The directors of Briscoe Group, parent company to New Zealand's Rebel Sport retail chain, reported that net income for the first half ending July 29, 2007 will be “up to 15% lower” than the NZ$12.0 million ($7.6 mm) recorded in the year-ago period.

While Briscoe Group was able to match last year's profitability for the first quarter ending April 29, 2007, the second quarter has proved more difficult, reflecting a later than normal start to winter, low levels of consumer confidence in the economic outlook and strong competition for consumers' discretionary spending.

The first half performance also reflects the impact of the two new additions to the company's homewares offerings, Living & Giving and Urban Loft, both of which have highly seasonal trading patterns with profitability heavily weighted to the second half of each year.

Despite the first half performance, the company aniticpates full year net income to still match or improve on the year-ago result, as the second half of last year was “particularly challenging.”