29 July 2018 Interim Report

INTERIM REPORT
for the period ended 29 July 2018

Chairman’s and
Managing Director’s Report .......................................1
Directors’ Approval .................................................... 5
Consolidated Income Statement ................................6
Consolidated Statement of
Comprehensive Income .............................................6
Consolidated Balance Sheet ......................................7
Consolidated Statement of Cash Flows .....................8
Consolidated Statement
of Changes in Equity .................................................10
Notes to the Financial Statements ...........................11
Independent Review Report .....................................22
Directory ....................................................................25
Contents

The company produced a solid operating performance and financial
results in the first half of the 2019 financial year, with further
growth in both sales and earnings despite an inconsistent trading
environment.
The retail sector remained highly competitive, with established
operators working hard to attract their share of the consumer
dollar and meet rising costs, and with further expansion by a major
Australian chain. Competition from online retailers continued to
grow, both in actual terms and in prospect.
Despite encouraging GDP growth and increased retail spending,
consumer confidence remains subdued on the back of relative
weakness in the Auckland housing market and the imposition of a
regional fuel tax towards the end of the period.
We recently advised that we had begun work in relation to issues
concerning the calculation and treatment of employee entitlements.
These issues appear to affect numerous businesses across many
sectors. Like some other businesses we are working through the
necessary exercises to ensure we have fulfilled our commitments.
Our first half result includes the payment and provision for amounts
due to employees as a result of these exercises.
The company was able to produce a record net profit after tax
(NPAT) of $29.34 million for the half-year through a combination
of sales growth, enhanced stock control and other efficiency gains.
NPAT was 2.7% higher than the $28.58 million recorded in the
half-year to July 2017, setting a new first half earnings record for the
seventh time in succession. Gross margin increased in both dollar and
percentage terms.
Sales revenue was $293.20 million, compared with $281.08 million
for the same period last year.
To succeed in such a competitive environment, retailers must offer
compelling brand propositions and enjoyable customer experiences.
Our homeware customers are seeking real value for money and
quality products that perform. We frequently review the products
we carry to ensure that what we offer is fresh and relevant; and we
continue to work with our supply partners to make Rebel Sport the
first choice in New Zealand for its categories of apparel, footwear
and other sporting goods.
We believe that our focus on the customer, our mix of retail and
product brands, our low-cost base and our ability to respond
quickly to market changes position the company well to compete
successfully into the future.
331
Contents
Chairman’s and Managing
Director’s Report
Operations
Both the homeware and sporting goods segments continued to
perform well despite the shifts in the trading environment. On a
same store basis – adjusted for store openings and closures – sales
for the half-year were 2.46% ahead of those for the previous
corresponding period. Online sales growth remained very strong,
at well over 20%, with this channel now approaching 9% of our
business.
Despite the increase in sales, inventory rose only very slightly, from
$84.95 million to $85.01 million.
We remain pleased with the way our in-store teams and support
functions have met the twin challenges of driving growth and
managing inventory. The combination of quality brands and great
prices continued to drive momentum, and our teams applied their
skills to ensure that this was translated into our trading results.
Progress continued on a range of initiatives to ensure that our brands
remain the first choice for homeware and sporting goods in New
Zealand:
• An innovative research project to drive deep understanding of the
markets in which we operate and customer behaviour within
those markets, so we can create opportunities to profitably
increase market share
• A major design and implementation programme to upgrade our
online platform, which is fundamental to the way many
customers engage with our brands, to make the shopping
experience even more enjoyable
• New fulfilment centres in Whanganui, Hamilton, Rotorua and
Glenfield to support online growth, with further additions planned
by the end of the current year
• An extended trial of the ‘Click and Collect’ initiative, which allows
customers to order online and pick up in-store, to ensure they can
shop with us in the way they prefer
• Improved processes to drive efficiency and the speed of product
movement to customers
• Continued analysis of stock flow to improve product availability
and thus drive sales
• Increased capacity in our distribution centre and through external
partners to maximise the efficiency of stock management over
the key October-to-January trading period
• Continued focus on building and maintaining a safe working
environment for staff and customers
We continued to invest in the development of operational business
managers throughout the company, building strength and depth
in store management to support continued improvement in this
area. Training also continues to strengthen our in-store and online
teams by improving recruitment and retention, customer care,
administration and logistics. Product-based training for departmental
managers is assisting them and their teams to meet and exceed
customer expectations.

