2 Feb 2012

Higher profit expected after strong Xmas sales

7:41 pm on 2 February 2012

Briscoe Group expects its full year profit to rise by 25% to $27 million after strong sales over Christmas.

The homeware and sporting goods retailer says sales in the 13 weeks to January were $146 million, a rise of 4.7% on the the same period a year ago.

The group, which owns Briscoes, Living & Giving and Rebel Sports stores says same store sales for the quarter rose more than 9% on the same period last year.

Same store homeware sales rose nearly 11% and sporting goods rose by nearly 6%.

Managing director Rod Duke says the surprise jump in sales was due to successful marketing and merchandise initiatives.

He would not confirm reports that he could buy Dick Smith's New Zealand operations but said electronics retailing is a very tough business.

The company will report its full year result on 9 March.

There are now 79 stores across the group. Briscoe plans to reopen two Christchurch stores affected by the earthquake and eight Living & Giving stores when it negotiates new leases this year.