Half Year Results to 28 July 2024

Results announcement





Results for announcement to the market
Name of issuer BRISCOE GROUP LIMITED
Reporting Period Half-Year - 29 January 2024 to 28 July 2024
Previous Reporting Period Half-Year - 30 January 2023 to 30 July 2023
Currency New Zealand Dollars
Amount (000s) Percentage change
Revenue from continuing operations $372,078 +0.77%
Total Revenue $372,078 +0.77%
Net profit/(loss) from continuing
operations
$ 33,210* -22.31%*
Total net profit/(loss) $ 33,210* -22.31%*
Interim Dividend
Amount per Quoted Equity Security $ 0.12500000
Imputed amount per Quoted Equity
Security
$ 0.04861111
Record Date 25 September 2024
Dividend Payment Date 9 October 2024
Current period Prior comparable period
Net tangible assets per Quoted Equity
Security
$ 1.3346 $1.3900
A brief explanation of any of the figures
above necessary to enable the figures
to be understood
* Includes a one-off, non-cash tax adjustment of $7.374 million
required under NZ IAS 12 as a result of legislated tax changes.
Net Profit After Tax (NPAT) excluding this adjustment is
$40.584 million, -5.07%
Refer to the section below “Half Year Review” for commentary.
Earnings before interest and tax (EBIT) is a non-GAAP measure.

Authority for this announcement
Name of person

authorised to make this
announcement
Geoff Scowcroft
Contact person for this announcement Rod Duke
Contact phone number + 64 9 815 3737
Contact email address rod.duke@briscoegroup.co.nz
Date of release through MAP

11/09/2024

Unaudited interim financial statements accompany this announcement.

---

(1) Underlying trading profit is equal to net profit after tax, excluding the impact of the one-off deferred
tax expense.


Briscoe Group Posts Record Half Year Sales

Briscoe Group Limited (NZX/ASX code: BGP)

Highlights for the 26-week period – 29 January 2024 to 28 July 2024:
• Record sales of $372.08 million, +0.77%
• Underlying trading profit
(1)
of $40.58 million, 95% of last year’s half year NPAT
• Online sales as mix of total Group sales 18.77%, (LY 18.33%)
• Total costs less than 1% increase on last year
• Total Inventory $13.89 million (-11.55%) below last year
• $35.00 million capital investment made during the period
• Interim dividend of 12.50 cps, maintained from previous year

The directors of Briscoe Group Limited (NZX/ASX code: BGP) announce a net profit after
tax (NPAT) of $33.21 million for the half-year ended 28 July 2024. The result includes a tax
adjustment of $7.37 million that the Group is required to book under New Zealand
Equivalent to International Accounting Standard 12, as a result of recent tax changes
announced by the government. This deferred tax liability adjustment is a one-off, non-cash
accounting entry which has no impact on Briscoe Group’s underlying profitability or
dividend policy. Excluding this adjustment NPAT for the first half period was $40.58 million,
95% of last year’s first half reported profit. The half-year results are unaudited.

Dame Rosanne Meo, Briscoe Group Chair said, “This half-year result represents, again, an
outstanding performance in a market which continues to be very challenging. To post
record sales for the half and an underlying trading profit
(1)
close to last year is very
impressive.”

The directors have resolved to pay an interim dividend of 12.50 cents per share (cps),
unchanged from last year’s interim dividend. Books will close to determine entitlements at
5pm on 25 September 2024 and payment will be made on 9 October 2024. The company’s
dividend policy is to pay out at least 60% of NPAT when calculated on a full year basis.

Rod Duke, Group Managing Director, said, “To produce an underlying trading NPAT of
$40.58 million in this economic environment is very pleasing. The team have done a great
job to produce positive sales growth, manage an inevitable margin decline, control the
Group’s overall cost base and optimise profitability.”

The earnings were generated on sales revenue of $372.08 million, an increase of 0.77%
on the same period last year. Rod Duke said, “Whilst only a modest increase, to deliver

positive sales across both the homeware and sporting goods segments is a significant
achievement.”

