A surprising surge in sales following the removal of lockdown measures has seen Briscoe Group in a better position than it expected nearing the end of the second quarter.
In a release to the New Zealand stock exchange, group managing director Rod Duke said the strength of customer sales, along with cost-saving measures implemented in response to the Covid-19 crisis, has positively impacted the business.
“Our primary focus has not altered from the onset of these challenging times – the health and wellbeing of our team and customers and the protection of existing jobs and incomes,” Duke said.
“I’m extremely proud of how everyone continues to adapt to the ongoing testing demands currently facing our business.”
And while Duke is confident the business will not meet the figures seen during last year’s half-yearly update, the business expects that it will be closer than it had indicated earlier.
At the announcement of the group’s first quarter sales, which were 35.6 per cent lower than Q1FY19, Duke told investors while it was difficult to forecast the full impact of Covid-19 Briscoe’s expected first half revenue and profit to be significantly impacted.
Briscoe Group also recently revealed the lesson that it had learned during the Covid-19 crisis, and a three year strategy to improve the business and complement its strengths.
“The strategy… has three key pillars: enhancing our customer interaction across both physical stores and online; overhauling our supply chain to build capacity for future growth; and growing new revenues that complement our existing retail brands and potentially new product markets,” chief operating officer Andrew Scott told investors at Briscoe Group’s AGM.