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Briscoes 3rd Quarter Sales to 31 October 2004

3rd Quarter Sales to 31 October 2004

The directors of Briscoe Group Limited announce that unaudited sales for the three months ended 31 October 2004 were $71.6 million, being 5.01% higher than the $68.2 million reported for the third quarter of last year.

On a same store basis, the group’s sales for the quarter were 2.67% behind those for the third quarter of last year.

The gross margin percentage generated for the third quarter was slightly below the margin for the same quarter last year, however the year-to-date gross margin percentage remains significantly above the equivalent figure for last year.

Briscoes Homeware sales increased 7.33% to $49.3 million while Rebel Sport sales increased by 0.22% to $22.4 million. On a same store basis, Briscoes Homeware sales increased by 3.22% for the quarter, while Rebel Sport sales were 14.48% behind last year.

The relocation to new premises during the quarter of the Briscoes Homeware stores in Tauranga and Whangarei, together with the new store opening at Takanini, increased total store area to 66,367 sq.m and brought the number of Briscoes Homeware stores to 32. Rebel Sport store numbers increased to 19 with total store area now at 39,054 sq.m, with the opening of a new Whangarei store in August.
The Group is on schedule to add a further two stores in November with the opening of a Briscoes Homeware and a Rebel Sport store in Riccarton, Christchurch.

The October quarter sales figure takes unaudited group sales for the nine months ended 31 October 2004 to $210.3 million, an increase of 0.56% over the $209.1 million reported for the first nine months of last year. Briscoes Homeware sales declined 1.76% during this period, while Rebel Sport sales increased 5.75%.

Rod Duke, Group Managing Director, said, “This third quarter has produced a mixed bag of results. We are pleased with the growth in Briscoes Homeware sales but a little disappointed with the softening of Rebel Sport’s sales, especially after such a strong second quarter.

“For this quarter, we had forecast to make up some of the $3 million bottom line shortfall experienced for the first half-year, however profitability has been pretty much static for the current quarter, year on year. The extent of any recovery of the profit shortfall from the first half, is now dependent on satisfactory trading during and in the lead up to Christmas.”

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