Fri, 30 Oct 2009 3:01p.m.
Retailer Briscoe Group reported an 8.3 percent rise in third quarter sales to $84.3 million, as sales picked up after a flat first half.
Briscoe Group includes the brands Briscoes Homeware, Living & Giving, Urban Loft, and Rebel Sport.
The company said today that on a same store basis, sales for the 13 weeks to October 25 were 6.9 percent ahead of the same period last year.
Managing director Rod Duke said sales performance had been "pretty flat" for the previous two quarters.
In that period strong earnings growth had come mainly from inventory and cost management initiatives and improved gross margin.
"It is now really pleasing to have sales growth as another significant contributor to group performance," Mr Duke said.
"For each month of this quarter we achieved growth in same store sales, gross margin and bottom line profit compared to the same months of last year."
While the retailing environment in general remained competitive and volatile, the market had responded positively to the company's marketing initiatives during the quarter.
"As we begin the crucial final quarter we are cautiously optimistic that the recent positive trends will continue and enable us to deliver a profit well ahead of the $8.54m reported for the second half of last year," Mr Duke said.
"The outcome will of course be heavily influenced by the strength or otherwise of the retail market over the Christmas period."
Homeware sales increased by 9 percent in the third quarter to $58m, while sporting goods sales were up 6.7 percent to $26.3m.
On a same store basis, homeware sales were up 7 percent, with sporting goods sales up 6.7 percent.
Store numbers were unchanged during the quarter, with 58 homeware stores and 32 sporting goods stores.
The third quarter sales figure took unaudited group sales for the year-to-date, starting January 26, to $269.6m, up 3.8 percent on the first nine months of the previous year.
Homeware sales increased 2.6 percent for the period, while sporting goods sales rose 6.3 percent.
Briscoe shares were unchanged at $1.20 at mid-afternoon.
NZPA
