Briscoe Group have had a fruitful start to 2018, announcing a lift in first-half sales by 4.3 percent to $292.2 million.
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.
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.
Managing director Rod Duke, said that the margins were higher than the 41.03 percent reported a year earlier.
"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.
"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.
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.
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.