Briscoe Group (BGP) Q1 2025 TU earnings summary

Executive summary

• First quarter sales totaled $178.3 million, down 2.58% year-over-year.

• Homeware segment sales declined 4.66% to $103.6 million; sporting goods rose 0.47% to $74.7 million.

• Retail environment remains challenging, with weather and holiday timing negatively impacting results.

Financial highlights

• Group sales decreased by $4.7 million compared to the same quarter last year.

• Estimated negative impact on homeware heating products exceeded $2 million year-over-year.

• Margins remain under pressure, but recent recovery in gross profit margin noted.

Outlook and guidance

• Targeting first half net profit after tax (NPAT) of around $30 million.

• Full year profit expected to be more weighted to the second half, exceeding first half profit.

• Retail conditions in New Zealand expected to remain highly challenging for the rest of 2025.