Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Briscoe lifts first-quarter sales 5.7%, fattens margins

Briscoe lifts first-quarter sales 5.7%, fattens margins

By Suze Metherell

May 2 (BusinessDesk) – Briscoe Group, the homewares and sporting goods chain, said first quarter sales rose 5.7 percent on improvements in its marketing strategy and said it expects more profit growth with wider margins.

Sales rose to $114.8 million in the three months ended April 27, from $108.6 million a year earlier, the company, said in a statement. Sales at its Briscoes Homewares and Living & Giving chains rose 4.3 percent to $72.7 million, while sporting goods brand Rebel Sports increased 8.3 percent to $42.1 million. Managing director Rod Duke said profit was tracking ahead of 2013, without being specific.

“Despite the continued competitiveness across the retailing industry the gross margin percentage has tracked higher,” Duke said. “Inventory is in good shape, costs have been well controlled and our online business continues to show pleasing growth in both sales and profitability.”

In March, the Auckland-based company said it was “cautiously optimistic” about the year ahead, after posting a 20 percent gain in annual profit. The retail sector has been hit in recent times by increased competitiveness and aggressive promotions as the rag trade in particular tries to tackle the rise of online shopping and a high kiwi dollar, which has seen New Zealand bargain hunters shop offshore.

Briscoe will finalise its $1.5 million business interruption insurance claim after the 2011 Christchurch earthquake in the first half of its financial year. It said it had received a progress payment of $1 million, with the final negotiations on the balance of the claim to be included in its half yearly results.

The shares rose 2.9 percent to $2.45 and have declined 2.4 percent over the past year.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Final Frontier: Rocket Lab And NASA Sign Commercial Space Launch Agreement

Rocket Lab has signed a Commercial Space Launch Act Agreement with the National Aeronautics and Space Administration (NASA). The agreement enables Rocket Lab to use NASA resources - including personnel, facilities and equipment - for launch and reentry efforts. More>>

ALSO:

Scoop Business: Wheeler Downplays Scope For ‘Large’ Rates Fall

Reserve Bank governor Graeme Wheeler says some market commentators are predicting further declines in interest rates that would only make sense for an economy in recession, although some easing is likely to be needed to maintain New Zealand’s economic growth. More>>

ALSO:

Ruataniwha Dam: Consent Conditions Could Mean Reduced Intensity

Legal advice sought by the Hawke’s Bay Regional Council on the Ruataniwha Dam consent conditions has confirmed that farmers who sign up to take water from the dam could be required to reduce the intensity of their farming operation to meet the catchment’s strict nitrogen limit. More>>

Health And Safety: Bill Now Sees Rules Relaxed For Small Businesses

Health and safety law reform sparked by the Pike River coalmine disaster has been reported back from the industrial relations select committee with weakened requirements on small businesses to appoint health and safety representatives and committees. More>>

ALSO:

Bearing Fruit: Annual Fruit Exports Hit $2 Billion For First Time

The value of fruit exported rose 20 percent (up $330 million) for the June 2015 year when compared with the year ended June 2014. Both higher prices and a greater quantity of exports (up 9.0 percent) contributed to the overall rise. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news