Briscoe Group's first quarter sales decline slightly amid challenges

Briscoe Group (NZX:BGP) announced first quarter sales of NZD 178.3 million, a 2.58% decrease compared to the NZD 183.0 million achieved in the same period last year. The Group's homeware segment saw a 4.66% decrease to NZD 103.6 million, while sporting goods sales increased by 0.47% to NZD 74.7 million. Managing Director Rod Duke cited a struggling retail environment, unfavorable timing of Easter and ANZAC Day, and warmer temperatures impacting heating product sales, estimating a negative impact of more than NZD 2 million on Briscoes Homeware. The company anticipates ongoing retail challenges in New Zealand throughout 2025 but remains focused on profitability, targeting a first-half net profit after tax (NPAT) of around NZD 30 million and expecting a return to a more normalized profit shape for the full year, with a stronger second half.