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The Briscoe Group Limited (NZX/ASX code: BGP) has released its unaudited sales figures for the first quarter of trading, which ended on 27 April 2025, covering a 91-day period. The company’s sales reached $178.3 million, a 2.58% decrease compared to the $183.0 million recorded in the same quarter of the previous year.
Breaking down the sales performance across the Group’s segments, homeware sales experienced a 4.66% decline, amounting to $103.6 million. In contrast, the sporting goods segment showed a slight increase in sales, up by 0.47% to $74.7 million.
Group Managing Director Rod Duke acknowledged the challenges of the first quarter, stating, “This first quarter has proved difficult as we continue to trade within a struggling retail environment. While we’re disappointed not to have matched last year’s Group first quarter sales, the closeness in timing of Easter and ANZAC Day wasn’t ideal for maximising promotional activity and the warmer temperatures compared to last year also impacted sales of heating products. We estimate the negative impact on Briscoes Homeware in relation to heating related products to be more than $2 million compared to last year.
Duke also noted the positive performance of Rebel Sport, saying, “For Rebel Sport to achieve sales growth is very pleasing with solid sales across most areas but particularly in the categories of women’s apparel, supporters clothing and sporting equipment.
The report indicates that margins are under pressure, but there has been a recent recovery in gross profit margin. Inventory levels are reported to be well controlled and were lower across both segments compared to the previous year.
Looking ahead, the company anticipates continued challenges in the New Zealand retail environment throughout 2025. Briscoe Group is focusing on protecting its profitability and is currently targeting a first-half net profit after tax (NPAT) of around $30 million. The Group expects to see a more normalized profit distribution over the year, with the second half’s profit expected to exceed that of the first half.
Full release can be read here.
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