Gross profit margin percentage declined 76 basis points for the period from 43.73% to
42.97%. Rod Duke said, “Like all retailers we continue to face margin pressure as the
impacts of the ongoing economic downturn are felt. Optimising gross profit while
maximising sales is a constant focus for the team and they have done a terrific job this half
in enhancing the promotional events for seasonal products, particularly for sporting goods,
to increase sell-through and protect margins.

“In this environment controlling costs is crucial in protecting the bottom line. For this first
half total store and overhead costs will close less than 1% higher than last year, a fantastic
achievement in a market strained by increased cost pressures.

“We were pleased earlier this year to be able to deliver a 6% wage rate increase for our in-
store hourly-paid team. The ongoing dedication and effort demonstrated by the entire team
is incredible and greatly appreciated.”

The Group’s half year result will be negatively impacted as a result of KMD Brands Limited
decision to not pay an interim dividend for this year. Last year the Group received $1.44
million (pre-tax) from its investment in KMD Brands.

Interest income booked by the Group increased by $1.1 million, predominantly as a result
of higher cash balances.

Homeware sales for this first half increased in relation to last year by 0.28% from $229.39
million to $230.03 million and sporting goods sales by 1.58% from $139.85 million to
$142.05 million.

The Group’s online business continues to perform well and represented 18.77% of Group
sales as at 28 July 2024. Rod Duke said, “We continue to improve both the front and back-
end platforms with a number of new initiatives including; continued growth of our Direct-to-
Customer product range, improved delivery choices, introduction of Apple Pay and
increased gift card options.”

Inventory levels as at 28 July 2024 were $106.32 million, down from $120.21 million at the
same time last year. Rod Duke said, “With pressure on sales likely to continue we have
focused strongly on inventory levels during the period. Particular focus has been placed on
seasonal inventory levels across both Briscoes Homeware and Rebel Sport. We continue
to work closely with our supply partners in relation to optimising the Group’s inventory
position.”

The Group’s balance sheet remains strong with cash balances of $131.77 million at the
close of the period, compared to $126.90 million held at the same time last year.
Approximately $23 million of creditor payments included in the trade payables balance
were subsequently paid by 31 July 2024.

During the period $35.00 million of capital investment was made by the Group, $19.93
million of which is in relation to the new distribution centre project, being a combination of
the implementation of a new Warehouse Management System (WMS) and deposits in
relation to the agreements for the purchase of land and also building construction. A further
$10.88 million of the capital investment relates to the rollout of the Group’s electronic shelf
labelling project across the store network. As at the end of July the rollout was 80%
complete and is now fully implemented. The remaining $4.19 million of capital expenditure
relates to the refurbishments of stores, expenditure in relation to Group owned property
and enhancements to system software and hardware across the store network, support
office and the online platform.

Despite the difficult trading conditions, the Group progressed a number of store
development projects during this first half. Rod Duke said, “We completed full
refurbishment projects at both Rebel Sport and Briscoes Homeware stores in Invercargill.
Both these projects have delivered a dramatic difference to the in-store look and feel,
reflecting the modern and energetic transformation achieved in other recent store
refurbishments.

“We are especially excited about the work commenced in relation to the New Rebel Sport
concept store. We have partnered with The General Store to design a flagship store which
will elevate, refresh and vitalise our customer experience and store design to consolidate
the Rebel Sport brand in New Zealand. We’re thrilled with the work so far and the potential
to be unlocked for the next generation of Rebel Sport stores.

“This half also saw the commencement of our largest strategic initiative to date – a North
Island warehousing and distribution project that will step-change our capability in these
aspects of the business, enhance our inventory management across the network, help to
optimise the existing store footprint and deliver significant performance and efficiency
gains.

“In July we completed the implementation of a new Warehouse Management System
(Manhattan) at our existing distribution centre. This will enable our team to upskill before
transitioning to the new facility when it becomes operational in around two years. The new
centre will be a state-of-the-art facility on a scale to handle significantly increased volumes
in comparison to current capability. It will also enhance the way in which we buy and
distribute sporting goods.