2
Stores
A number of store projects were progressed during this first half.
February saw the opening of a new Rebel Sport store alongside our
Briscoes Homeware store in Kerikeri. The new store was well received
by the local community and is now fully established ahead of the key
summer trading period.
We completed a full refurbishment of our Briscoes Homeware
store in Rotorua which established online fulfilment capability as
well combining back-of-house facilities across both the Briscoes
Homeware and Rebel Sport stores.
Work continued on some major Group-owned property projects.
Excellent progress has been made on the build to replace the
Group’s Support functions in Taylors Road, Auckland. The new offices
and retail space are on track for the support office to relocate by
September 2019, before the temporary relocation of the existing
Briscoes Homeware store to allow for its complete rebuild.
Resource consent was obtained for our project to establish Briscoes
Homeware and Rebel Sport stores at Silverdale, north of Auckland.
Building consent has been lodged and we are hopeful of being able
to open for trade early in 2020.
The existing Briscoes Homeware store at Northlands in Christchurch
will relocate during the second half of the year to the new North
Link Retail Centre at Papanui, where a new Rebel Sport store will also
open before Christmas 2018.
A lease agreement has been signed to establish new Briscoes
Homeware and Rebel Sport stores on a site in Mt Roskill, Auckland.
We anticipate these stores opening by the end of 2019.
Our People
In August, Fiona Stewart commenced with the Group in the new role
of General Manager Marketing and Strategy. Fi’s strong marketing
background across a number of retail businesses will bring additional
perspective to how we focus on, and communicate with, our
customers.
We appreciate that the quality of our business is a reflection of the
people who operate it and who deal with our customers, suppliers
and other trade partners on a daily basis. We have continued our
investment in remuneration, and in enhancing other terms and
conditions of employment, while remaining prudent as to the flow-
on of costs through to our customers.
The investment we have made in training and developing our
people is exemplified by the implementation of the Axonify learning
platform. This tool provides a customised learning program that
delivers and reinforces learning across areas as diverse as customer
service, health & safety and trading compliance. It tests individual
knowledge and skill on a daily basis to ensure that each of our team
members is always competent.
In conjunction with that, through face-to-face training, revised
programmes and materials, we continue to invest in building
capability throughout the business.
Measures were taken across the business to ensure we provide
safe and healthy places to work, shop and visit. These included the
creation of traffic management plans for every site as well as the
piloting of the ‘First Move’ manual handling training initiative in a
number of locations.
Leadership is key in any business. Our lean operating model has
been strengthened by the establishment of Zone Business Manager
roles in a number of locations. These roles have provided career
opportunities for the appointees along with an enhanced ability
to develop and manage our retail network without the onerous
overheads associated with traditional retail management structures.
Financial Results
Net Profit After Tax (NPAT) for the six months to 29 July 2018 was
$29.34 million (unaudited), a 2.68% increase on the $28.58 million
recorded for the previous July half-year.
Sales of $293.20 million were 4.31% higher than the $281.08 million
recorded for the previous corresponding period.
Gross margin dollars increased by 5.21% and gross margin
percentage increased from 40.58% to 40.93%. This reflected
improvements in stock loss measurements as a result of improved
loss prevention initiatives, as well as operational strategies focused
on optimising inventory availability in relation to online fulfilment
stores and promotional programmes.
Earnings before interest and tax (EBIT) was $40.62 million compared
to $39.13 million for the same period last year – an increase
of 3.80%.
Accounting Standard Change
The recent introduction of accounting standard NZ IFRS 15: Revenue
from Contracts with Customers means that sales revenue reported
by the Group will now include delivery fees charged to online
customers for the delivery of products purchased directly online. The
corresponding cost incurred by the Group for delivery of product
to customers will be included in the total cost of goods sold. These
amounts were previously offset and the net cost shown as a store
expense. The reclassification will have the effect of increasing sales
revenue and cost of goods sold, while decreasing gross profit and
store expenses. There is no impact on the Group’s reported net profit
after tax. The table below shows the effect of the reclassification on
selected Group reported amounts for the first halves of both this
year and last year.

3
1st Half 2018/191st Half 2017/18
Before
Reclassification
After
Reclassification
Before
Reclassification
After
Reclassification
Sales ($000)292,237293,200280,257281,080
Sales growth (%)4.27%4.31%
Same-store-sales growth %2.42%2.46%
Gross profit ($000)121,101120,004114,992114,058
Gross profit (%)41.44%40.93%41.03%40.58%
Store expenses ($000)50,62949,53248,80447,870
Earnings before interest and tax ($000)40,61540,61539,12939,129
Net profit after tax ($000)
29,34229,34228,57628,576
Segmental Performance
Homeware
Sales from homeware stores increased 4.58% from $178.53 million
to $186.70 million.
Despite some key categories competing with very strong sales
growth in the corresponding period the previous year, they still
managed to produce satisfactory sales and margin growth.
A very good close to summer resulted in early sell through of
outdoor furniture and related summer products which would
normally continue to sell through until April which leaves us in a
good position with clean stocks of seasonal merchandise to start
summer 2018.
Cold spells drove growth in heating sales and related categories with
good management of stock ensuring that the benefit flowed through
to margin growth.
Sporting Goods
Sales from our sporting goods stores increased 3.85% from $102.55
million to $106.50 million.
Sporting goods experienced satisfactory sales growth across most
hardgoods and footwear categories. Apparel sales were tougher in
comparison with heavy competition in womens’ apparel and softer
demand for supporters’ gear.
Last year sporting goods sales for the half-year benefited from
the British & Irish Lions rugby tour. This drove significant sales of
supporters’ gear and the anticipation and significance of the event
kept New Zealand focused on sport throughout May, June and July
of last year.
Kathmandu
The Group received a dividend of $1.71 million from its investment
in Kathmandu Holdings Limited during the half-year. An additional
tax expense has been incurred as a result of this interim dividend not
being fully imputed for New Zealand shareholders. Briscoe Group
invested a further $5.57 million in Kathmandu shares during the
period, participating in their capital raising to fund the acquisition
of North American retailer, Oboz Footwear. Our shareholding now
stands at 18.90% and, as the largest single shareholder, we note
the continued significant improvement in Kathmandu’s trading
performance, in particular in its most recent full-year result.
Financial Position
The Group had cash and bank balances of $46.23 million as at
29 July 2018, compared to $35.70 million the previous year. This
period’s balance includes approximately $15 million of creditor
payments which were paid on 31 July 2018.
Inventory levels were $85.01 million, only slightly higher than the
$84.95 million at the same time last year. The latest total reflected
the impact of three additional stores opened by the Group since July
last year – the Briscoes Homeware stores in Rangiora (September
2017) and Glenfield (December 2017) and a Rebel Sport Store in
Kerikeri (February 2018) – and the closure of the Living & Giving
store at Riccarton in March 2018.
Net capital expenditure was $9.50 million – predominantly for
property development projects, system software and hardware and
security equipment upgrades.

