Briscoe's repositioning of stores really pays off

The unusually severe winter was credited with helping Briscoe Group's performance. Picture / Glenn Jeffrey

Briscoe Group stores were outperforming other retailers, managing director Rod Duke claimed yesterday after the release of second quarter sales figures.

The company announced sales of $84.9 million in the quarter, up 6.4 per cent on the same period last year.

Briscoes Homeware sales were up 10 per cent to $59 million and up 4.1 per cent on a same store, same day basis. Rebel Sport sales fell 1 per cent to $25.9 million and dropped 3 per cent on a same store, same day basis.

Duke - who is also the majority owner of Briscoe - said the Rebel Sport figure was compared with a period with "additional one-off sales" during last year's Lions rugby tour.

"You just can't replicate that - it was just massive," said Duke.

Overall, he said, the figures were higher than expected given the slowing economic climate.

Retailers were usually first to feel the pressures of interest rate rises and higher petrol prices.

"I would have thought that business generally would have been a little tougher than what we've found it," said Duke.

He attributed the Briscoes result to the repositioning of the homeware stores during the last two years.

Duke said the cold July helped quarter sales, after a poor start during earlier unseasonably warm weather.

"If it turns out to be really horrible and cold then that's a bonus - if it turns out to be warmer and drier than normal, then it's just a killer."

Second quarter gross margin at Briscoe was ahead of last year.

Shares in the company closed unchanged at $1.56 yesterday.

Duke said the highlight of the next quarter would be the opening of the company's upmarket Urban Loft stores, probably at the end of October.

"We are breaking our neck to get open before Labour Day, it's a good shopping day and it would be nice to introduce it to New Zealand far enough away from Christmas."

New Rebel Sport stores in Wanganui and New Plymouth would also be opened in the third quarter. Two stores would be refitted and two Briscoes Homeware stores relocated.

No new stores were opened by the group during the quarter - the number of outlets remained at 38 Briscoes Homeware and 22 Rebel Sport stores.