“Contracts for the purchase of land and the construction of the new distribution centre at
Drury, South DC project Auckland were signed in July. We have selected our automation
partner to help drive the significant improvement in warehousing capability we are seeking
from the project. We expect the new centre to require expenditure of at least $100 million
across the next three years and continued progress on the warehousing and distribution
project is a key priority for the current year.

Briscoe Group Limited is a company incorporated in New Zealand and registered in Australia as a foreign company under the name
Briscoe Group Australasia Limited (ARBN 619 060 552). It is listed on the NZX and also the Australian Securities Exchange as a foreign
exempt entity. (NZX/ASX code: BGP).


“We remain cautious as to the retail environment and are under no illusions as to how the
continuation of the current economic conditions could impact business performance for the
remainder of the year. We are hopeful that the recent announcement of a lower OCR will
mark the beginning of improved consumer confidence and improved retail spend.

“While we will not be able to replicate last year’s full year NPAT of $84.2 million, I am
confident about the Group’s ability to deliver a strong result in what is unquestionably the
most challenging retail environment we have seen for some considerable time.”

The Group’s next planned market release will be shortly after its 3
rd
quarter which closes
on 27 October 2024.

Wednesday 11 September 2024
Contact for enquiries:

Rod Duke
Group Managing Director
Tel: + 64 9 815 3737

---

Distribution Notice




Please note: all cash amounts in this form should be provided to 8 decimal places

Section 1: Issuer information
Name of issuer Briscoe Group Limited
Financial product name/description Ordinary Shares
NZX ticker code BGP
ISIN (If unknown, check on NZX
website)
NZBGRE0001S4
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year Quarterly
Half Year X Special
DRP applies
Record date 25/09/2024
Ex-Date (one business day before
the Record Date)
24/09/2024
Payment date (and allotment date for
DRP)
9/10/2024
Total monies associated with the
distribution
1

$ 27,848,751.50000000
Source of distribution (for example,
retained earnings)
Retained Earnings
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution
2
$0.17361111
Gross taxable amount
3
$0.17361111
Total cash distribution
4
$0.12500000
Excluded amount (applicable to listed
PIEs)
$-
Supplementary distribution amount $0.02205882
Section 3: Imputation credits and Resident Withholding Tax
5

Is the distribution imputed Fully imputed X
Partial imputation
No imputation
If fully or partially imputed, please
state imputation rate as % applied
6

28%

1
Continuous issuers should indicate that this is based on the number of units on issue at the date of the form
2
“Gross distribution” is the total cash distribution plus the amount of imputation credits, per financial product, before the deduction of
Resident Withholding Tax (RWT).
3
“Gross taxable amount” is the gross distribution minus any excluded income.
4
“Total cash distribution” is the cash distribution excluding imputation credits, per financial product, before the deduction of RWT.
This should include any excluded amounts, where applicable to listed PIEs.
5
The imputation credits plus the RWT amount is 33% of the gross taxable amount for the purposes of this form. If the distribution is
fully imputed the imputation credits will be 28% of the gross taxable amount with remaining 5% being RWT. This does not
constitute advice as to whether or not RWT needs to be withheld.

Imputation tax credits per financial
product
$0.04861111
Resident Withholding Tax per
financial product
$0.00868056
Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any)
%
Start date and end date for
determining market price for DRP

Date strike price to be announced (if
not available at this time)

Specify source of financial products
to be issued under DRP programme
(new issue or to be bought on
market)

DRP strike price per financial product
$
Last date to submit a participation
notice for this distribution in
accordance with DRP participation
terms

Section 5: Authority for this announcement
Name of person

authorised to make
this announcement
Geoff Scowcroft
Contact person for this
announcement
Geoff Scowcroft
Contact phone number +64 275633167
Contact email address geoff@briscoes.co.nz
Date of release through MAP

11/09/2024





6
Calculated as (imputation credits/gross taxable amount) x 100. Fully imputed dividends will be 28% as a % rate applied.