4
Dividend
The directors declared a fully imputed interim dividend of 8.00 cents
per share on 20 September 2018. The previous interim dividend was
7.50 cents per share. Books closed to determine entitlements at 5pm
on 4 October 2018 and payment to be made on 11 October 2018. A
supplementary dividend of 1.4118 cents per share was also declared
and paid to non-resident shareholders.
Half Year Review
The interim financial statements represented in this report
are unaudited but have been independently reviewed by
PricewaterhouseCoopers, which has issued an unqualified
independent review report to the company’s shareholders
(refer pages 22 and 23).
Community Sponsorship
Briscoe Group is a responsible and socially aware corporate citizen.
We are proud to be a key partner of Cure Kids and have to date
raised approximately $7 million to help Cure Kids fund
leading-edge research that supports their vision of a healthy
childhood for everyone.
In addition to our alignment with Cure Kids we support a wide
variety of community-based charities, sports clubs and other
initiatives by donating product to support fundraising efforts.
Outlook
To the extent they are predictable, our expectation is for economic
growth and consumer spending for the 2019 financial year to be
broadly consistent with recent levels.
Softness in consumer confidence will have some effect across the
retail sector – our goal is to deal with this influence more effectively
than our competitors do. Some further increase can be expected in
online competition. We have confidence in the company’s ability to
continue to meet the challenge of trading competitively through this
channel.
External factors driving cost increases are already factored into our
plans for the year. These include the impact of the decline in the
New Zealand dollar relative to the US currency. We are well covered
for the remainder of the year and will continue to monitor the issue
and act accordingly.
We remain focused on the factors within our control – optimising
our bricks and mortar network, enhancing our online presence and
improving our performance across a range of internal dimensions
including the customer experience, inventory management and
speed of product movement.
With a marketing proposition that continues to deliver value to our
customers, we are confident of continued strong performance over
the balance of the year.

5
Authorisation for Issue
The Board of Directors authorised the issue of these Consolidated Interim Financial Statements on 20 September 2018.
Approval by Directors
The Directors are pleased to present the Consolidated Interim Financial Statements for Briscoe Group Limited for the 26 week period
ended 29 July 2018. (Comparative period is for the 26 week period ended 30 July 2017).
Dame Rosanne Meo
CHAIRMAN
Rod Duke
GROUP MANAGING DIRECTOR
20 September 2018
For and on behalf of the Board of Directors
Directors’ Approval of Consolidated Interim Financial Statements

6
Consolidated Income Statement
For the 26 week period ended 29 July 2018 (unaudited)


Notes
Sales revenue 293,200 281,080
Cost of goods sold
(173,196)
(167,022)
Gross profit 120,004 114,058
Other operating income 2,108 2,183
Store expenses (49,532) (47,870)
Administration expenses
(31,965)
(29,242)
Earnings before interest and tax 40,615 39,129
Finance income419245
Finance costs
(67)
(75)
Net finance income
352
170
Profit before income tax 40,967 39,299
Income tax expense
(11,625)
(10,723)
Net profit attributable to shareholders 29,342
28,576
Earnings per share for profit attributable to shareholders:
Basic earnings per share (cents)13.2813.00
Diluted earnings per share (cents)13.08 12.73
The above consolidated income statement should be read in conjunction with the accompanying notes.
The above consolidated statement of comprehensive income should be read in conjunction with the accompanying notes.
Consolidated Statement of Comprehensive Income
For the 26 week period ended 29 July 2018 (unaudited)
26 Week Period
26 Week Period
Ended 29 July 2018
Ended 30 July 2017
Unaudited Unaudited
Notes$000 $000
Net profit attributable to shareholders 29,342 28,576
Other comprehensive income:
Items that may be subsequently reclassified to profit or loss:
Change in value of investment in equity securities8
37,266
14,836
Fair value (gain)/loss recycled to income statement
(631)
452
Fair value gain/(loss) taken to cashflow hedge reserve
4,421
(1,972)
Deferred tax on fair value gain/(loss) taken to income statement
177
(127)
Deferred tax on fair value (gain)/loss taken to cashflow hedge reserve
(1,238)
552
Total other comprehensive income39,995
13,741
Total comprehensive income attributable to shareholders 69,337
42,317
26 Week Period
Ended 29 July 2018
Unaudited
$000
26 Week Period
Ended 30 July 2017
Unaudited
$000
16
16
16
5

7
Consolidated Balance Sheet
As at 29 July 2018 (unaudited)
As at
29 July 2018
Unaudited
$000
As at
30 July 2017
Unaudited
$000
As at
28 January 2018
Audited
$000
Notes
ASSETS
Current assets
Cash and cash equivalents46,23035,70178,193
Trade and other receivables2,5402,9302,737
Inventories85,00584,94674,494
Held-for-sale assets -5,928-
Derivative financial instruments2,459247
Total current assets136,234129,507155,471
Non-current assets
Property, plant and equipment88,59874,57283,326
Intangible assets 2,1161,1041,364
Deferred tax 3,0453,5022,983
Investment in equity securities8
138,261
91,41895,427
Total non-current assets232,020
170,596183,100
TOTAL ASSETS368,254300,103338,571
LIABILITIES
Current liabilities
Trade and other payables70,78569,99481,161
Taxation payable3,2532,0346,980
Derivative financial instruments
6
2,5791,276
Total current liabilities74,04474,60789,417
Non-current liabilities
Trade and other payables735747726
Total non-current liabilities735
747 726
TOTAL LIABILITIES74,77975,35490,143
NET ASSETS293,475224,749248,428
EQUITY
Share capital1057,42953,94256,467
Cashflow hedge reserve1,814(1,911) (915)
Share options reserve1,1631,1241,045
Other reserves
64,010
22,73526,744
Retained earnings
169,059
148,859165,087
TOTAL EQUITY293,475224,749248,428
Net Tangible Assets per Security (cents)131.77
101.68111.90
The above consolidated balance sheet should be read in conjunction with the accompanying notes.

