TEXT-NZ's Briscoe Group H1 sales rise 1.8 pct

(The following statement was released by the company)

WELLINGTON, July 31 - The directors of Briscoe Group Limited announce unaudited sales for the half year to 26 July 2009 of $185.3 million, an increase of 1.83% on the $182.0 million reported in the first six months of last year.

The Group's homeware segment decreased sales by 0.09% during this period but the sporting goods segment increased sales by 6.17%.

On a same store basis the Group's sales for the half year ended 26 July 2009 were 0.94% ahead of the same period last year.

On a same store basis homeware sales decreased by 1.37%, while sporting goods sales increased by 6.17% over the first half of last year.

For the second quarter period, being the thirteen weeks ended 26 July 2009, Group sales were $95.1 million, being 3.73% above the $91.7 million reported for the same quarter of last year.

Homeware sales for the quarter increased by 2.95% to $67.3 million while sporting goods sales increased by 5.67% to $27.8 million. On a same store basis, Homeware sales increased by 1.65% for the quarter while sporting goods sales were 5.67% ahead of last year.

On a same store basis the Group's sales for the quarter were 2.80% above the second quarter for last year.

Group Managing Director, Rod Duke said, "We are pleased with the result for this second quarter and the resulting half year performance which has been achieved in a retail market that continues to be highly competitive and unpredictable; particularly for our specialty homeware stores.

"We expect our results for the half year will show a gross margin for the Group ahead of last year, inventory in great shape and the benefits of operating efficiencies. These efficiencies have been generated from the cost minimisation initiatives implemented progressively since early last year as well as from the changes we have made this year to the structure of our store management.

"Our Net Profit After Tax for the half year is anticipated to be at least $6 million, which compares with $3.1 million for the same period last year."