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H1 FY2 5 ADDENDU M
1
Half Year
Addendum
26 WEEK PERIOD ENDED 28 JULY 2024

H1 FY2 5 ADDENDU M
2
Contents
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
Hig hlights
Sa les
Gross Pr ofit Ma rgin %
Net Profit After Ta x
Balance Sh eet
Customer Satisfaction
Online Experience
VIP Memb ership Club
Our T eam
Su stainability
Su pply Chain
Stra tegy
Looking Forwa rd
Finan cia l Summa ry
Brand Portfolio
Grass Roots Grants Winners
Western Heights High School Girls Volleyball

H1 FY2 5 ADDENDU M
3
Highlights
Half Year Ended 28 July 20 24
Anot her solid first h alf per fo rmance
despite th e challen ges of to ugh
econ omic con ditio ns.
•Onl ine sales 18.77% of total Group
sal es.
•Total Cust omer databasenow
over 2m.
•Continued growth in Di rect to
Customer sales.
Solid Online Performance
•Group sal es +0.77% to $372.1m.
•Homeware sales +0.28% to
$230.0m.
•Sporting Goods sal es +1.58% to
$142.1m.
Record Half Year Sales
•Net cash at period end $131.8m.
•Total inventories decreased by
$13.9m from July l ast year to
$106.3m.
•Increased Capex spend on
strategic initiatives.
•Interi m dividend unchanged
at 12.5cps
Strong Balance Sheet
•Gross Profit 42.97% down from
43.73%.
•Impacts of economic downturn
continue.
Gross Profit Performance
•HY NPAT $40.6m (before impact
of tax adjustment).
•Strong result in tough trading
conditions.
•Total store and overhead costs
well control led at only +0.3%
increase over last year.
NPAT Performance
•Record level of customer
satisfacti on through Net
Promoter Score (NPS) across
both stores and onl ine.
•Strategic pl an refreshed and now
in place for 2024 to 2027.
•Key Supply chain transformation
projects on plan and new
Warehouse Management System
(WMS) successfully l aunched.
•Land purchase now complete for
new Auckland DC i n Drury.
•Roll out of Electroni c Shelf Labels
now completed.
Strategic Initiatives
contributing to
increased profitability

H1 FY2 5 ADDENDU M
4
Sales
Contin ued sa les growth in ach allenging retail
en viron ment.
PERCENTAGE GROWTH
BR ICKS & MORTAR VS ON LINE
Cont in ued growth across
bothHomeware and Spor ting
Goo ds.
Growthslowed due to
externalfactors.
47 Briscoes Homeware and
43 Rebel Sport sto res.
Online mix still strongaft er
Covid surge.
227301271300297

H1 FY2 5 ADDENDU M
5
Gross Profit Margin %
Despite continued pressure, margin remains above pre-Covid
levels.

H1 FY2 5 ADDENDU M
6
* Before im pac t of $7.4m tax adjus tment
NET PROFIT AFTER TAX (NPAT)
Continued solid NPAT performance despite difficult trading e nvironment
COST OF DOING BUSINESS
Ongoing focus on robust cost control

H1 FY2 5 ADDENDU M
7
Balance Sheet
Strong focus on
inventory with
pressure on sales.
Healthycash position
as strategic initiatives
gain momentum.
Despite challenging
ec onomic
environment
strategic initiatives
continue to progress
in line with
expectations.
IN VENTOR Y ($M)
NET CASH ($M)
CAPEX ($M)

H1 FY2 5 ADDENDU M
8
Record levels of satisfaction
achieved consistently fo r the
past t hree years in o ur NPS
scores –Briscoes Homeware
no w ru nning abo ve 80
con sisten tly and Rebel Spo rt
over 72.
Market leadingservice
levelsdeliveredin con junction
withtight costcon trol.
Online NPS forBriscoes
Homeware is 70 andRebel
Spo rt 67.
Customer Satisfaction
–Net Promoter Score
(NPS)
BR ISCOES HOMEWARE NPS
REB EL SPORT NPS

