KEY POINTS:
Retailer Briscoe Group is reporting second quarter sales down 2.28 per cent to $91.7 million, although July sales were higher than anticipated.
Group managing director Rod Duke said the strong finish to the second quarter was expected to result in first half tax paid profit around the top end of the $2m to $3m range advised to the market in June.
On a same store basis the group's sales for the 13 weeks to July 27 were 5.27 per cent behind those for the second quarter of last year, Briscoe said today.
Homeware sales for the quarter increased 0.79 per cent to $65.4m while sporting goods sales were down 9.15 per cent to $26.3m. On a same store basis, homeware sales fell 2.13 per cent for the quarter while sporting goods sales were 12.88 per cent behind.
"Trading conditions continued to be challenging during the second quarter and the high level of promotional activity in the market has kept pressure on margins," Duke said.
But the second quarter finished with July sales more buoyant than for the previous two months and higher than anticipated.
For the half year, sales were down 4.36 per cent to $182m, compared to the first six months of last year. Homeware was down by 1.75 per cent, and sporting goods by 9.78 per cent.
On a same store basis, group half year sales were 7.49 per cent behind the same period last year, with homeware down 4.59 per cent and sporting goods down 14.06 per cent.
The group expects to announce its half year result by September 5.
Shares in Briscoe Group, which operates Briscoes Homeware, Living & Giving, Urban Loft and Rebel Sport, closed at $1.03 on Friday, up from a year low of 85c in mid-July but down from $1.62 a year earlier.
- NZPA
