KEY POINTS:
Retailer Briscoe Group yesterday reported that sales for the first half year increased 13.7 per cent to $190.3 million, compared with the same period last year.
But the group repeated that first-half profit will be lower when it is announced next month.
The group's homeware sales increased 13.26 per cent and sporting goods sales increased 14.64 per cent.
On a same-store basis the group's sales for the half year ended July 29 were 5.59 per cent ahead of the same period last year.
For the second quarter period, group sales were $93.8 million, 10.55 per cent higher than for the same quarter of last year.
Two new stores were opened by the group during the quarter. A Rebel Sport store in Lyall Bay, Wellington, brought the number of sporting goods stores to 29 while the number of homeware stores increased to 49 with a new Living & Giving in Napier.
Managing director Rod Duke said trading during the second quarter had been very competitive.
"The late start to winter has certainly impacted our heating and apparel categories and as consumer confidence in relation to the economic outlook has decreased, securing that discretionary spend has proved increasingly more challenging," he said.
"Whilst Briscoe Group was able to match last year's profitability for the first quarter, the second quarter has proved more difficult and as announced ... it is likely that half-year profit will be up to 15 per cent lower than that reported for the first half of last year.
"As well as tougher trading conditions in comparison to the first half of last year, this first-half result also reflects the impact of the two new additions to our homewares offerings, Living & Giving and Urban Loft.
"The highly seasonal trading patterns of these two brands results in their profitability being much more heavily weighted to the last few months of the year."
- NZPA
