Briscoe Group's same-store sales for the three months ended April 30 fell 8.9 per cent compared to the same period last year, the retail group said today.
The group's managing director Rod Duke said the under performance in sales impacted the group's first quarter profits.
"And it is unlikely that all of
the shortfall will be made up during the second quarter."
The group comprises Briscoes Homeware and Rebel Sport.
On a same store basis, Briscoes Homeware quarterly sales fell 4.74 per cent and Rebel Sport sales plunged 17.86 per cent.
Mr Duke said the disappointing sales performance was partly a reflection of difficult market conditions, but also reflected strategic changes which had been expected to have a negative short term impact on sales.
The group has tried to reduce the stores' dependence on regular low price sales.
While sales were down, the group said the gross margin generated for the first quarter was "significantly ahead" of the gross margin for the first quarter of last year, without providing details.
A new Rebel Sport store in Rotorua was opened at the end of April, bringing the number of Rebel Sport stores to 18.
Briscoes Homeware store numbers remained unchanged at 30 although the Rotorua store was relocated to new premises during April.
Briscoe Group's shares last traded yesterday at $1.45, having fetched between $1.39 and $2.10 over the past 12 months.
- NZPA
