First NZ upgrades Briscoe to ‘neutral’, raises outlook for earnings on better sales

Fri, 02 Aug 2013

By Tina Morrison Aug 2 (BusinessDesk) – First NZ Capital upgraded its recommendation on homeware and sporting goods retail chain Briscoe Group to ‘neutral’ from ‘underperform’ and raised its outlook for earnings, citing better sales. Briscoe this week posted a 6.4 percent increase in second quarter sales and a 3.9 percent rise in same-store sales, compared with the year earlier quarter. The homeware unit posted its ninth consecutive quarter of headline and same-store sales growth, compared with strong growth the year earlier, First NZ said in...

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