Briscoe sales rise 3.7pc

Photo / Bay of Plenty Times

Retailer Briscoe Group is reporting a 3.7 per cent rise in second quarter sales compared to a year earlier, as the country tries to work its way out of recession.

Group managing director Rod Duke said half year net profit was anticipated to be at least $6m, compared $3.1m for the same period last year.

The retail market continued to be highly competitive and unpredictable, particularly for the group's specialty homeware stores, saids Duke.

Sales for the second quarter, the 13 weeks to July 26, were $95.1m, up from the $91.7m for the same quarter last year.

Homeware sales for the quarter rose 3 per cent to $67.3m, while sporting goods sales were up 5.7 per cent to $27.8m.

On a same store basis group sales for the quarter were 2.8 per cent above the second quarter last year, with homeware sales up 1.7 per cent and sporting goods sales up 5.7 per cent.

The sales for the latest quarter took half year sales to $185.3m, an increase of 1.8 per cent on the $182m reported in the first six months of last year.

The homeware segment sales dropped 0.1 per cent during the half, while sporting goods sales rose 6.2 per cent.

On a same store basis, group sales for the half year were 0.1 per cent ahead of the same period last year, with homeware sales down 1.4 per cent and sporting goods sales up 6.2 per cent.

Duke said results for the half year were expected to show a gross margin for the group ahead of last year, inventory in great shape and the benefits of operating efficiencies.

The efficiencies came from cost minimisation efforts put in place since early last year, as well from changes made this year store management.

Briscoe Group incorporates the brands Briscoes Homeware, Living & Giving, Urban Loft, and Rebel Sport. Its shares closed at a year-high $1.08 yesterday, having risen from 60c in March.

- NZPA