H1 FY2 5 ADDENDU M
9
Online Customer
Experience
Improvements
Th is year w e contin ued to invest in ouron lin e an d
stor e fu lfilmen t techn ology, to br in g o ur custo mer s
th e best o nline experience.
We’ve dispatched
1,700,000 units!
NEW PROMOTIONAL
MECHANIC
Introduced the Multi Buy
promotional mechanic to
enable 2 for $X.
EXPRESS DELIVERY
OPTIONS
Introduced Express Delivery
with a trial i n the
Chri stchurch region with
roll out to Auckland and
Wellington in Q3.
APPLE PAY PA YMENT
OPTION
Apple Pay added as a
payment opti on at
checkout.
GIFT CARD
IMPROVEMENTS
Updated gift and e-gift
card user i nterface and
added ability to purchase
any value card.
SIGNIFICANT
GROWTH IN
CLICK& COLLECT
16%
YOY
760K TOTAL
ONLINE ORDERS
Average delivery speed
improved by 13% now
under 3 days & 0.7day
average dispatch
CLICK& COLLECT
SHARE UP 10%
LABOUR SPEND
DOWN 6%

H1 FY2 5 ADDENDU M
10
VIP Membership Clubs
We have a large, gro wing and loyal customer membership
programme with over 2million clu b members.
H1 FY25 vs H1 FY24
Total databa se: 1.05m +20.4%
Member frequency: +25.9%
Member an nual spend : +23.8%
H1 FY25 vs H1 FY24
Total databa se: 0.96m+20.2%
Member frequency: +8.0%
Member an nual spend : +14.9%

H1 FY2 5 ADDENDU M
11
Our Team
TEAM ENGAGEMENT
+0.2
With consistent participation across the
business, it was pleasing to see
increases across three key measures
including Team Engagement (+0.2),
Wellbeing (+0.1) and Diversity, Equity &
Inclusion (+0. 1). Each of these
contributes to our team translating their
engagement into the superior shopping
experience we intend for our customers.
INNOVATION IN HEALTH & SAFETY
60%
Manual handling injuries account for
approximately 60% of injuries resulting in
an ACC claim. We are pilotingXR
Technology to deliver virtual training to our
team on the basis that training of this type
is preferred by our team, enables muscle
memory development more likely to be
transferred to the workplace. These skills
are relevant in daily lives, not just at work.
REMUNERATION
5%
Following increases of 7% in both 2022
and 2023 we increased wage rates for
our frontline team members by up to
6% this year. Targeted increases to
roles reflective of career retailing
complements our work to ensure that
team members new to the workforce
are engaged, productive and ‘work
ready’.
CAPABILITY & CAPACITY
2.8%
Despite tightness in the labour market,
we continued to see an increase in
team member retention (+2.8% year on
year) across the business. Our
Leadership & Management Programme
continues to build momentum and just
under two thirds of our retail managers
have participated in the leadership
series to date.
RECRUITMENT
25%
With an incre asingly competitive &
complex talent mark et we commenced a
pilot with Empathixto integrate artificial
intelligence to aid in identifying the most
suitable candidates for roles. Early results
suggest a 25% reduction in time to hire .
This technology compleme nts the work of
hiring managers –reducing recruitment
time and improving hiring decisions.
WELLBEING
20%
Continued efforts to decrease injury
freque ncy and severity rate s saw a
20% improvement in our ACC
Experience Rating. Complementing our
focus on physical wellbeing has been
the introduction of Sonder a digital
care platform providing access to
me dical advice, safety support and
mental health care.
A broad range of investments in our people, systems and processes are contributing to member
capabilities, competence and confidence. Our team is well placed to drive the business forward.

