New Zealand retailer, the Briscoe Group Limited, reported a 9.01 per cent increase in unaudited sales for the 13-week period ending July 31 of $135.4 million, compared to the $124.2 million reported for the second quarter of last year.
The Group’s homeware segment increased sales by 6.56 per cent during this period and the sporting goods segment by 14.33 per cent.
On a same store basis Briscoe’s sales for the second quarter saw an increase of 6.53 per cent compared to the previous corresponding period.
The same store calculation factored in new Briscoes Homeware and Rebel Sport stores opened by the Group at Queenstown (October 2015) and Westgate, Northwest Auckland (March 2016) and also for the Briscoes Homeware store at Wairau Park in Auckland which was closed between May 23 and July 8 due to fire damage.
On a same store basis, homeware sales went up by 4.54 per cent for the quarter while sporting goods sales were 10.73 per cent ahead of last year.
The July quarter sales figure takes unaudited Group sales for the half year to July 31 to $268.4 million, a 10 per cent increase on the $244.0 million reported for the first six months of last year. The Group’s homeware segment increased sales by 7.60 per cent during this period and the sporting goods segment by 14.42 per cent.
“The Group’s results represent a continuation of the excellent growth in performance we have been achieving in recent years,” said Rod Duke, Briscoe’s managing director.
“Our bottom line is tracking well ahead of last year despite the high levels of competitiveness across the retailing sectors in which we operate,” Duke said.
Duke said the group are conscious that hedging of foreign exchange exposures at less-favourable rates than last year will continue to flow through to the cost of imported product.
“This will cause increased pressure on the gross profit margin percentage for the second half of this year. We also note that the second half of this year comprises one less week than for the previous year,” he said.
Duke said sales growth through Briscoe’s online channel is also pleasing, growing at around 40 per cent compared to last year and now representing more than five per cent of the total Group sales.
“We are expecting to report an increase of at least 32 per cent over last year’s profit for the first six months. This would represent a record first half net profit after tax of no less than $27 million,” Duke said.
