Briscoe Group is predicting its annual profit will be at least the same as last year's, despite a difficult retail environment, after reporting latest sales figures today.
The owner of Briscoes Homeware and Rebel Sport posted sales in the three months ended January 28 of $123.7 million, up
6.66 per cent on the same period a year ago.
A breakdown showed that homeware sales, including Briscoes Homeware, Urban Loft and Living & Giving, increased 7.7 per cent and sporting goods sales rose 4.48 per cent.
The picture was not quite so robust on a same store, same days measure that analysts focus on. On this basis the group's sales for the quarter were 0.43 per cent lower than a year ago.
On a same store, same days basis, the group's sales for the twelve months were 2.72 per cent ahead of the same period last year.
"We're pleased to have achieved growth in both total and same store same days basis sales for the full year, despite the challenging trading conditions experienced by retailers through the final quarter of our financial year," managing director Rod Duke said.
"Notwithstanding the unfavourable retail environment, we remain confident that the full-year profit will be at least the same as last year's result."
The group posted a net profit of $25.22 million in the year ended January 31, 2006 up from $18.73 million the previous year.
The company opened Rebel Sport stores at Hamilton Central and Napier during the latest quarter and also acquired Living & Giving, with nine stores, at the end of November.
While the number of Briscoes Homeware stores did not change during the quarter, the Briscoes store at Napier was relocated to bigger, newer premises and the Taranaki St store in central Wellington underwent a major refurbishment.
The company now has 48 homeware stores and 27 sporting goods stores.
The January quarter sales figure takes unaudited group sales for the year ended January 28 to $372 million, up 8.32 per cent on last year. Homeware sales increased 9.76 per cent and sporting goods sales 5.38 per cent.
The directors expect to report the final full-year result on March 16.
- NZPA
