3 May 2013

Briscoe profit up

12:10 pm on 3 May 2013

Briscoe Group has reported an improved opening quarter, with profit up due to improved sales, despite reduced gross margins as a result of the late start to winter.

The company, which operates the Briscoes, Living & Giving and Rebel Sports chains, said its profit rose nearly 6% to $108.6 million in the three months to April, compared with the same period last year.

Group sales at stores open for at least a year, rose more than 3%.

The company said gross margins were below last year during the first quarter, largely due to the long warm summer which resulted in a very late start to its winter sales.

But a strong sales performance mitigated some of the downside impact in margin caused by this.