Interim Report for period ended 28 July 2019

INTERIM REPORT
for the period ended 28 July 2019

Chairman’s and
Managing Director’s Report .......................................2
Directors’ Approval .................................................... 7
Consolidated Income Statement ................................8
Consolidated Statement of
Comprehensive Income .............................................8
Consolidated Balance Sheet ......................................9
Consolidated Statement of Cash Flows ...................10
Consolidated Statement
of Changes in Equity .................................................12
Notes to the Financial Statements ...........................13
Independent Review Report .....................................30
Directory ....................................................................33
Contents

Briscoe Group continued to perform well in the first half of the 2020
financial year, with a slight increase in net profit after tax (excluding
the impact of NZ IFRS 16) and further progress on a range of
initiatives to build the company’s capacity for future growth.
Like all major retailers, Briscoe Group is subject to economic and
social factors that present challenges for both current operations and
strategic planning. The first half of the 2020 financial year brought
cost increases in wages, logistics and regulatory compliance; and
declines in consumer and business confidence, both in New Zealand
and internationally. In addition, a late start to winter had a significant
impact on demand in relevant product categories.
These short-term factors compounded the competitive pressures
already in play as a result of changing consumer habits and
preferences, growth in online retail options and expansion by
international competitors. In such an environment, growing revenue
and earnings is a significant challenge for all retailers.
Briscoe Group responded well, increasing sales revenue by 3.34% to
$302.98 million for the half-year and producing a net profit after
tax (NPAT) of $29.41 million (excluding the impact of NZ IFRS 16).
NPAT including the impact of NZ IFRS 16 was $28.27 million. Further
details of our financial performance are included.
There was a gradual improvement in results as the half-year
progressed, with a small decline in trading profit for the first quarter
more than offset during the second. This improvement has continued
into the early months of the second half of the year, with solid sales
growth for both homewares and sporting goods.
The company continued to invest in talent and capability at all levels
– enhancing its ability to perform well in the near term and to evolve
successfully in a dynamic retail environment over the long-term.
A number of senior appointments were made, in existing and new
roles, adding to the proven management capability currently steering
the Group. Further progress was made on systems and programmes
to enhance performance in specific operational areas.
As ever, our ultimate focus is on offering our customers compelling
brand propositions and enjoyable shopping experiences. We
continue to review the homeware products we carry to ensure that
what we offer is fresh and relevant; and to work with our supply
partners to make Rebel Sport the first choice in New Zealand for its
apparel, footwear and other sporting goods. We continue to build
and upgrade our store network and online platform. We continue
to invest in research to deepen our understanding of the markets
in which we operate and the preferences and motivations of our
customers within those markets.
Chairman’s and Managing
Director’s Report
Strong Trading Performance
“To achieve a profit (before the impact of NZIFRS 16) in line with last
year despite the ongoing competitiveness of the retail environment, is
a very satisfactory start to this financial year.” Rod Duke
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 – Group
sales were 2.74% ahead of those for the previous corresponding
period. Online sales growth remained very strong, at 20%, and this
channel now approaches 11% of our total business.
Inventory rose from $85.01 million to $88.83 million, predominantly
reflecting increased stock holdings to satisfy new Rebel Sport stores
at Papanui, in Christchurch, and Newmarket, in Auckland.
Omnishoppers – Meeting the Needs
“We need to constantly assess the composition of our network in
relation to balancing the number of physical stores required with the
desire and needs of the omnishopper.” Rod Duke
Further progress was made on initiatives to promote efficiency and
faster product movement to customers, and on the analysis of stock
flows to improve product availability and thus drive sales.
The major design and implementation programme involved to
improve our online platform has recently been completed and the
upgrade commenced in September.
The online platform is fundamental to the way many customers
engage with our brands, as is evident from the continuing growth
in this channel. The upgrade was complemented by the addition of
online fulfilment centres at the Briscoes Homeware and Rebel Sport
stores in Whangarei and the Rebel Sport store in Hamilton. Further
additions are planned for the current year.
After an extended trial we have started the rollout of our ‘Click and
Collect’ offering, which allows customers to order online and pick
up in-store. The rollout will continue in the current year and extends
the availability of ’Click and Collect’ to a targeted group of non-
fulfilment trading stores as well as all online fulfilment stores which
already offer our ’Click and Collect’ service.
While the online and ‘Click and Collect’ options are integral to our
growth plans, it remains vital to continue investment in upgrading
and refreshing our bricks and mortar platform. This programme
ensures our stores are well-located, well-equipped, efficient and
attractive places for our customers to visit and our teams to work in.
The Briscoes Homeware and Rebel Sport stores in New Plymouth
were fully refurbished after the completion of earthquake
strengthening works.
2

