Second Quarter Sales Increase 10.65%

Second Quarter Sales Increase 10.65%

The directors of Briscoe Group Limited announce that unaudited sales for the three months ended 31 July 2003 were $72.3 million, being 10.65% higher than the $65.4 million reported for the same quarter of last year.

On a same store basis, the Group’s sales for the quarter were 7.19% ahead of the second quarter for last year.

The gross margin percentage generated for the second quarter, as for the first quarter, was below the margin for the same quarter of last year, reflecting the more competitive environment being experienced by the retail sector.

Briscoes Homeware sales increased 7.22% to $51.9 million and Rebel Sport sales rose 20.47% to $20.4 million.
A new Rebel Sport store in Hastings was opened during July, bringing the number of Rebel Sport stores to 14 and increasing the total store area to 29,581 sqm. Briscoes Homeware store numbers and store area remained unchanged at 28 and 56,382sqm, respectively.

The July quarter sales figure takes unaudited group sales for the six months ended 31 July 2003 to $140.9 million, a rise of 10.00% over the $128.1 million reported in the first half of last year. Briscoes Homeware increased sales 7.67% during this period, and Rebel Sport 15.80%.

Because of the move to calendar month end reporting, the first half this year comprised four fewer trading days than last year’s first half. Adjusting for these four days and on a same store basis, the Group’s sales for the six months ended 31 July 2003 were 9.13% ahead of the same period last year.

On a same store, same days basis, Briscoes Homeware sales increased by 9.67%, while Rebel Sport sales increased by 7.78% over the first half of last year.

The Group expects to announce its half-year result by 5 September 2003. The directors are expecting the first half tax paid profit to be in line with that reported for the first half of last year.

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