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

 

Fossils: Ancient Penguins Lived Alongside Dinosaurs?

Penguins are much older than previously thought and their evolution probably dates back to the days of the dinosaurs, according to research on the fossilised leg bone and toes of a giant ancient penguin found in rocks near Waipara, North Canterbury. More>>

No Voda/Sky: Commission Declines Clearance For Merger

The Commerce Commission has declined to grant clearance for the proposed merger of Sky Network Television and Vodafone New Zealand. More>>

ALSO:

EARLIER:

Power: IEA Report On New Zealand's Energy System

Outside of its largely low-carbon power sector, managing the economy’s energy intensity and greenhouse gas emissions while still remaining competitive and growing remains a challenge. More>>

ALSO:

NASA: Seven Earth-Size Planets Around A Single Star

NASA's Spitzer Space Telescope has revealed the first known system of seven Earth-size planets around a single star. Three of these planets are firmly located in the habitable zone, the area around the parent star where a rocky planet is most likely to have liquid water. More>>

ALSO:

Auckland Transport Case: Men Guilty Of Corruption And Bribery Will Spend Time In Jail

Two men who were found guilty of corruption and bribery in a Serious Fraud Office (SFO) trial have been sentenced in the Auckland High Court today... The pair are guilty of corruption and bribery offences relating to more than $1 million of bribes which took place between 2005 and 2013 at Rodney District Council and Auckland Transport. More>>

ALSO:

Hager Raid: Westpac Wrong To Release Bank Records To Police

The Privacy Commissioner has censured Westpac Banking Corp for releasing without a court order more than 10 months of bank records belonging to the political activist and journalist Nicky Hager during a police investigation into leaked information published in Hager's 2014 pre-election book, 'Dirty Politics'. More>>

ALSO:

EARLIER:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news