8
Consolidated Statement of Cash Flows
For the 26 week period ended 29 July 2018 (unaudited)
The above consolidated statement of cash flows should be read in conjunction with the accompanying notes.
26 Week Period
Ended 29 July 2018
Unaudited
$000
26 Week Period
Ended 30 July 2017
Unaudited
$000 Notes
OPERATING ACTIVITIES
Cash was provided from
Receipts from customers
293,087279,624
Rent received
401 401
Dividends received
1,7071,604
Interest received
564291
Insurance recovery
-
178
295,759282,098
Cash was applied to
Payments to suppliers
(227,915)
(216,114)
Payments to employees
(34,689)
(34,514)
Interest paid
(67)
(50)
Net GST paid
(9,062)
(10,118)
Income tax paid
(16,475)
(15,035)
(288,208)
(275,831)
Net cash inflows from operating activities7,551
6,267
INVESTING ACTIVITIES
Cash was provided from
Proceeds from sale of property, plant and equipment
- 5
-5
Cash was applied to
Purchase of property, plant and equipment
(8,348) (7,067)
Purchase of intangible assets
(1,150) (472)
Investment in equity securities
(5,568)-
(15,066)
(7,539)
Net cash outflows from investing activities
(15,066)
(7,534)
FINANCING ACTIVITIES
Cash was provided from
Issue of new shares10
8451,064
Net proceeds from borrowings9
--
845
1,064
Cash was applied to
Dividends paid11
(25,401)(24,152)
(25,401)
(24,152)
Net cash outflows from financing activities (24,556) (23,088)
Net decrease in cash and cash equivalents
(32,071) (24,355)
Cash and cash equivalents at beginning of period
78,19360,066
Foreign cash balance cash flow hedge adjustment
108 (10)
CASH AND CASH EQUIVALENTS AT END OF PERIOD46,230
35,701

9
26 Week Period
Ended 29 July 2018
Unaudited
$000
26 Week Period
Ended 30 July 2017
Unaudited
$000
RECONCILIATION OF NET CASH FLOWS FROM
OPERATING ACTIVITIES TO REPORTED NET PROFIT
Reported net profit attributable to shareholders
29,34228,576
Items not involving cash flows
Depreciation and amortisation expense3,4302,893
Adjustment for fixed increase leases
10
Bad debts and movement in doubtful debts
5149
Inventory adjustments
4511,143
Amortisation of executive share options cost
265367
Loss on disposal of assets
44
78
4,251
4,534
Impact of changes in working capital items
Decrease/(Increase) in trade and other receivables
Increase in inventories
(10,962)
Decrease in taxation payable
(3,727)
Decrease in trade payables
(10,326)
Decrease in other payables and accruals
(1,173)
(26,042)
Net cash inflows from operating activities7,551
6,267
4
146
Consolidated Statement of Cash Flows
(continued)
For the 26 week period ended 29 July 2018 (unaudited)
The above consolidated statement of cash flows should be read in conjunction with the accompanying notes.
(420)
(7,158)
(4,250)
(9,104)
(5,911)
(26,843)

10
Other
Reserves
Unaudited
$000
Consolidated Statement of Changes in Equity
For the 26 week period ended 29 July 2018 (unaudited)
Share
Capital
Cashflow
Hedge
Reserve
Share
Options
Reserve
Retained
Earnings
Total
Equity
Unaudited
$000
Unaudited
$000
Unaudited
$000
Unaudited
$000
Unaudited
$000 Notes
Balance at 29 January 201752,756957144,357205,153
Net profit attributable to shareholders for the period - - - -28,57628,576
Other comprehensive income:
Change in value of investment in equity securities8---14,836-14,836
Net fair value loss taken through cashflow hedge reserve - (1,095) - - - (1,095)
Total comprehensive income for the period - (1,095) -14,83628,57642,317
Transactions with owners:
Dividends paid11----(24,152)(24,152)
Share options charged to income statement - -367 - -367
Share options exercised101,186 - (122) - - 1,064
Transfer for share options lapsed and forfeited - -(78) -78 -
Balance at 30 July 2017
53,942 (1,911) 1,12422,735148,859224,749
Net profit attributable to shareholders for the period- - - -32,74932,749
Other comprehensive income:
Change in value of investment in equity securities---4,009-4,009
Net fair value gain taken through cashflow hedge reserve-996---996
Total comprehensive income for the period -996 -4,00932,749 37,754
Transactions with owners:
Dividends paid - - - - (16,558) (16,558)
Share options charged to income statement - -265 - -265
Share options exercised2,525 - (307)- -2,218
Transfer for share options lapsed and forfeited - - (37) -37 -
Balance at 28 January 2018
56,467 (915)1,04526,744165,087248,428
Net profit attributable to shareholders for the period - - - -29,34229,342
Other comprehensive income:
Change in value of investment in equity securities
8
---37,266-37,266
Net fair value gain taken through cashflow hedge reserve -2,729 - - -2,729
Total comprehensive income for the period -2,729 -37,26629,34269,337
Transactions with owners:
Dividends paid
11
- - - -(25,401) (25,401)
Share options charged to income statement - - 266 - -266
Share options exercised
10
962 - (117) - -845
Transfer for share options lapsed and forfeited - - (31) -31 -
Balance at 29 July 201857,4291,8141,16364,010169,059293,475
The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes.
7,899
(816)

