The Briscoe Group is on track for a record half-year profit lift as it reports a modest lift in sales.
Photo: RNZ
The group, which owns Briscoes, Living and Giving and Rebel Sport, reported sales of $292 million for the first half of the year, up more than 4 percent on last year.
Sales at the home stores were firmer over the past three months, while sports good sales were fractionally lower than a year ago, which was boosted by the Lions tour. Online stores grew strongly and now comprise nearly a tenth of the group's turnover.
The managing director of the Briscoe Group, Rod Duke, said despite softening consumer confidence the group was prospering.
"Overall we are satisfied with the sales growth achieved by the group for both this second quarter and for the first half. We expect gross profit margin percentage to finish ahead of that produced for the first half of last year."
He said the half-year profit would be constrained by a higher tax bill because of the lack of credits for its dividends from outdoor goods retailer Kathmandu, which it owns 20 percent of.
Mr Duke said retailing remains highly competitive and profit margins continue to be tested by declining consumer confidence, record-high fuel costs and increased wage pressures.
"Despite these headwinds our profit continues to track marginally ahead of last year and we anticipate this being reflected in an increased half-year profit."
Last year the company made a first-half profit of $28.6m.
