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Wednesday 8th July 2009 |
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Briscoe Group, the operator of homeware, Rebel Sports goods, Urban Loft and Living & Giving chains, expects half-year earnings to exceed the $3.6 million achieved in the same period last year.
Managing director Rod Duke told Radio New Zealand the retail group had cut back on costs and improved gross margins in the face of “pretty static” sales, and that while earnings before interest and tax would improve on last year, it “won’t even be close to $14.7 million” from 2007.
“Last year was the worst period I can remember in the 20 years I’ve been in this country,” he told Morning Report. “We’re pretty cash rich at the moment – we’re holding no debt at all.”
In May, the retailer said it expected to see a gain in first-half profit as it trimmed inventories and removed a tier of regional managers. Sales in the first quarter ended April 26 slipped 0.1% to $90.2 million, or down 0.9% on a same-store basis. Profit in the year ended Jan. 25 tumbled 48% to $11.6 million.
The shares gained 1% to $1.01 on the NZX today.
Businesswire.co.nz
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