H1 FY2 5 ADDENDU M
12
Sustainability
Our Steps To A Better Tomorrow
Governance
Community
Environment
Sustainability strategy now
embedded internally,
streamlining effortsand
reporting.
Continued improvement of
Sustainability related
internal training, resources
and communications.
Good progress made in
preparing for our second CRD
disclosure including scope 3
emissions, climate transition
planning and financial impacts.
Eco-Central Product Returns
Diversion Program now
active in all Christchurch
stores. A similarprogram
has kicked off in Auckland
with All Heart NZ, helping
reduce waste to landfill.
Ethical Supplier Program
now embedded; progress
made on improving factory
gradings.
This half we have converted a
further 11 LPG forklifts to electric,
bringing the total converted to
date to 40 (76% of our fleet).
Launched Rebel Sport Grass
Roots grant program,
awarding over $130,000 in
cash and sports gear to local
clubs in the first half.
$353,000 raised for Cure
Kids during first half and on
track to raise $1 million + for
the year.
6,058balls through thePass
it Forward program in the
first half. (91% more than H1
last year).
Western Heights High School Girls Volleyball
Junior WhirinakiWarriors Club
TakitimuUnited Netball Club

H1 FY2 5 ADDENDU M
13
Supply Chain
Transformation
We have implemented a new
Warehouse Management System,
purchased the land and
approved the design for our new
North Island DC.
•State of the art facili ty and
equi pment.
•Reduced stock l evel i n
stores by hold ing more i n
DC a nd repl eni shing stores
in li ne with demand.
•Improved ra nge of products
and p otentia l for
newproduct ca tegories i n
stores.
Impact on Team and
Customers
•Purchase of the l and for the
New DC in Drury , foll owi ng
extensi ve feasi bil ity
modell ing and la nd search
in the grea ter Auckland and
Wa ikato reg ion.
•Signed a develop ment
ag reement with Ca lder
Stewa rt to bui ld the DC.
Land Purchase in
Drury, Auckland
•Signi ficantpotentia l for sa les
and margin growth from
improved on-shelf avai lab ili ty
and reduced st ock day s of
cover in-store.
•Sales g rowth from new
products and ca tegories i n
exi sting stores.
•Reduced emissions from DC
site desig n and streamlined
end-to-end transport fl ows.
Expected Benefits-
when fully operational
High-Level Site Design
•Successful i mp lementati on of
new Wa rehouse Mana gement
System (WMS) in the current
Distribution Center (DC).
•This wi ll improve our cap abi lity
and p rovi des key learnings to
orchestrate opera tions in our
new North Isla nd DC.
Warehouse Management
System
•Detai led design compl ete a nd
consents to be lodg edby the
end of 2 02 4.
•Construction startsearly in
202 5.
•Early access by end of 2025.
•Pha se 1 of the DC operati onal
March 202 6.
•Full operati ons includ ing
Automa tion li ve by the end of
202 6.
Timeline
•The new North I sl and DC i s
desig ned to meet our g rowth
req uirements for the next ten
yea rs.
•It wil l p rovi de ov er 17 ,000
pa llet posi tions of storage,
pl us 40,000 totes for storag e
of smal ler items.
•The si te wil l i ncl ude
automa tion to increase
producti vity .

H1 FY2 5 ADDENDU M
14
2024 –2027 Briscoe Group Strategy
LONG TERM GROWTH
ACCELERATION
Exp lore new business
opp ortuniti es to dri ve
sig nificant growth.
Direct To C ustomer sal es
accelera tion.
Commercial opp ortunity .
RETAIL EXPERIENCE
EVOLUTION
Flag ship store concepts.
Electronic Shel f La bel
roll out –al l stores.
Rebel Sport & Bri scoes
H omeware product
range opti mi sa tion.
Cross-sell and up-sell focus.
Loya lty .
SUPPLY CHAIN
TRANSFORMATION
New Auckl and
Distribut ion Centre.
Improved all oca tion and
rep lenishment of invent ory.
Rebel Sport inventory
optimisation.
Op timisa tion of store spa ce.
BUILDING
BLOCKS
Tech Architecture.
Peop le cap abi lity
and cap acity .
Automa tion and the use of
AI t o sim pl ify processes.
Increa se positive impact
through sustaina bil ity .
T he best retail
exp erience in NZ.
World class su pply
chain to empower NZ’s
best store network & tea m.
Cu rated rang es with
the best sports a nd
homewares off er in NZ.
Op era tin g su stainab ly
for g rowth.

