Briscoe same store sales slip in third quarter

9.15am

The Briscoe Group today announced a 2.67 per cent fall in same-store third quarter sales compared to the same period last year, led down by sports franchise Rebel Sport.

The group's total sales rose 5 per cent over the period, up from $68.2 million in the third quarter last year to $71.6 million.

Briscoes Homeware's same-store sales rose 3.22 per cent for the quarter, while total sales were up 7.33 per cent to $49.3m.

But Rebel Sport's same-store sales fell 14.48 per cent, with total sales up 0.22 per cent at $22.4m.

Looking at the nine months ended October, group sales were $210.3 million, up 0.56 per cent on the $209.1 million reported for the first nine months of last year.

Briscoes Homeware sales declined 1.76 per cent during the nine months, while Rebel Sport sales increased 5.75 per cent.

Group managing director Rod Duke said the third quarter produced a mixed bag of results.

" We are pleased with the growth in Briscoes Homeware sales but a little disappointed with the softening of Rebel Sport's sales, especially after such a strong second quarter," he said in a statement.

He said the static year-on-year profitability of the third quarter meant the group had been unable to make up some of the $3m bottom-line shortfall it had experienced in the first half-year.

"The extent of any recovery of the profit shortfall from the first half is now dependent on satisfactory trading during, and in the lead-up to, Christmas," he said.

Shares in Briscoe last traded at $1.40 on Friday, having ranged between $1.25 and $1.98 over the past 12 months.

- NZPA