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Briscoe 4th-qtr sales fall 0.9% on homeware sales

Briscoe 4th-qtr sales fall 0.9% on homeware sales

Feb. 3 – Briscoe Group Ltd., owner of the homeware, Living & Giving, Urban Loft and Rebel sports outlets, said fourth-quarter sales slipped 0.9% on a dip in revenue from its department stores.

Sales for the three months ended Jan. 25 fell to NZ$228.7 million from NZ$129.9 million, the company said in a statement. Same-store sales dropped 4.7%. Homeware sales fell 1.8% to NZ$88 million in the fourth quarter, while sporting goods sales rose 1.1% to NZ$40.6 million.

The company is “reasonably satisfied” with the performance “given the challenging trading conditions that have prevailed for retailers,” managing director Rod Duke said. Revenue picked up from the third-quarter result, he said.

Full-year sales fell 4.7% to NZ$388.5 million, or down 6.7% on a same-store basis. The pick-up in sales in the fourth quarter from the third means that while second-half profit will be below same year-earlier period, it won’t be of the same magnitude as the first half’s 71% slump, Duke said.

Shares of Briscoe were unchanged at 71 cents and have fallen 22% in the past six months.

The company is scheduled to post its full-year earnings on March 16.


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