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.


© Scoop Media

Business Headlines | Sci-Tech Headlines


DIY: Kiwi Ingenuity And Masking Tape Saves Chick

Kiwi ingenuity and masking tape has saved a Kiwi chick after its egg was badly damaged endangering the chick's life. The egg was delivered to Kiwi Encounter at Rainbow Springs in Rotorua 14 days ago by a DOC worker with a large hole in its shell and against all odds has just successfully hatched. More>>


Trade: Key To Lead Mission To India; ASEAN FTA Review Announced

Prime Minister John Key will lead a trade delegation to India next week, saying the pursuit of a free trade agreement with the protectionist giant is "the primary reason we're going" but playing down the likelihood of early progress. More>>



MYOB: Digital Signatures Go Live

From today, Inland Revenue will begin accepting “digital signatures”, saving businesses and their accountants a huge amount of administration time and further reducing the need for pen and paper in the workplace. More>>

Oil Searches: Norway's Statoil Quits Reinga Basin

Statoil, the Norwegian state-owned oil company, has given up oil and gas exploration in Northland's Reinga Basin, saying the probably of a find was 'too low'. More>>


Modern Living: Auckland Development Blowouts Reminiscent Of Run Up To GFC

The collapse of property developments in Auckland is "almost groundhog day" to the run-up of the global financial crisis in 2007/2008 as banks refuse to fund projects due to blowouts in construction and labour costs, says John Kensington, the author of KPMG's Financial Institutions Performance Survey. More>>


Health: New Zealand's First ‘No Sugary Drinks’ Logo Unveiled

New Zealand’s first “no sugary drinks logo” has been unveiled at an event in Wellington... It will empower communities around New Zealand to lift their health and wellbeing and send a clear message about the damage caused by too much sugar in our diets. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news