11
Notes to the Financial Statements
For the 26 week period ended 29 July 2018 (unaudited)
1. Reporting Entity
Briscoe Group Limited (the Company) and its subsidiaries (together the Group) is a retailer of homeware and sporting goods. The Company is a
limited liability company incorporated and domiciled in New Zealand and is listed on the New Zealand Stock Exchange (NZX). Briscoe Group
Limited is registered under the Companies Act 1993 and is an FMC Reporting Entity under Part 7 of the Financial Markets Conduct Act 2013.
The address of its registered office is 36 Taylor’s Road, Morningside, Auckland 1025, New Zealand. The Company is registered in Australia as
a foreign company under the name Briscoe Group Australasia Limited and is listed on the Australian Securities Exchange as a foreign exempt
entity. (NZX / ASX code: BGP)
2. Basis of Preparation of Financial Statements
These unaudited consolidated condensed interim financial statements (‘interim financial statements’) have been prepared in accordance with
New Zealand Generally Accepted Accounting Practice and comply with the requirements of International Accounting Standard (IAS) 34 Interim
Financial Reporting and with New Zealand Equivalent to International Accounting Standard (NZ IAS) 34 Interim Financial Reporting and the
NZX Main Board Listing Rules.
The interim financial statements do not include all the notes of the type normally included in an annual financial report. Accordingly, these
interim financial statements should be read in conjunction with the audited consolidated financial statements for the period ended 28 January
2018 and any public announcements made by Briscoe Group Limited during the interim reporting period and up to the date of these interim
financial statements.
These interim financial statements are presented in New Zealand dollars, which is the Company’s functional currency and the Group’s
presentation currency.
The interim financial statements are in respect of the 26 week period 29 January 2018 to 29 July 2018. The comparative period is in respect
of the 26 week period 30 January 2017 to 30 July 2017. The year-end balance date will be 27 January 2019 and full financial statements will
cover the 52 week period 29 January 2018 to 27 January 2019. The Group operates on a weekly trading and reporting cycle resulting in 52
weeks for most years with a 53 week year occurring once every 5-6 years.
The preparation of the interim financial statements requires management to make judgements, estimates and assumptions that affect the
reported amounts in the interim financial statements. Actual results may differ from these estimates. The same significant judgements,
estimates and assumptions included in the notes to the financial statements for the full year period ended 28 January 2018 have been applied
to these consolidated condensed interim financial statements.
3. Accounting Policies
Other than the effect of new accounting standards adopted during the period as set out in Note 16, the interim financial statements of the
Group for the 26 week period ended 29 July 2018 have been prepared using the same accounting policies and methods of computations as,
and should be read in conjunction with, the financial statements and related notes included in the Group’s Annual Report for the full year
period ended 28 January 2018.
4. Seasonality
The Group’s revenue and profitability follow a seasonal pattern with higher sales and net profits typically achieved in the second half of the
financial year as a result of additional sales generated during the Christmas trading period.

12
Notes to the Financial Statements
For the 26 week period ended 29 July 2018 (unaudited)
HomewareSporting
goods
$000
Eliminations/
unallocated
$000
Total Group
INCOME STATEMENT
Total sales revenue186,701106,499-293,200
Gross profit77,19542,809-120,004
Earnings before interest and tax 23,69414,3302,59140,615
Finance income
100 29425419
Finance costs
--(67)(67)
Net finance income / (costs)100294352
Income tax expense
Net profit after tax17,04310,5291,77029,342
BALANCE SHEET
Assets149,83293,891124,531
1
.
368,254
Liabilities57,23829,222(11,681)74,779
OTHER SEGMENTAL ITEMS
Acquisitions of property, plant and equipment, intangibles
and investments8,6098895,56815,066
Depreciation and amortisation expense2,400 1,030-3,430
For the period ended 29 July 2018
1. Investment in equity securities 138,261
Intercompany eliminations (20,879
Other balances 7,149
124 , 531

)
$000
$000
5. Segment information
The Group has two reportable operating segments that are defined by the retail sectors within which the Group operates, namely homeware
and sporting goods. The following is an analysis of the Group’s revenue and results by operating segment. Revenue reported below is generated
solely in New Zealand from sales to external customers and due to the nature of the retail businesses there is no reliance on any individual
customer. There were no inter-segment sales in the period. (2017: Nil)
Segment profit represents the profit earned by each segment and reflects the income statements associated with the two trading subsidiary
companies, Briscoes (NZ) Limited and The Sports Authority Limited (trading as Rebel Sport). Earnings before interest and tax (EBIT) is a
non-GAAP measure.
(42)
(779)
(11,625)
(6,751)(4,095)

13
Notes to the Financial Statements
For the 26 week period ended 29 July 2018 (unaudited)
26 Week Period
Ended 29 July 2018
$000
26 Week Period
Ended 30 July 2017
$000
Depreciation of property, plant and equipment
3,032
2,564
Amortisation of software costs
398
329
Wages, salaries and other short term benefits
35,055
31,290
Operating lease rental expense
16,836
14,020
Loss on disposal of property, plant and equipment, intangibles and investments
44
78
For the period ended 30 July 2017
6. Expenses
Profit before income tax includes the following specific income and expenses:
HomewareSporting
goods
Eliminations/
unallocated
Total Group
$000$000$000$000
INCOME STATEMENT
Total sales revenue
178,526102,554-281,080
Gross profit72,87741,181-114,058
Earnings before interest and tax22,39914,0082,72239,129
Finance income97128
Finance costs--
Net finance income / (costs)
97128170
Income tax expense
Net profit after tax
16,16310 ,1782,23528,576
BALANCE SHEET
Assets151,94081,72566,438
1
.
300,103
Liabilities63,45031,139(19,235)75,354
OTHER SEGMENTAL ITEMS
Acquisitions of property, plant and equipment, intangibles
and investments6,2491,290-7,539
Depreciation and amortisation expense1, 935958-2,893
1. Investment in equity securities 91,418
Intercompany eliminations
Other balances 7,591
66,438

