Briscoe sales rise 6.5pc

Briscoe Group managing director Rod Duke. Photo / Paul Estcourt

Retailer Briscoe Group reported third quarter sales up 6.5 per cent on a year earlier to $89.8 million.

On a same store basis sales for the 13 weeks to October 31 were 6.1 per cent ahead of the same period last year.

The group's brands include Briscoes Homeware, Living & Giving, Urban Loft, and Rebel Sport.

Homeware sales rose by 6.2 per cent to $61.5m, while sporting goods sales were up 7.3 per cent to $28.2m for the quarter. On a same store basis, homeware sales lifted 5.6 per cent, while sporting goods sales increased by 7.3 per cent.

"This third quarter certainly started better than it finished. Solid sales and gross profit numbers in August and September were converted into strong increases over last year on the bottom line," group managing director Rod Duke said.

The group had a significant late rally in sales leading up to the October 1 increase to GST, but during October, sales and margin tightened further.

Briscoes was "cautiously optimistic" at the start of the crucial final quarter.

"The recent cuts to personal tax rates should help boost the potential for increased retail sales however, the extent to which this is offset by increases in fuel, power and general living costs, remains to be seen," Duke said.

He remained confident the group's full year tax paid profit, excluding the $2.6m tax adjustment booked at half year as a result of changes to building depreciation, would be ahead of the $21m last year.

"This will of course be heavily influenced by the strength or otherwise of the retail market over the Christmas period."

The October quarter sales figure took unaudited group sales for the year-to-date from February 1 to October 31 to $279.9m, up 3.8 per cent on the first nine months of last year. Homeware sales were up 3.1 per cent for the period, while sporting goods sales rose 5.3 per cent.

Total store numbers dropped to 88 from 90 during the latest quarter with the closure of two Living & Giving stores when leases for the properties expired.

- NZPA