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Highlights

  • Q1 FY25 group sales fell 2.58% year-on-year to $178.3 million.

  • Homeware segment dropped 4.66%, while sporting goods rose 0.47%.

  • Briscoe targets $30 million NPAT for H1 FY25 despite ongoing market pressures.

Briscoe Group Limited (NZX/ASX:BGP) has posted its unaudited sales results for the first quarter of FY25, revealing a modest 2.58% year-on-year decline in overall sales. For the 91-day period ending 27 April 2025, the retailer generated $178.3 million in revenue, down from $183.0 million during the same period last year.

The performance was split across two core business segments. Homeware sales, led by the Briscoes brand, declined 4.66% to $103.6 million, impacted by softer seasonal demand and unfavorable promotional timing. Conversely, the sporting goods division—represented by Rebel Sport—managed to inch ahead, recording a 0.47% rise to $74.7 million.

Group Managing Director Rod Duke acknowledged that the retail climate remained challenging during the quarter.

“This first quarter has proved difficult as we continue to trade within a struggling retail environment,” Duke said. “While we’re disappointed not to have matched last year’s Group first quarter sales, the closeness in timing of Easter and ANZAC Day wasn’t ideal for maximising promotional activity.”

Warmer temperatures also played a role in dampening sales, particularly in heating-related products. Duke noted that Briscoes Homeware experienced a revenue hit of more than $2 million from this segment alone, compared to the previous year.

Despite the overall sales dip, Briscoe Group reported a recent recovery in gross profit margin, although margin pressures persist. 

Looking ahead, the Group remains cautious but focused. The company expects the retail environment in New Zealand to remain subdued through the rest of 2025. Nevertheless, Briscoe Group is targeting a net profit after tax (NPAT) of approximately $30 million for the first half of the year.