(32,571)
(6,333)(3,958)(432)(10,723)
(75)(75)
(55)
20245

14
Notes to the Financial Statements
For the 26 week period ended 29 July 2018 (unaudited)
8. Investment in equity securities
In June 2015 Briscoe Group Limited acquired 40,095,432 shares in Kathmandu Holdings Limited for a value of $68,682,734. During March
and April 2018, as part of capital raising programmes initiated by Kathmandu, Briscoe Group Limited acquired a further 2,577,870 shares for
a cost of $5,568,198. The holding represented an 18.94% ownership in Kathmandu Holdings Limited as at 29 July 2018. These shares are
equity investments, quoted in the active market, which the Group has elected to designate as a financial asset at fair value through other
comprehensive income (FVOCI). An adjustment was made at period end to reflect the fair value of these shares as at 29 July 2018.
1
.
$000
At 29 January 2017
76,582
Additions -
Change in value credited to other reserves14,836
At 30 July 201791,418
Additions -
Change in value credited to other reserves4,009
At 28 January 201895,427
Additions
5,568
Change in value credited to other reserves
37,266
At 29 July 2018138,261
9. Interest bearing liabilities
There were no interest bearing liabilities as at 29 July 2018. (2017: Nil). The unsecured facility with the Bank of New Zealand for $40 million in
place at the last year-end balance date of 28 January 2018, expires on 20 September 2018 and will be renewed for a further twelve months.
The facility is sufficiently flexible that the amounts can be drawn down and repaid to accommodate fluctuations in operating cash flows within
overall limits, without the need for prior approval of the bank.
1. Fair value determined to be $3.24 ($2017: $2.28) per share as per NZX closing price of Kathmandu Holdings Limited
as at 27 July 2018 (2017: 28 July 2017).
7. Property, plant and equipment
Acquisitions and disposals
During the 26 week period ended 29 July 2018, the Group acquired property, plant and equipment with a total cost of $8,348,098 (2017:
$7,066,620). Property, plant and equipment with a net book value of $46,200 (2017: $85,161) were disposed of during the 26 week period
ended 29 July 2018.

15
Notes to the Financial Statements
For the 26 week period ended 29 July 2018 (unaudited)
10. Share capital
Authorised SharesShare capital
No. of Shares$000
At 29 January 2017219,516,50052,756
Issue of ordinary shares during the period:
Exercise of options438,0001,186
1.
At 30 July 2017219,954,500 53,942
Issue of ordinary shares during the period:
Exercise of options
840,0002,525
At 28 January 2018220,794,500 56,467
Issue of ordinary shares during the period:
Exercise of options320,000962
1.
At 29 July 2018221,114,50057,429
1. When options are exercised the amount in the share options reserve relating to those options exercised, together with the exercise price paid
by the employee, is transferred to share capital. The amounts transferred for the 320,000 shares issued during the 26 week period ended 29
July 2018 were $116,928 and $844,800 respectively ($121,676 and $1,064,340 respectively for the 438,000 shares issued during the 26
week period ended 30 July 2017).
11. Dividends
Period ended
Period ended
Period ended
Period ended
29 July 2018
30 July 2017
29 July 2018
30 July 2017
Cents per share
Cents per share
$000
$000
Final dividend for the period ended 28 January 2018
11.50
-
25,401
-
Final dividend for the period ended 29 January 2017 - 11.00 - 24,152
11.50
11.00
25,401
24,152
All dividends paid were fully imputed. Supplementary dividends of $183,738 (2017: $172,736) were provided to shareholders not tax resident
in New Zealand, for which the Group received a Foreign Investor Tax Credit entitlement.
On 20 September 2018 the Directors resolved to provide for an interim dividend to be paid in respect of the period ended 27 January 2019.
The dividend will be paid at the rate of 8.00 cents per share for all shares on issue as at 4 October 2018, will full imputation credits attached.
12. Fair Value measurements of financial instruments
The Group’s activities expose it to a variety of financial risks, market risk (including currency and interest rate risk), credit risk and liquidity risk.
The Group’s overall risk management programme seeks to minimise potential adverse effects on the Group’s financial performance. The Group
uses certain derivative financial instruments to hedge certain risk exposures.

16
Notes to the Financial Statements
For the 26 week period ended 29 July 2018 (unaudited)
The consolidated interim financial statements do not include all financial risk management information and disclosures required in the annual
financial statements. They should be read in conjunction with the Group’s annual financial statements for the period ending 28 January 2018.
There have been no changes in the risk management policies since year end.
Based on NZ IFRS 13: Fair Value Measurement, the fair value of each financial instrument is categorised in its entirety based on the lowest level
of input that is significant to that fair value measurement. The levels are defined as follows:
Level 1: Quoted prices (unadjusted in active market for identical assets and liabilities);
Level 2: Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices
or indirectly (that is, derived from prices);
Level 3: Inputs for the asset or liability, that are not based on observable market data (that is unobservable inputs).
The financial instruments held by the Group that are measured at fair value are; over-the-counter derivatives (foreign exchange contracts) and
an investment in equity securities. The derivatives have been determined to be within level 2 (for the purposes of NZ IFRS 13) of the fair value
hierarchy as all significant inputs required to ascertain the fair values are observable. The investment in equity securities is determined to be
within level 1 as quoted prices are available from an active equities market for identical securities. There were no transfers between levels
1 and 2 during the period.
There were no changes in valuation techniques during the period.
The following methods and assumptions were used to estimate the fair values for each class of financial instrument.
Trade debtors, trade creditors, related party payables and bank balances
The carrying value of these items is equivalent to their fair value.
Derivative financial instruments
Derivative financial instruments comprise of forward foreign exchange contracts which have been fair valued using market forward foreign
exchange rates at period end.
Investment in equity securities
The investment in equity securities has been fair valued using equity prices quoted on market at period end.
The following table presents the Group’s assets and liabilities that are measured at fair value at 29 July 2018:
As at
29 July 2018
As at
30 July 2017
As at
28 January 2018
$000
$000$000
Assets
Derivative financial instruments2,459247
Investment in equity securities
138,261
91,41895,427
Total Assets140,720
91,42095,474
Liabilities
Derivative financial instruments62,5791,276
Total Liabilities6
2,5791,276

