The high New Zealand dollar has boosted Briscoe Group's margins, helping to keep sales in line with last year's record high as a result of the Rugby World Cup.
The operator of the Rebel Sport, Briscoes and Living & Giving chains, says sales fell 0.5% to $97.5 million for the three months to October compared with the same period a year ago.
Sales fell 2.5% in stores open for more than a year.
However, chief executive Rod Duke says it was always going to be a hard task to repeat the success at stores during this period last year, particularly in the Rebel Sports chain, because of the Rugby World Cup.
And he says the company has benefitted from the high kiwi, which it hedges.
Mr Duke is cautiously optimistic about the Christmas trading period and expects the company's profit to exceed last year's $27.5 million result.