Briscoe Group, parent to Rebel Sport New Zealand, is gearing up for a “highly sensitive” retail landscape ahead despite a 2.82% growth in unaudited sales in the first trading quarter of 2023 compared to Q1 2022.
Rebel Sport New Zealand reported 2.78% sales growth to $71.3 million, while Briscoe Homeware saw 2.85% growth to $109.9 million.
Briscoe Groups’s overall sales were $181.2 million for the first quarter.
Group MD Rod Duke said the result is a solid start to the year considering the continued negative economic factors impacting consumer confidence and retail spending.
“Gross margin remains a major focus for the Group, and we continue to see pressure as the impacts of the economic downturn are felt,” Duke said. “However, we currently expect this year to show that the Group can protect around half of the 633 basis points gained during the 2 years ended January 2021 and January 2022.
“We expect New Zealand retail to remain highly sensitive to ongoing uncertainty in relation to deteriorating economic conditions, customer sentiment, cost pressures, higher interest rates and political uncertainty given the upcoming election. We do not underestimate how challenging trading could be, as highlighted by recent results posted by other companies.”
“We expect it to be difficult for the Group to replicate last year’s record profit result, but are confident that we are well-placed to outperform our retail peers.”