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Duke says Briscoe up to the task

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At today’s annual meeting, Briscoe Group chairman Rod Duke presented a picture of a business that “is in pretty good spirit, albeit with significant challenges ongoing.”

 

 He said that along with the challenges there is opportunity ahead of us, and he was confident of BRG’s ability to step up and further strengthen its leadership position. 

“A lot of retailers struggled to reach sales targets in the first quarter. I might add, that concern about consumer confidence and increasing costs is a common theme amongst those I have spoken to.

“What that means is continuing pressure on sales and margins,” adding that BRG will be no exception to that, but will be fighting these trends using the weapons he outlined to the AGM today.

BRG recently reported a 2.6% rise in sales, unaudited, for the first three months of its year, or 2.1% on a same-store basis.

Duke notes, “Trading patterns were significantly different to those for the same period of last year, with Easter falling later and much closer to Anzac Day, which compressed our opportunities for promotional activity.

“In context we were relatively pleased with the first quarter sales performance and there’s a long way to go, but with consumer confidence under pressure, an uncertain housing market and the relentless retail environment, as mentioned in our release a few weeks ago, our ability to grow profit in the short-term is also under pressure. 

“We will continue – if anything, we will further intensify – our strong focus on the fundamentals of the business.”

PROJECTS

BRG are targeting to complete a number of large projects during the current year, including: 
o The full refurbishment of Briscoes and Rebel Sport in New Plymouth 
o The opening of a new Rebel Sport in the redeveloped 277 complex in Newmarket, Auckland 
o The refurbishment of a Briscoes and Rebel Sport site at Tauranga, along with the creation of an enlarged common back-of-house facility 
o The relocation of Briscoes Riccarton to a new site at Bush Inn, Christchurch 
o The opening of new Briscoes and Rebel Sport stores at Carr Road, Mount Roskill in Auckland 

“Just to round off this theme… you will have noticed an increasing emphasis on the establishment or enlargement of fulfilment hubs.

“This is about optimising our total retail platform – in bricks and mortar and online. New fulfilment hubs improve our service level and our costs as the online sales channel grows at a rapid rate.”

 


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