Trading patchy, but second half of the year promises better things: Briscoes’ Boss

Wednesday, 10 September 2025

Briscoe Group managing director Rod Duke says the company remains cautious about the retail environment.

Trading at Briscoes was patchy in the first half of the financial year, the retailer said as it released its interim results this morning.

“Right now, we're having some very good weeks, and we're having some ordinary weeks [and] I don't know that I'm doing a lot different,” managing director Rod Duke told The Post, as the company reported a post-tax profit $29.31 million for the first half-year, down from $33.2m for the same period last year amid as shoppers hold back on spending.

Sales revenue of $371.27m came in just shy of last years record.

Duke said the company remained cautious about the retail environment:“In the absence of a clear uplift in consumer confidence, the ongoing economic headwinds may result in a full-year profit after tax closer to $60m.”

Activity in stores was strong with plenty of stock, but there was still some consumer nervousness in the suburbs, particularly in Wellington, he said.

The collapse of two high profile retailers Kitchen Things and Smith City made “people just a bit nervous about looking forward”.

“I've been in this country since 1988 and this is by far and away the most testing, the most unpredictable and the most difficult times in my industry that I have experienced in this country.”

But stocking for the Christmas and summer season required a leap of faith in any case, with stock orders already committed, half of which came from overseas. More than half of the stock for Rebel Sport stores was in big brands and the stock had to be committed to a year out.

Rebel Sport’s new flagship store at Mt Wellington, Auckland, is on track to open in November. (File photo)

“I don't have the flexibility to manoeuvre my stocks and adjust my stocks, on a short term basis, depending on the economic situation of each of my geographies that I operate in,” Duke pointed out.

But he was optimistic about what would happen in the company’s second half year.He said there would be a “sustained and significant up-tick in the retail economy for New Zealand”.

“Last year we missed some opportunities, and this year we're not going to.”

Chairperson Dame Rosanne Meo said the half year result announced today was a solid performance in an economy which remained challenging.

“Recent economic indicators – including elevated inflation and unemployment - underscore the ongoing cost-of-living pressures and subdued consumer sentiment, placing additional strain on discretionary spending with no consistent signs of economic recovery,” Meo said.

The new distribution centre project in south Auckland had gained momentum with the shell of the 320,000m³ cubic metre facility largely in place with practical completion of the construction phase expected early next year, he said.

Two major store refurbishments were completed at Briscoes Homeware Westgate and Rebel Sport Henderson, transforming the stores into modern retail environments.

Rebel Sport’s new flagship store at Mt Wellington, Auckland, was on track to open in November. The store would set a new benchmark for sports retail in New Zealand and Australia, offering a premium customer experience, advanced technology, elevated product ranges and dedicated customer experience zones, Duke said.

Shareholders will be paid an interim dividend of 10 cents per share on October 9.