H1 FY2 5 ADDENDU M
15
Looking Forward -
Strongly Positioned to
Successfully Navigate
Challenging Economic
Times
Completed th e refresh of our Strategic
plan fo r 2024 to 2027.
Confident in o ur ability t o successfully
navigate difficu lt eco nomic conditions
asare increasin g o ur investmen t in
grow th drivers.
Key businesshealth metrics are in
great shape,record levels ofVIP club
members, custo mer an d team
satisfaction achieved.
Solid t rading perfo rman ce in bo th
Homewares and Sport in g Go ods,
despite challenging co nditions.
World class team of over 2300 people.
Majo r investment in supply ch ain
transformation o n track with phase 1 of
th e systems n owsuccessfu lly live.
Grou p in vento ry quality con tinues to
impro ve with relentless fo cus on
optimisin g promot io nal an d clearan ce
even ts.
Stron g balan ce sh eet pr ovides financial
protectio n alo ngsideth e abilit y to fun d
strategic in vestment.
Curren t business mo del iswell suited to
succeed in the to ugher econ omic
climate, led by experienced leadership
team.

H1 FY2 5 ADDENDU M
16
Financial Summary
HY J ul 19HY J ul 20HY J ul 21HY J ul 22HY J ul 23HY J ul 24FY Jan 20
1
FY Jan 21FY Jan 22FY Jan 23FY Jan 24
H omewareRevenue -$000
191,503
184,347 22 2,628 22 8,7 39 22 9,391 230,02 7 410,908 439,234 460,887 487,501 490,116
Sporting Good sRevenue-$000
111,481
108,060 135,793 139,2 07 139,846 142,051 242 ,109 262 ,563 283,563 298,353 301,837
Group TotalRevenue-$000
302 ,984
292 ,407 358,421 367,946 369,2 37 372,078 653,017 701,797 744,450 785,854 791,953
Onl ineMixofSales-%
10.7%
22 .2%16.2%19.4%18.3%18.8%11.3%18.8%21.5%19.0%18.7%
Group Gross Margin -$000
122 ,882
123,275 166,663 167,937 161,464 159,865 257,502 307 ,116 340,642 345,922 335,762
Group Gross Margin -%
40.6%
42.2 %46.5%45.6%43.7 %43.0%39.4%43.8%45.8%44.0%42.4%
Group EBI T -$000
45,659
45,948 73,040 70,016 64,217 60,497 97,22 3 115,886 136,468 135,494 126,2 96
Group EBI T -%toS ales
15.1%
15.7%20.4%19.0%17.4%16.3%14.9%16.5%18.3%17.2 %15.9%
Group NP AT -$000
28,347
27 ,979 47,461 45,620 42,750 40,584
8
62,583 73,199 87,909 88,437 84,221
Group NP AT -%toSales
9.4%
9.6%13.2%12.4%11.6%10.9%9.6%10.4%11.8%11.3%10.6%
FreeCa shFlow -$M ( Operati ngCa sh
FlowlessCa pex)
8.2 37.4 33.2 38.9 22 .2 3.0 60.3 81.1 76.6 128.0 108.3
Divi dendsPerShare-cps
8.59.011.512.012.512.5 8.5
2
28.5
3
27 .028.0 29.0
EarningsPerShare-cps
12.8 12.6 21.3 20.5 19.2 18.2
8
28.232.939.539.7 37.8
NetCa shPosi tion-$M
55.5 98.6 93.9 97.6 126.9
5
131.8
7
67.4 100.4 102.5 149.9
4
175.4
6
Inv entoryTurnover -Xp.a .(CO GS di vid edby
av erag e inventory)
4.74.43.83.7 4.1
1. NZ IFRS 16 Leases first year of adoption.
2. Final dividend of 12.5cps cancelled as a result of Covid-19 pandemic.
3. Includes special dividend of 6cps.
4. Includes $26 million of creditor payme nts made on 31 January 2023.
5. Includes $18 million of cre ditor payments made on 31 July 2023.
6. Includes $20 million of creditor payme nts made by 31 January 2024.
7. Includes $23 million of cre ditor payments made by 31 July 2024.
8. Excludes $7.4M one-of f non-cash tax expe nse adjustme nt.

