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Retailer Briscoe Group says its margins were under pressure during the first quarter but a 17 per cent lift in sales means group profit is tracking at "fairly similar" levels to the same period a year ago.
For the quarter to April 29, sales were $96.4 million, compared with $82.4 million reported for the same quarter of last year, Briscoes said today.
On a same store basis, the group's sales for the quarter were 7 per cent ahead.
The gross margin percentage generated was below the margin for the same quarter last year reflecting additional promotional activity, mainly within the sporting goods segment, to generate sales momentum, the company said.
Group managing director Rod Duke described the start to the year as positive.
"While margins were under pressure through the period, the strong sales growth has enabled group profit to track at fairly similar levels to the first quarter of last year," he said.
Group homeware sales increased 16.9 per cent to $63.5 million, while sporting goods sales were up 17 per cent to $32.9 million.
On a same store basis, homeware sales lifted 8.7 per cent for the quarter, with sporting goods 3.5 per cent ahead.
For the year to January 28, Briscoes had reported a net profit of $26.1 million, up 5.2 per cent, with growth virtually flat for Rebel Sport stores but up 4.18 per cent for homeware chain Briscoes.
Briscoe shares were up 1c at noon today to $1.65, having ranged between $1.80 and $1.40 in the past year.
- NZPA
