As per the media reports, the profits are expected to be virtually doubled by retailer Briscoe Group in the latest half year.

Briscoe managing director Rod Duke, while releasing six-monthly sales figures for the period to July 26 today, said that the company expected an after tax profit of at least $6 million during the six-month period, compared with $3.1 million at the same time last year.

The recession and downturn in consumer spending hit last year's same-period earnings hard; and the profits dropped from $10.5 million in the previous comparable period.

The Briscoes Homeware, Rebel Sport and Living & Giving stores are operated by the Briscoe.

Today, Duke confirmed that the gross profit margins had been higher in the latest trading period than at the same time a year ago. While benefits of operating efficiencies were coming through, stock levels were in great shape too.

Duke said: "These efficiencies have been generated from the cost minimization initiatives implemented progressively since early last year as well as from the changes we have made this year to the structure of our store management."

He added: "We are pleased with the result for this second quarter and the resulting half year performance which has been achieved in a retail market that continues to be highly competitive and unpredictable; particularly for our specialty homeware stores."

It should be noted that $185.3 million was the total sales for the half year, up 1.8 percent on the $182 million at the same time last year.

A very marginal decrease was seen in the Group's homeware segment during this period, but the sporting goods segment increased sales by 6.2 percent.