KEY POINTS:
Briscoe Group managing director Rod Duke is singing the praises of its Urban Loft and Living & Giving stores but is silent about their sales results.
The new ventures joined Briscoe Homeware and Rebel Sports late last year but their impact is not spelled out in company annual results to January 31.
At the Briscoe Group annual meeting yesterday the company was not offering any indications on their performance during their first months.
Duke said he was "confident both would contribute meaningfully to the company in the years to come".
The lone Urban Loft store - offering a more upmarket shopping experience than traditional Briscoe Homestores - was still a pilot and needed further development.
"Some industry commentators questioned whether Briscoe Group had the experience and capability for something so complicated and exclusive.
"I have never felt so proud as at that October opening for Urban Loft," Duke told shareholders.
And he indicated Urban Loft had some way to go.
Briscoe Group was identifying a second location for the store in Auckland.
"The Britomart store is a pilot and once we have the format right we will roll it out across New Zealand."
As for Living & Giving, bought by Briscoe Group last year, he said: "We know we can return the business to profitability through access to our buying power know-how and back office facilities.
"We are adopting a cautious approach. While we have plans to roll out more stores quite quickly we are determined to understand what it is that we have acquired," Duke said.
He hinted that the company would consider making further purchases.
Hellaby Group is considering the sale of its shoe chains Hannahs and No 1 Shoe Warehouse.
Duke noted that the company balance sheet was in a position to allow new acquisitions. "As it is now the balance sheet is a little inefficient."
Shares in Briscoe Group closed down 1c at $1.75.