17
Notes to the Financial Statements
For the 26 week period ended 29 July 2018 (unaudited)
13. Related party transactions
During the 26 week period the Company advanced and repaid loans to its subsidiaries by way of internal transfers between current accounts.
In presenting the financial statements of the Group, the effect of transactions and balances between fellow subsidiaries and those with the
Parent have been eliminated. All transactions with related parties were in the normal course of business and provided on normal commercial
terms.
Material transactions between the Company and its subsidiaries were:
26 Week Period
Ended 29 July 2018
26 Week Period
Ended 30 July 2017
$000
$000
Management fees charged by the Company to:
Briscoes (NZ) Limited
6,458
6,612
The Sports Authority Limited (trading as Rebel Sport)
3,765
3,847
Total management fees charged10,223
10,459
Dividends received by the Company from:
Briscoes (NZ) Limited
25,396
24,148
The Sports Authority Limited (trading as Rebel Sport)
-
-
Total dividends received25,39624,148
In addition, the Group undertook transactions during the 26 week period with the following related parties as detailed below:
• The R A Duke Trust, of which RA Duke is a trustee, as owner of the Rebel Sport premises at Panmure, Auckland, received rental payments of
$322,500 (2017: $315,250) from the Group, under an agreement to lease premises to The Sports Authority Limited (trading as Rebel
Sport).
• Kein Geld (NZ) Limited, an entity associated with RA Duke, received rental payments of $267,582 (2017: $267,582) as owner of the Briscoes
Homeware premises at Wairau Park, Auckland, under an agreement to lease premises to Briscoes (NZ) Limited.
• RA Duke Trust (including RA Duke Limited) received dividends of $19,613,279 (2017: $18,737,965).
• P Duke, spouse of RA Duke, received payments of $32,500 (2017: $32,500) in relation to her employment as an overseas buying specialist
with Briscoe Group Limited and rental payments of $412,500 (2017: $412,500) as owner of the Briscoes Homeware premises at Panmure,
Auckland under an agreement to lease premises to Briscoes (NZ) Limited.

18
Directors received directors’ fees and dividends in relation to their personally-held shares as detailed below:
26 Week Period
Ended 29 July 2018
26 Week Period
Ended 30 July 2017
Directors’ FeesDividends
Directors’ FeesDividends
$000$000
$000$000
Executive Director
RA Duke
--
--
Non-Executive Directors
RPO’L Meo
63-
54-
MM Devine
371
373
AD Batterton
39-
39-
RAB Coupe
381
37-
1772
1673
Directors received dividends in relation to their non-beneficially held shares as detailed below:
26 Week Period
Ended 29 July 2018
26 Week Period
Ended 30 July 2017
$000
$000
Executive Director
RA Duke
19,613
18,738
Non-Executive Directors
RPO’L Meo
12
11
MM Devine
-
-
AD Batterton
1
-
RAB Coupe
-
-
14. Contingent liabilities
There were no contingent liabilities as at 29 July 2018. (2017: Nil).
15. Events after balance date
On 20 September 2018 the directors resolved to provide for an interim dividend to be paid in respect of the 52 week period ending 27 January
2019. The dividend will be paid at a rate of 8.00 cents per share on issue as at 4 October 2018, with full imputation credits attached.
Notes to the Financial Statements
For the 26 week period ended 29 July 2018 (unaudited)

19
Notes to the Financial Statements
For the 26 week period ended 29 July 2018 (unaudited)
16. Accounting standards
Except as described below, the accounting policies applied are consistent with those of the annual financial statements for the period ended 28
January 2018, as described in those annual financial statements.
There were two new standards applied during the period.
• NZ IFRS 9: Financial Instruments (effective from annual periods beginning on or after 1 January 2018)
This standard addresses the classification, measurement and recognition of financial assets and liabilities, introduces new rules for hedge
accounting and a new impairment model for financial assets.
The Group notes the following impacts from the adoption of the new standard on 29 January 2018.
The Group has assessed which business models apply to its financial assets and classified these into the appropriate categories under
NZ IFRS 9. The only reclassification arising is for the investment in equity securities which was previously classified under NZ IAS 39 as
an available for sale financial asset, and for which a fair value through other comprehensive income (FVOCI) election is available under
NZ IFRS 9. The Group has taken this election. The new standard will not affect the measurement of these equity instruments . However,
cumulative gains or losses realised on the sale of equity instruments at FVOCI will no longer be transferred to profit or loss on sale, but
instead will be reclassified from Other Reserves to Retained Earnings.
There is no impact on the Group’s accounting for financial liabilities, as the new requirements only affect the accounting for financial
liabilities that are designated at fair value through profit or loss and the Group does not have such liabilities. The derecognition rules have
been transferred from NZ IAS 39: Financial Instruments: Recognition and Measurement and have not been changed.
The new hedge accounting rules align the accounting for hedging instruments more closely with the Group’s risk management practices.
As a general rule, more hedge relationships might be eligible for hedge accounting, as the standard introduces a more principles-based
approach. The Group’s risk management strategies and hedge documentation are aligned with the requirements of NZ IFRS 9, and these
relationships are treated as continuing hedges. The Group’s current hedge relationships qualify as continuing cash flow hedges upon
the adoption of NZ IFRS 9. Under NZ IFRS 9, the Group’s forward foreign exchange contracts are accounted for using the forward rate
approach, whereby the hedged risk is designated as being changes in the forward rate, with changes in the full fair value of the forward
contracts being accounted for through other comprehensive income (to the extent the hedge is effective). Accordingly, the Group does not
have a significant impact on the accounting treatment for its hedging relationships. The nature and extent of the Group’s disclosure note
in relation to its hedging relationships will change in the consolidated financial statements for the full year period ending 27 January 2019.
The new impairment model requires the recognition of impairment provisions based on expected credit losses (ECL) rather than only
incurred credit losses as was the case under NZ IAS 39. The standard applies to the Group in relation to financial assets classified at
amortised cost, being the Group’s trade receivables. Based on the Group’s assessment of historical provision rates and forward-looking
analysis, there is no material financial impact on the impairment provisions.
• NZ IFRS 15: Revenue from Contracts with Customers (effective from annual periods beginning on or after 1 January 2018)
This standard addresses recognition of revenue. It replaces the current revenue recognition guidance in NZ IAS: 18 Revenue and NZ IAS 11:
Construction Contracts. The new standard is based on the principle that revenue is recognised when control of a good and service transfers
to a customer. The standard permits either a full retrospective or a modified retrospective approach for the adoption. The Group has taken
a full retrospective approach and no practical expedients have been applied.
Adoption of NZ IFRS 15 has given rise to the reclassification of delivery fees charged to customers and the corresponding cost incurred
by the Group for these customer deliveries has been reclassified to align with this. Delivery fees charged to customers are considered to
be part of the same performance obligation as the sale of the goods, as control of the goods passes to customers when they physically
receive the goods. Previously, the delivery fees charged and corresponding cost incurred have been offset and the net cost shown under
‘store expenses’ in the income statement. The reclassification has the following effects in the period ended 29 July 2018:

