Briscoe Group is set up for a good end of year result as numbers for the third quarter bode well for the retailer.
On a same-store basis the Group’s sales for the third quarter ended 29 October 2017 were 2.73 ($129 million) percent above the third quarter for last year.
Homeware sales across the group rose 2.5 per cent to $81m while sporting goods sales rose 3.1 per cent to $47.9m
Rod Duke, Briscoe’s managing director, said the retailer was “pleased with the sales growth achieved during October after rather subdued retail trading during September had been widely reported on the back of unseasonal weather, election-related uncertainties and the slowing house market.”
“We’ve certainly seen a healthy rebound in October with Labour Day promotions delivering significant growth on the previous year,” he said.“With a strong employment market, low rates of unemployment and strengthening rural incomes there are a number of positive economic indicators which bode well for retailers leading into the Christmas period.”
The Christmas period is usually the busiest for the retailer. With an even larger increase expected for the final quarter of sales.
“We are certainly encouraged by the very strong sales growth experienced during October and gives us considerable confidence as we commence the crucial final quarter with sales and profit tracking ahead of last year as they have done for each of the previous two quarters,” said Duke.
The same-store calculation adjusts for the new Rebel Sport store opened by the Group at Petone (April 2017), the new Briscoes Homeware store opened at Rangiora (September 2017) and three store closures being the Lower Hutt Rebel Sport and Briscoes Homeware stores (April 2017) and the Living and Giving store at Queensgate, Wellington (November 2016).