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Briscoe first-quarter sales rise 7.4%, profit 'tracks above' last year

Friday 7th May 2010

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Briscoe Group, the homewares and sporting goods retailer, posted a 7.4% gain in first-quarter sales and said profit is tracking ahead of the same period last year even while margins erode.

Sales rose to $96.8 million in the three months ended May 2 and grew 7.2% on a same-store basis, the company said in a statement.

Home ware sales rose 7.9% to $63.3 million, or a same-store increase of 7.6%, while sport goods revenue rose 6.5% on either measure to $33.5 million. The retailer said its gross profit is ahead of least year though the gross margin percentage “is slightly below,” reflecting the continued competitiveness across the retailing industry.

“Briscoe Group has made a positive start to the current year and while margins were under pressure through the period, the strong sales growth has enabled group profit to track ahead of last year,” said managing director Rod Duke.

The shares were unchanged at $1.31 and have gained 49% in the past 12 months.

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