Briscoe Group sales on track

Last updated 13:29 05/08/2014
timbennett
NZX CEO Tim Bennett.

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Briscoe Groups says sales on track

Briscoe Group's second-quarter sales were up 7.2 per cent, putting it on track for a record half-year profit of "at least" $18 million.

Shares in the NZX-listed retailer, which owns the Briscoes, Living & Giving and Rebel Sport chains, rose 3.3 per cent to $3.80 after the announcement.

For the quarter ending July 27, Briscoe Group made sales of $116.7m, up 7.2 per cent on the second quarter of last year.

The group's homeware segment saw sales up 6.3 per cent, while sporting goods sales increased 9.4 per cent.

On a same-store basis, which adjusts for a new Briscoes store and three closed Living & Giving stores over the year, sales were up by a slightly reduced 7 per cent.

Briscoe Group managing director Rod Duke said bottom-line profit was tracking ahead of last year, despite the late start to winter.

He said profit for the first half of the year would benefit from a $1.3m business-interruption insurance claim lodged after the February 2011 Christchurch earthquake.

Duke said the settlement was expected to boost the interim result to "at least" $18m, a record profit and a 21 per cent increase over last year's $14.9m.

The group is expected to announce its first-half results on September 4.

Another busy month for NZX

Trading volume on the NZX remained strong in July and was up nearly 20 per cent from the same month last year, the exchange says.

According to its latest monthly metrics the NZX had 112,092 trades during July, up 19.5 per cent year-on-year, while the total value traded in the month was up 15.2 per cent to $2.9 billion.

For the year to date, trading volume is up 21.5 per cent but the value traded is down 12.3 per cent from the same period last year to $20.5b.

A series of IPOs including Scales Corporation and IkeGPS saw $890 million of new capital listed in July, pushing the total for new listings for the year to date to more than $4.4b.

The NZX experienced strong growth in its derivatives markets in July, with a 140 per cent year-on-year increase in lots traded.

Its Australian grain exchange business had a more modest 1.5 per cent year-on-year increase in trading.

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