• increases sales revenue by the amount of the delivery fees charged by the Group to customers by $0.96 million
• increases the cost of gozount of the cost incurred by the Group for the deliveries by $2.06 million
• decreases ‘store expenses’ by $1.10 million

20
The Group’s income statement for the comparative period shown in these interim financial statements has been reclassified to reflect the
effects outlined above. A reconciliation showing the adjustments made to the income statement to restate the prior period comparatives is
shown below:
26 Week Period
Ended 30 July 2017
Before Reclassification
Adjustments
26 Week Period
Ended 30 July 2017
After Reclassification
$000$000
$000
Sales revenue280,257823
281,080
Cost of goods sold
Gross profit
114,992
114,058
Other operating income2,183-
2,183
Store expenses934
Administration expenses-
Earnings before interest and tax
39,129-
3 9,12 9
Finance income245-
245
Finance costs-
Net finance income170-
170
Profit before income tax
39,299-
39,299
Income tax expense-
Net profit attributable to shareholders
28,576-
28,576
There were no other material impacts on revenue recognition as a result of the adoption of NZ IFRS 15. There was no impact on basic or
diluted earnings per share as a result of adopting NZ IFRS 15.
Certain new standards, amendments and interpretations of existing standards have been published that are mandatory for later periods and
which the Group has not early adopted. These will be applied by the Group in the mandatory periods listed below. The key items applicable to
the Group are:
• NZ IFRS 16: Leases (effective from annual periods beginning on or after 1 January 2019)
This standard replaces the current guidance in NZ IAS 17. Under NZ IFRS 16, a contract is, or contains, a lease if the contract conveys the
right to control the use of an identified asset for a period of time in exchange for consideration. Under NZ IAS 17, a lessee was required to
make a distinction between a finance lease (on balance sheet) and an operating lease (off balance sheet). NZ IFRS 16 now requires a lessee
to recognise a lease liability reflecting future lease payments and a ‘right-of-use asset’ for virtually all lease contracts. The income statement
will also be impacted by the recognition of an interest expense and a depreciation expense and the removal of the current rental expense.
This standard will affect primarily the accounting for the Group’s operating leases. As at the reporting date, the Group has non-cancellable
operating lease commitments of $117 million. On adoption, NZ IFRS 16 will have a significant impact on the Group’s consolidated balance
sheet and consolidated income statement.
Management has developed a model to calculate the full quantitative impact of their current operating leases under NZ IFRS 16 as at 28
January 2019, being the date of adoption. The model requires management to make some key judgements including:
• The incremental borrowing rate used to discount lease assets and liabilities; and
• The lease term including potential rights of renewals.
Notes to the Financial Statements
For the 26 week period ended 29 July 2018 (unaudited)
(1,757)
(934)
(165,265)
(48,804)
(29,242)
(75)
(10,723)
(10,723)
(75)
(47,870)
(29,242)
(167,022)

21
Management’s process to date highlights that the potential impact based on the current lease arrangements is expected to be material to the
consolidated balance sheet on the date of adoption (being 28 January 2019), with impacts on the following line items:
• Recognition of a right of use asset;
• Recognition of a lease liability; and
• Decrease in opening retained earnings.
The impact on the consolidated income statement for the period ended 26 January 2020 is expected to be:
• Decrease in store expenses (operating lease rental expense);
• Increase in depreciation and amortisation expense; and
• Increase in finance costs (interest expense).
The impact on each of these line items is expected to be significant however currently management do not expect the overall effect on net
profit attributable to shareholders to be material. An estimate of the quantitative impact of the above was disclosed in the 28 January 2018
Annual Report.
The above has no cash effect to the Group and the change is for financial reporting purposes only.
Current estimates are likely to change at time of adoption and for the period ended 26 January 2020, mainly due to:
• Finalisation of management’s judgements and subsequent movements in the inherent borrowing rate (interest rates);
• New lease contracts entered into by the Group;
• Any changes to existing lease contracts; and
• Change in management’s judgement to exercise rights of renewals under lease arrangements.
The Group currently intends to adopt the simplified transition approach under NZ IFRS 16 in the period ended 26 January 2020 and will not
restate comparative amounts for the period prior to first adoption.
Notes to the Financial Statements
For the 26 week period ended 29 July 2018 (unaudited)

22

23

24
Notes

25
Directory
Directors
Dame Rosanne PO’L Meo (Chairman)
Rodney A Duke
Mary M Devine
Anthony D Batterton
Richard A B Coupe
Registered Office
36 Taylors Road
Morningside
Auckland 1025
Telephone (09) 815 3737
Facsimile (09) 815 3738
Postal Address
PO Box 884
Auckland Mail Centre
Auckland 1140
Solicitors
Simpson Grierson
Bankers
Bank of New Zealand
Auditors
PricewaterhouseCoopers
Share Registrar
Link Market Services Limited
Deloitte Centre
Level 11
80 Queen Street
Auckland 1010
Telephone +64 9 375 5998
Websites
www.briscoegroup.co.nz
www.briscoes.co.nz
www.rebelsport.co.nz
www.livingandgiving.co.nz
www.briscoes.com.au