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Retailer Briscoe Group still reckons its second-half result will be "significantly closer" to the same period last year than its disastrous first-half figure.
The operator of the Briscoes, Rebel Sport, Living & Giving and Urban Loft brands said yesterday its same store sales for the 12 months to January 25 were 6.66 per cent down on last year.
But it repeated its expectation that while tax-paid profit for the last six months of the year would be down, it wouldn't be anywhere near as bad as the 70 per cent fall it experienced in the first six months of last year.
"We are reasonably satisfied with how the financial year has ended given the challenging trading conditions that have prevailed for retailers," said managing director Rod Duke.
"The group's total sales and same store sales results for the fourth quarter showed strong improvement on the previous three quarters."
Briscoe Group delivers its full year result on March 16. In September it reported that its net profit for the first six months of the year was $3.09 million, down from $10.53 million in the corresponding period in 2007.
Managing director of Coriolis Research, Tim Morris, said Briscoe Group was operating in two particularly tough retail sectors and yesterday's sales figures could have been much worse.
Homewares stores such as Briscoes and Living & Giving were suffering from the housing market downturn.
"We're just not seeing household formation or immigration, or people moving and upgrading, renovating, that kind of thing. That's had a knock-on effect on all of those sectors."
The sporting goods sector was also struggling because it was a discretionary spend.
Briscoe shares closed up 4c yesterday at 75c.
