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Briscoe group profits flat as costs, margins offset higher sales

  • News
  • August 8, 2019
  • Radio New Zealand
Briscoe group profits flat as costs, margins offset higher sales

Retailer Briscoe Group expects to report a flat half-year profit, as a lift in sales has been offset by a squeeze on margins and a rise in costs.

The company, which operates Briscoe Homestores, Rebel Sports, and Living and Giving chains, made a half-year profit last year of $29.3 million.

Briscoe Group managing director Rod Duke said the late start to the winter season affected trading, especially for its seasonal homeware products.

"The successful winter clearance programme which closed out the second quarter boosted sales but did come at the cost of gross profit percentage."

"We are relatively pleased with the sales performance for the second quarter and despite continued pressure on margins and increased wage cost pressures, the second quarter has produced a bottom-line profit marginally ahead of that for the same period last year," he said.

Group sales were up 3.3 percent to $303m in the six months to the end of July, with sporting goods showing growth of almost 5 percent. The proportion of online sales was also rising, having and now accounted for more than 10 percent of total sales.

Gross profit was up 2.4 percent on the year before.

Mr Duke said the sector remained highly competitive, which was pressuring margins, but was also feeling the effects of subdued consumer and business confidence."

He said the latest result would also be affected by new accounting rules covering property leases, which would shave more than a million dollars from the bottom line.

"The new standard will significantly impact all businesses with sizeable portfolios of leased properties," he said.

This story originally appeared on Radio NZ.

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Michael Hill International posts $17m profit

  • News
  • August 22, 2019
  • Radio New Zealand
Michael Hill International posts $17m profit

Jewellery retailer Michael Hill International has reported a lift in profit but is feeling the pinch of lower sales and squeezed margins.

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Dylan Mulder explores new digital frontiers in the fashion world

  • Design
  • August 22, 2019
  • Findlay Buchanan
Dylan Mulder explores new digital frontiers in the fashion world

“What might a Louis Vuitton or Off-White digital piece of clothing be like?” Matthew Drinkwater, head of the Fashion Innovation Agency at London College of Fashion, mused to Vogue in April earlier this year. The question came in the wake of Carlings, a multi brand Scandinavian retailer, selling out its first digital-only clothing line. The process saw fashion designers manipulate photos of customers, so it appeared as though they were dressed up in Carlings' apparel. Customers would then go on to share the photos of themselves on digital platforms, Instagram, Facebook, and the rest, without actually having to wear the clothes.

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Gem Retail Hotlist: Be Free Grocer flourishes in Palmerston North

  • News
  • August 21, 2019
  • Sarah Dunn
Gem Retail Hotlist: Be Free Grocer flourishes in Palmerston North

Retail isn’t an obvious next step for a couple who met during five years’ volunteering at a Malaysian wildlife sanctuary, but Bronwyn Green and David Phillips’ passion for animals has led them to tackle waste management from the shopfloor. Green shared insights about their plastic-free grocery store Be Free Grocer with The Register.

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  • August 20, 2019
  • Sarah Dunn
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Shop with The Register: Dress up for New Zealand Fashion Week

  • News
  • August 19, 2019
  • The Register
Shop with The Register: Dress up for New Zealand Fashion Week

Retailers are busy, and busy people don’t have time to be constantly catwalk-ready. But if you’d like to shine a little brighter while checking out the new season apparel at New Zealand Fashion Week, here’s some great ideas for professional women.

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