The Briscoes Group, which operates Briscoes homeware and Rebel Sport, has posted record half-year sales.
In a statement to the NZX this morning, the directors of Briscoes Group Limited announced that its 26-week half-year sales to July 28 were $372.1 million—an increase of 0.77% from the previous $369.2 million reported over the same period last year.
It also said the group’s homeware sales increased 0.28% over the period, and its sporting goods sales increased 1.58%.
Group managing director Rod Duke said: “We’re pleased with the record sales we’ve produced for this first half.
“To achieve positive sales growth for both the second quarter and for the first half, given the current challenging economic environment which continues to impact consumer confidence and retail spending, is a significant performance for the Group.”
Duke said the group would not produce a net profit after tax above last year's $42.7 million, but “we do anticipate an underlying trading NPAT in excess of $40 million”.
It comes at a tough time for the retail sector, with stores across the country seeing a decline in sales.
Figures from Statistics New Zealand in July showed retail spending was down 3.7% in the last quarter—a drop of $740 million.
The largest fall was in motor vehicles, which were down 9.8% — a fall of $5.3 million. Clothing was also down 0.8% to $2.4 million. Durables such as electronics or household goods were also down 0.5% to $8.2 million.
In May, Auckland department store Smith & Caughey’s initiated a staff consultation proposal regarding the potential closure of all retail operations in early 2025. This included prominent department stores in Queen St, Newmarket, and online.
After staff consultation, a proposal suggested downsizing the operation. This would close the Broadway Newmarket store and, in February 2025, reduce the footprint of the Queen St store to focus on a collection of "popular categories" and an online catalogue.
The Warehouse has also seen a drop in sales and subject to a potential takeover.
A restructuring of its head office was also proposed in July.
Hospitality spending is also continuing to slide after falling 0.5% in the last quarter – a drop of $6.6 million.
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