Briscoe Group reports continued momentum with sales growth after a record first half of the fiscal year.

The operator of Briscoe Homewares, Rebel Sport NZ and Living & Giving has repeatedly cautioned investors about the external challenges that the retail industry faces. 

But in the third quarter, it recorded $174.4 million in groupwide sales, a near 2 per cent increase year-on-year. It was the group’s fastest-growing sales quarter, and the online portion of its business has continued to improve.

“We are pleased with the improvement in sales growth achieved during the third quarter, particularly given the challenging retail environment which has continued to characterise much of this year,” said group MD Rod Duke.

Sporting goods in Briscoe’s portfolio grew their sales by 3.99 per cent, homewares by 0.82 per cent, and online sales by 5.77 per cent.

“In a market which remains extremely promotional, the progress being made in gross profit performance alongside positive sales growth is particularly encouraging,” Duke added.

He said a number of “strategic” investments have helped the group’s performance.

“These developments have been progressed while our teams continue to focus on delivering improved trading performance and advancing the group’s wider strategic investment programme,” he added.

“As highlighted in our full-year announcement in March and reinforced with our half-year results in September, the current financial year represents an important period of transition for the group as we complete and commission several major strategic investments.”

He reiterated caution around the strength of the New Zealand dollar, heavy expenditure on its distribution centre upgrade, and weak consumer sentiment, but still maintained Briscoe’s strength

“We believe the investments made across the business position the group well to deliver improved operating performance as their benefits become more fully realised,” Duke said.