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

 

Taxing Multinationals: EU Ruling Sours Apple

Shares of Apple slid, down 0.9 percent as of 3.08pm in New York, after the European Commission ruled that Ireland granted the company undue tax benefits of up to 13 billion euros (US$14.5 billion)—"illegal aid” under EU rules that the commission says Ireland now must recover from Apple. More>>

ALSO:

NZX Review: Best Practice Code Recommends Code Of Ethics

NZX, the sharemarket operator, is seeking feedback on proposed changes to its corporate governance best practice code including a published code of ethics, rules about share trading and continuous disclosure, and more transparency over board appointments and chief executive pay. More>>

ALSO:

Auditors:

Signs Of Life? SETI On Russian Space(?) Signal

A star system 94 light-years away is in the spotlight as a possible candidate for intelligent inhabitants, thanks to the discovery of a radio signal by a group of Russian astronomers... Could it be a transmission from a technically proficient society? At this point, we can only consider what is known so far. More>>

Post-Post: Brian Roche To Step Down As NZ Post CEO

Brian Roche will step down as chief executive of New Zealand Post in April 2017, having led the state-owned postal service's drive to adjust to shrinking mail volumes with a combination of cost cuts, asset sales, modernisation and expansion of new businesses. More>>

ALSO:

Company Results: Air NZ Rides The Tourism Boom With Record Full-Year Earnings

Air New Zealand has ridden the tourism boom and staved off increased competition to deliver the best full-year earnings in its 76-year history. More>>

ALSO:

New PGP: Sheep Milk Industry Gets $12.6M Crown Funding

The Sheep - Horizon Three programme aims to develop "a market driven, end-to-end value chain generating annual revenues of between $200 million and $700 million by 2030," according to a joint statement. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news