Briscoe Group has revealed it is expecting its half year profit to rise by at least 8 percent to $20 million, on the back of strong sales and improved margins.
Photo: RNZ
The retail group said sales rose 5 percent to $244 million in the six months to the end of July, helped along by strong winter season sales.
Group sales rose more than 6 percent to $124.2 million, in the July quarter, compared with the same period a year earlier.
Briscoe's homeware sales rose more than 5 percent in the three month period, while Rebel Sport's sales rose just over 9 percent, on a same store basis.
Briscoe Group managing director Rod Duke said the bottom line profit is tracking well ahead of last year, despite a late start to winter and strong competition.
He said ongoing cost saving efficiencies across the group also conrtibuted to the rise.
Mr Duke said the normalised net profit would have been up more than 19 percent, after adjustments for the business interruption insurance payout, booked last year, and one-time costs related to the recent takeover bid for Kathmandu Holdings.
The company announced last month it would launch a takeover bid for the adventure clothing and equipment retailer.
Mr Duke says online sales to July are up 40 percent up on last year, and account for 4 percent of total group sales.
