Briscoe Group's first quarter sales down on last year
Photo:
Hazel Redmond Photographer
Briscoe Group's first quarter sales are down on last year reflecting a struggling retail sector.
Sales for the first 91 days of the financial year ended April fell 2.6 percent to $178.3 million, compared with $183m the year earlier.
Sales were dragged down by a near 5 percent drop in homewares sales, while Rebel Sport sales were slightly up.
Group managing director Rod Duke said Easter and Anzac Day closures added to the difficult period, while warmer than usual weather impacted promotional sales of heating products.
"We estimate the negative impact on Briscoes Homeware in relation to heating related products to be more than $2m compared to last year," Duke said.
"For Rebel Sport to achieve sales growth is very pleasing with solid sales across most areas but particularly in the categories of women's apparel, supporters clothing and sporting equipment.
"As expected, margins remain under pressure, however after a challenging start to the year, we have seen recent recovery in gross profit margin."
He said inventory continued to be well controlled for both market segments.
"We anticipate New Zealand retail to remain highly challenging throughout the remainder of 2025 and as previously highlighted, continue to look to protect the level of profitability achieved last year."
The company expected first half net profit to be about $30m million with second half profit exceeding that achieved in the first half.
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