Friday 5th November 2021
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Briscoe Group Limited (NZX/ASX code: BGP)
Highlights year-to-date to 31 October 2021 (39 weeks):
• Total Group sales $496.9 million, +9.52%
• Homeware sales growth, +9.53%
• Sporting goods sales growth, +9.50%
• Online sales as mix of total Group sales, 22.14%
• Solid trading performance for 3rd quarter despite lockdown constraints
Year-to-date: 1 February 2021 – 31 October 2021:
The directors of Briscoe Group Limited announce unaudited sales for the 39-week period to 31 October 2021 of $496.9 million, an increase of 9.52% on the $453.7 million reported for the first three quarters of last year. The Group’s homeware segment increased sales by 9.53% during this period and the sporting goods segment by 9.50%.
Third quarter: 2 August 2021 – 31 October 2021:
It is worth noting that last year’s 3rd quarter was a particularly strong quarter on the back of the post-lockdown retail recovery with Group sales growing at 14.97%. However, even with the constraints from the lockdowns experienced for this 3rd quarter just completed, the Group was only 1.29% below the 3rd quarter sales recorded for the same quarter 2 years ago.
Unaudited sales for the 3rd quarter, 13-week period ended 31 October 2021 were $138.5 million, 14.14% below the $161.3 million for the same quarter last year. For the quarter, homeware sales decreased by 11.44% to $87.4 million, while sporting goods sales were $51.1 million, 18.41% below the $62.6 million achieved for the equivalent quarter last year.
After a very strong start to this 3rd quarter, New Zealand’s extended period of near-normality came to a sudden conclusion with the announcement of a return to national Level 4 lockdown from 18 August 2021.
The impact on trading days across the store network is summarised below:
• All the Group’s stores were closed for 21 days from 18 August
• Auckland stores remained shut for the remainder of the third quarter - 75 days in total during the 91-day quarter
Typically these Auckland stores contribute around 25% of the Group’s total sales.
• The Group’s 5 Waikato stores were closed for a total of 49 days of the quarter
• The Group’s 4 Northland stores were closed for a total of 33 days of the quarter
Having all stores except Auckland at Level 3 from 1 September allowed the Group to resume its Click and Collect service. The move to Level 2 enabled stores to reopen to the public albeit for shorter periods of time in relation to the Group’s Waikato and Northland stores.
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