Homeware, sports goods boost Briscoe first-quarter sales 11%
Sales rose $133 million in the quarter ended May 1.
Hot Topic
Hawke’s Bay
Briscoe Group [NZX: BGR] reported an 11% gain in first-quarter sales on growth at both its Briscoes Homeware and Rebel Sport stores and said profit is tracking ahead of the same period last year.
Sales rose to $133 million in the quarter ended May 1, from $119.8 million a year earlier, the Auckland-based company said in a statement. On a same-store basis, sales were up 7.7%. Briscoe opened three Rebel Sports outlets and two Briscoe Homeware stores since March last year.
Homeware sales rose 8.8% to $79.5 million and sporting goods sales increased about 15% to $53.4 million, or 5.9% and 10.5% respectively on a same-store basis.
In March, the retailer controlled by managing director Rod Duke posted full-year profit of $47 million, beating its guidance, while saying it was cautiously optimistic about the year ahead in what it called a "challenging" retail environment. Today Mr Duke said his company had made a positive start to the financial year.
"Our markets continue to be fiercely competitive with economic challenges likely to be faced by ourselves and other importers and retailers from such factors as the depressed dairy sector, and the hedging of foreign exchange exposures at less favourable rates than in recent years," he said. "Strong sales growth was achieved in this first quarter across both the sporting goods and homeware segments, and the group's gross profit%age for the quarter is ahead of what was achieved for the same quarter last year."
Briscoe shares were unchanged at $3.06 and have gained 6.9% in the past year, lagging behind the S&P/NZX 50 Index's 20% gain.
(BusinessDesk)
Jonathan Underhill
Tue, 10 May 2016
Tue, 10 May 2016
© All content copyright NBR. Do not reproduce in any form without permission, even if you have a paid subscription.
Homeware, sports goods boost Briscoe first-quarter sales 11%
58030