3 Nov 2022

Briscoe Group sales up more than a quarter on year earlier

11:19 am on 3 November 2022
Very quiet streets and businesses in Auckland

Briscoe Group chief executive Rod Duke was extremely pleased with the increase in group sales Photo: RNZ / Simon Rogers

Homewares and sporting goods retailer Briscoe Group says third quarter sales are up more than a quarter on the year earlier, with the full year net profit expected to beat last year's result.

The company was "extremely pleased" with a significant 27 percent increase in group sales to $175.5 million in the 13 weeks ended October, compared with the year earlier period, when Auckland was still in lockdown, chief executive Rod Duke said.

"Notwithstanding the disruptions to the same quarter last year from enforced store shutdowns, this year has seen a gradual deterioration in economic factors including ongoing supply chain disruption and cost increases, a weaker New Zealand dollar and declining consumer confidence as a result of significant cost of living increases," he said.

"So, to post increased sales of 26 percent on the back of these pressures is a great achievement."

Homeware sales rose 23 percent, sporting goods rose 33 percent and online sales rose 18 percent.

Duke said the latest third quarter sales performance also represented a significant increase of 25 percent on the pre-pandemic 2019 third quarter.

"As we commence this year's crucial 4th quarter, we remain optimistic of producing a full year net profit after tax ahead of last year's $87.91 million, however this will depend on economic conditions and how buoyant trading is across this critical final period."

Sales for the nine-month period were up 9 percent on the year earlier to $543.5m, with homeware sales growth of 8.5 percent, sporting goods sales growth of 11 percent and online group sales up 19 percent.

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