Briscoe's fourth quarter sales jump 18 per cent

Discount retailer Briscoe Group today reported an 18 percent increase in fourth quarter sales.

The group, which owns the Briscoes Homeware and Rebel Sport chains, clocked up $103 million in sales in the three months ended December 31, against $88 million a year earlier.

Sales for the year to December totalled $295 million, an increase of 17 percent on the previous year.

Briscoe said the quarter was boosted by a good Christmas trading period. The group was on track to post a ``satisfactory increase in profits for the full year''.

Briscoes Homeware sales increased by 17 percent to $72.4 million during the period, while Rebel Sport sales increased by 19 percent to $30.7 million.

The figures are unaudited.

Three more Rebel Sport stores are planned for 2003. Properties have been bought in Nelson and Hastings, with the Nelson store set to open in the first half of the year.

The company also plans to open a Rebel Sport and a new Briscoes Homeware store in Lower Hutt in the second half, bringing the total number of Rebel Sport stores to 15 and Briscoes Homeware stores to 29.

Shares in Briscoe Group last traded on Friday at $2.70.

- NZPA