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HomeNEWSBriscoe Group stands strong for 2018 first half

Briscoe Group stands strong for 2018 first half

Briscoe Group have had a fruitful start to 2018, announcing a lift in first-half sales by 4.3 percent to $292.2 million.

Briscoe Group have had a fruitful start to 2018, announcing a lift in first-half sales by 4.3 percent to $292.2 million.

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In the six months ended July 29 the group saw sales rise by $292.2 million from $280.3 million a year earlier. The group seem to have avoided the hurdles facing the retail sector, even expecting slightly higher profit on wider margins next month.

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Homeware is still having a moment for the retailer, with the sector accounting for a 4.5 percent rise. The Rebel Sport chain revenue gained 3.8 percent while online accounted for 9 percent of group sales.

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Managing director Rod Duke, said that the margins were higher than the 41.03 percent reported a year earlier.

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“New Zealand retailing remains highly competitive and retailers’ profit margins continue to be tested by declining consumer confidence, record-high fuel costs and increased wage pressures,” Duke said in a statement.

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“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 announcement.” It expects to make that announcement on September 20.

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Cheaper international goods have continued to threaten the homeware section, with the likes of Amazon and Ikea continuing to rile the industry from reputation and rumor alone.

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Yet plans to close the de minimis loophole and charge tax for international goods coming into New Zealand may also help our local retailers, by encouraging Kiwis to shop local.

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