H1 FY2 5 ADDENDU M
17
Over 100 new brands added to the Group in past 12 months

---

PricewaterhouseCoopers, PwC Tower, 15 Customs Street West, Private Bag 92162, Auckland 1142 New Zealand
T: +64 9 355 8000, www.pwc.co.nz
- 14 -
Independent auditor’s review report
To the shareholders of Briscoe Group Limited

Report on the consolidated interim financial statements
Our conclusion
We have reviewed the consolidated interim financial statements (“interim financial statements”) of
Briscoe Group Limited (the Company) and its controlled entities (the Group), which comprise the
consolidated balance sheet as at 28 July 2024, and the consolidated income statement, consolidated
statement of comprehensive income, the consolidated statement of changes in equity and the
consolidated statement of cash flows for the 26-week period ended on that date, and notes,
comprising material accounting policy information and other explanatory information.
Based on our review, nothing has come to our attention that causes us to believe that the
accompanying interim financial statements of the Group do not present fairly, in all material respects,
the financial position of the Group as at 28 July 2024, and its financial performance and cash flows for
the 26-week period then ended, in accordance with International Accounting Standard 34 Interim
Financial Reporting (IAS 34) and New Zealand Equivalent to International Accounting Standard 34
Interim Financial Reporting (NZ IAS 34).
Basis for conclusion
We conducted our review in accordance with the New Zealand Standard on Review Engagements
2410 (Revised) Review of Financial Statements Performed by the Independent Auditor of the Entity
(NZ SRE 2410 (Revised)). Our responsibilities are further described in the Auditor’s responsibilities for
the review of the consolidated interim financial statements section of our report.
We are independent of the Group in accordance with the relevant ethical requirements in New
Zealand relating to the audit of the annual financial statements, and we have fulfilled our other ethical
responsibilities in accordance with these ethical requirements. Other than in our capacity as auditor we
have no relationship with, or interests in, the Group.
Responsibilities of Directors for the interim financial statements
The Directors of the Group are responsible on behalf of the Group for the preparation and fair
presentation of these interim financial statements in accordance with IAS 34 and NZ IAS 34 and for
such internal control as the Directors determine is necessary to enable the preparation and fair
presentation of the interim financial statements that are free from material misstatement, whether due
to fraud or error.
Auditor’s responsibilities for the review of the interim financial statements
Our responsibility is to express a conclusion on the interim financial statements based on our review.
NZ SRE 2410 (Revised) requires us to conclude whether anything has come to our attention that
causes us to believe that the interim financial statements, taken as a whole, are not prepared in all
material respects, in accordance with IAS 34 and NZ IAS 34.
A review of interim financial statements in accordance with NZ SRE 2410 (Revised) is a limited
assurance engagement. We perform procedures, primarily consisting of making enquiries, primarily of
persons responsible for financial and accounting matters, and applying analytical and other review
procedures. The procedures performed in a review are substantially less than those performed in an
audit conducted in accordance with International Standards on Auditing and International Standards
on Auditing (New Zealand) and consequently does not enable us to obtain assurance that we might
identify in an audit. Accordingly, we do not express an audit opinion on these interim financial
statements.

PwC
- 15 -
Who we report to
This report is made solely to the Company’s Shareholders, as a body. Our review work has been
undertaken so that we might state those matters which we are required to state to them in our review
report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume
responsibility to anyone other than the Shareholders, as a body, for our review procedures, for this
report, or for the conclusion we have formed.

The engagement partner on the review resulting in this independent auditor’s review report is John
(Jolly) Morgan.

For and on behalf of:






Chartered Accountants Auckland
10 September 2024