix of total Group sales, 16.3%
o $11.5 million wage subsidy repaid in full
Third Quarter: 27 July 2020 - 25 October 2020:
The directors of Briscoe Group Limited announce unaudited sales for the third
quarter period, being the thirteen weeks ended 25 October 2020, of $161.3
million, 14.97% above the $140.3 million for the same quarter last year. For
the quarter, homeware sales increased by 12.28% to $98.7 million, while
sporting goods sales were $62.6 million, an increase of 19.48% from the $52.4
million achieved for the equivalent quarter last year.”
Wow pretty much square on my growth estimate. Great result from Rod and the team, they should be very proud
Cheeky boss...he knew the sales will be up..he loaded heap of shares and saying it is better to invest in BGP instead of term deposit
Nice numbers it seems that Kiwi's are spending while they can on what they can.
But always good to think beyond the latest sales figures and consider both probable and improbable futures and how long this great run can last.
Socks are for Xmas but a decent frying pan is for life. :cool:
True, but they don't make decent frying pans like they used to.Quote:
Socks are for Xmas but a decent frying pan is for life.
:(
Depend on what u are frying...possums meat tend to hard to fry...grill better
Had a very tasty gourmet rabbit pie once. Probably slow cooked in one of Briscoes pressure cookers. Good result for Briscoes sales. Pretty cool that an insider can buy on inside knowledge and not be prosecuted and nobody dares to even complain about it. Wonder what's on so called sale this weekend ?
Pretty sure Rod bought in the disclosure window after the half year results. He has flagged this growth very clearly. One listen to his RNZ interview and you'd think he was shouting this result weeks ago from the rooftops.
and Percy no mention of your yearly plug for Estar online? :)
sales will going up especially coming to this Christmas and summer. As kiwis can not go overseas...families tend to spend on camping, buying sports stuffs and household items.
the biggest threat is retailers running out of stock
All retailers will see Christmas comes today!
bgr been consolidating at resistance 4.20 for a while now , a break to the upside looks like targeting 4.50 short term ( top of the weekly bollinger)
underperforming hlg , kmd last mth as far as performance goes in price action so catch up time?
Early Sep I was tossing up on a local retailer (given no-one spending money on travel so it's ending up somewhere) and decided either HLG or BGP - went with the latter. BGP price has improved around 50c but HLG has been nearly $2.50! Should have split the investment between the two - ah hindsight.
price has now smoked 420 resistance
Attachment 12116
Lines and busy car parks as Kiwis partake in Black Friday sales
In Lower Hutt, cars were queued down the road to get into the Briscoes and Rebel Sport carpark, marshalled by staff in high visibility vests.
In Rebel Sport, the lines to pay were 20 people deep
https://www.stuff.co.nz/business/123...k-friday-sales
same my local , crazy rod need to drop some more stock from his helicopter cause the ques are to long to get in
rod duke interview
Briscoes' biggest day ever
27 Nov, 2020 07:52 PM
https://www.nzherald.co.nz/business/...FI5MVJPUS7FAU/
biggest day of sales ever
wonder what harvey normans share price will be ... to late to buy aussi.. we move off shore weeks ago for travel assets
I've never seen anything like it, our local was crazy.
Car parks full roadside grass areas full basically anywhere you could park a car, was taken with cars waiting to fill any gaps as soon as they opened up
Traffic was an absolute nightmare jammed up everywhere.
I can see why it was there biggest sale event ever. interestingly I haven't heard or noticed the constant sales marketing on the radio and TV "60% off" for a little while.
Maybe they don't need it or the days of those discounts are few and far between.
Hopefully we'll see some record profits to go with the record sales..
Last Saturday in Porirua most of the business were very busy, Briscoes, The Warehouse, Farmers, HLG. Probably The Body Shop was the only one not so busy.
no
i dont limit to any particular time frame
i start at the long time frames and work down till i see something. in this case the 6 month chart showed what I saw the best.
EDIT MUCH LATER
the one year brings in the low from Covid and the high in Jan. it could show possible resistance at 4.48 (this years high in Jan) although I actually think that peak did not form a great resistance area but no doubt will wobble around a bit up here and of course my general view is that equities are overvalued so the overall market may have a bigger impact on BGP than anything else now. But I still hold BGP as 10% of equity portfolio after I got out of Michael Hill too early.
Share price keeps climbing. Now valued at more than a billion dollars.
Why isn't it in the NZX50? Has higher market cap. than many others that are included. Is it due to Rod being the majority owner? Any thoughts appreciated.
Seemed a sizable jump after market close last night? Maybe just playing catch up on the other retailers/general market sentiment this week.
4.50 was an important level , on an upwards i say. big div to look forward to in the new year maybe even $5+
duke the man :t_up:
Special Dividend and Market Update
The directors of Briscoe Group Limited announce that today they resolved to pay shareholders a special fully imputed dividend of 6.0 cents per share.
https://www.nzx.com/announcements/364834
Whoah - that bound to get SP jumping - 5 buckses anyone ? ;)
Sublime. Nothing like a large juicy treat right before christmas
nice xmas present from briscoes. treat there s/h well.
and it is easily payable from cash reserves. i had them at 100m cash by end of year but have to deduct subsidy payback and now special div should leave well over 60m cash still as back of envelope guess as i havntt fully updated my numbers yet. so im still wondering what briscoes will do with all that cash next year .... buy another company or return more to share holders
Briscoes share price up nearly 25% since they said they repaid covid wage subsidy.
HLG on the other hand only up 10%
Made we wonder if the market is rewarding a good corporate citizen for repaying the subsidy ....enhanced reputation goes a long way ...and they outperform their peers
Just a thought
Whatever Rod keeping punters happy
……… and the biggest shareholder.Quote:
Whatever Rod keeping punters happy
:)
Have you considered my good friend - that a 'higher % of a lower SP' can equal or even be less than 'a lower % of a higher SP' ?
HLG still seems to have advanced further in $ terms - well doesn't it ? ;)
Tomorrow or the next day on a new upcoming update for HLG could even turn mysteriously the tables further too ..
i consider most on this site are long term investors so looked at this way bgp is outperforming hlg as an investment ytd. if you were a trader and timed entry and exits to perfection hlg would have performed better over only some timeframes
bgp ytd
26% + divs
hlg ytd
10% + divs
and as winner mentioned bgp paying the wage subsidy back could very well have been a catalyst for bgp out performance , not only did rod create great brand awareness by doing this he probably brought new customers on board. time will tell if hlg by not paying back the subsidy affects there brand
bgp mthly
17%
hlg mthly
6%
Bgp benefits much more from covid than hlg.
Everyones inside and wants to freshen up their home or home office. Especially also as work from home is a permanent fixture going forward for myself included.
For hlg its the opposite, no need for new clothes if you can work in your pjs at home half the week
New ATH $5.10
edit, now $5.20 and mcap now over 1.1b
Up another X percent today. As someone who missed the latest rally what would you suggest I do .... buy in now when the stock is looking heady and had a good run, or find another retail stock to invest in.
Always invest in the best of breed!
:)