Briscoe 3rd-qtr sales rise 8.3%

Briscoe 3rd-qtr sales rise 8.3%, sees 2nd-half profit ‘well ahead’ of year earlier

Oct. 30 (BusinessWire) - Briscoes Group, the owner of homeware, Rebel Sports goods, Urban Loft and Living & Giving chains, reported an 8.3% increase in third-quarter sales and forecast second-half profit would be “well ahead” of the same period last year.

Sales rose to $84.3 million in the 13 weeks ended Oct. 25, from $77.8 million a year earlier, the retailer said in a statement. Sales at stores open at least 12 months rose 6.9%.

Briscoe managed to bolster profit through the first half of the year by cutting costs and overhauling inventory as sales growth stalled. The company is “cautiously optimistic” that second-half profit will be “well ahead” of the $8.54 million it earned a year earlier, with the actual outcome heavily dependent on Christmas trading.

“It is now really pleasing to have sales growth as another significant contributor to group performance,” said managing director Rod Duke. “For each month of the quarter we achieved growth in same-store sales, gross margin and bottom line profit compared to the same months of last year.”

He said consumers have responded positively to Briscoe’s marketing initiatives.

Homeware sales rose 9% to $58 million in the latest quarter while sport goods sales climbed6.7% to $26.3 million. On a same-store basis , sales growth was 7% and 6.7% respectively.

The shares traded unchanged at $1.20 on the NZX today and have climbed 532% in the past six months.

(BusinessWire)

© Scoop Media