By Phil Boeyen, ShareChat Business News Editor
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Friday 17th May 2002 |
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Briscoe Group (NZSE: BGR) reports that sales over both chains rose to $62.7 million in the quarter, an 11% increase on the $56.4 million for the same period last year.
Sales at the Briscoes Homeware chain jumped by 12.5% to $43 million while Rebel Sport sales increased by 8.3% to $19.7 million.
"The Briscoes Homeware store in Hamilton was relocated to larger premises on 30 March and the Northlands, Christchurch store was relocated to larger premises in September 2001, but otherwise sales are reported on a same store basis," the company says.
The retail group says it is encouraged by the continuing improvement in gross margins compared to the corresponding quarter last year.
"The increase in gross profit margins quarter-on-quarter reflects the impact of a programme to dispose of aged stock in February 2001 which was not required to be repeated in the first quarter of the current year."
For the year ended January 2002 Briscoe Group reported a net profit of $17.5 million, up 40% on the previous year.
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