3
The store programme is continuing during the second half of the
year. A new Rebel Sport store has been opened in Newmarket,
Auckland as part of the redevelopment of the Westfield shopping
centre (see images adjacent). Planned works include the relocation
of the Briscoes Homeware store in Taylors Road, Auckland to allow
for a complete rebuild on the existing site; relocation of the Briscoes
Homeware store in Riccarton, Christchurch to a new site; the
opening of new Briscoes Homeware and Rebel Sport stores in Mt
Roskill, Auckland; and the extension and full refurbishment of the
Briscoes Homeware store in Tauranga.
Strength of Our People
“The strength of our senior leadership team in recent years has
contributed enormously to our ongoing success and we continue to
build leadership capability across all levels of the business.” Rod Duke
The company had two major leadership changes during the half-year
– the appointments of Andrew Scott as Chief Operating Officer and
Nick Turner as General Manager Retail Operations.
Andrew’s prior career included time as Head of Merchandise Planning
& Supply Chain for Big W, in Australia, and Chief Executive Officer of
New Zealand outdoor products chain Torpedo7.
Nick came in to the Retail Operations role as an internal appointee,
having joined Briscoe Group in 2002 and most recently has added
significant value as General Manager Store Development.
The role of Business Improvement Manager has been created to
work with managers across the entire company to identify and assist
in implementing process and technological improvements. Melissa
Haines, who has worked in relevant roles in New Zealand and the
UK, was appointed to this role during the half-year. Appointments
were also made to positions managing our Distribution Centre and
Contact Centre during the first six months.
The Group recognises the importance of identifying, attracting and
retaining high performing team members and although employment
rates are currently at some of the highest levels ever experienced
in New Zealand, we’re excited by the calibre of people we are able
to attract to the business. The level of response and quality of
candidates we received as part of the recent recruitment campaign
for our new Rebel Sport store in Newmarket, far exceeded our
expectations.
The company continued to invest in education and training to grow
management and leadership capability, and to enhance product
knowledge and service skills. Use of the Axonify platform continues
to improve knowledge and skills across the store and support office
teams.
ecoPortal, which provides a complete platform for health and safety
management, progressed to full implementation during the half-year.
All recruitment is now managed on the Cornerstone platform, and
further capability (in ‘onboarding’) will be deployed on this platform
in the near future.
We continue to be pleased with the way our teams have embraced
these systems and programmes, and the potential opportunities they
provide for collective and individual improvement.
As part of our drive to grow management capability and depth, a
number of additional Zone Business Manager appointments have
been made. These roles enhance our lean operating model by
providing career opportunities for the appointees, sharpening the
focus on management of our retail network and supporting the
spread of good operating practice; and they allow these benefits
to be achieved without the onerous overheads associated with
traditional regional retail management structures.
Construction of the company’s new Support Office, in Taylors Road,
Auckland, was substantially completed during the year and the
Support Office teams relocated in August 2019. The new office
provides an opportunity for the full Support team to be located
in a single space for the first time in many years. Of paramount
importance, it is a modern and effective working space from which
to drive the growth and development of the company in the years
to come.
Financial Results
The company achieved a NPAT (excluding the impact of NZ IFRS 16)
of $29.41 million for the half-year, compared to $29.34 million for
first half of the 2019 year.
Including the impact of the new leasing accounting standard (see NZ
IFRS 16 section below) reported NPAT for the six months to 28 July
2019 was $28.27 miilion.
Sales of $302.98 million were 3.34% higher than the $293.20 million
recorded for the previous corresponding period.
Gross margin dollars increased by 2.40%, while gross margin
percentage decreased from 40.93% to 40.56%. The decrease in gross
margin percentage reflects the continued intensity of competition
across the retailing environment and the very late start to winter
which impacted trading patterns.
Rebel Sport Newmarket.

NZ IFRS 16
The Group adopted the new accounting standard NZ IFRS 16: Leases.
Like a number of other retailers, we lease many of our stores. The
new standard requires lessees to recognise nearly all leases on the
balance sheet, which will reflect their right to use an asset for a
period of time and the associated liability for payments. The new
standard has changed the presentation of the balance sheet and
statement of cash flows as well as affecting the amounts shown in
the income statement. Rent expense in the income statement has
been replaced by depreciation and interest.
For the reporting period commencing 28 January 2019 the Group
has elected to apply the modified retrospective transition method.
Under this method the Group has not restated comparatives;
therefore reclassifications and adjustments are recognised in the
opening balance sheet. Reported net profit after tax (NPAT) includes
a $1.14 million impact from the introduction of NZ IFRS 16. Due to
its January full-year balance date, Briscoe Group is one of the first
companies to adopt the new leasing standard, which will significantly
affect all businesses with sizable portfolios of leased properties. It
is important to note that the changes have no cash effect on the
Group and the change is for financial reporting purposes only.
Further details can be found in notes 18 and 19 (pages 24 to 29)
of the financial statements within this Interim Report, including
tables outlining the impacts of the new standard on the Group’s
consolidated income statement and consolidated balance sheet.
Segmental Performance
Homeware
Sales from homeware stores increased 2.57%, from $186.70 million
to $191.50 million.
Trading patterns for seasonal homeware product were affected
by the very late start to winter. As a result, the successful winter
clearance programme which closed out trading for the first
half boosted sales, but this came at the expense of gross profit
percentage.
Sporting Goods
Sales from our sporting goods stores increased 4.68%, from $106.50
million to $111.48 million.
Sporting goods experienced strong growth across both mens’ and
womens’ apparel categories supported by a solid performance across
most hardgoods and footwear categories.
Kathmandu
The Group received a dividend of $1.71 million during the half-year
from its investment in Kathmandu Holdings Limited and we note the
continued improvement in Kathmandu’s operating performance.
Financial Position
The Group had cash and bank balances of $55.53 million as at 28
July 2019, compared to $46.23 million at the end of the July 2018
half-year. The latest balance includes approximately $19 million of
creditor payments which were paid on 31 July 2019.
Inventory levels were $88.83 million, compared to the $85.01 million
at the same time last year. This was predominantly a reflection
of increased stock holdings to satisfy the new Rebel Sport store
operating at Papanui in Christchurch, as well as the new Rebel Sport
store in Newmarket, Auckland which opened at the end of August.
Net capital expenditure was $11.66 million – predominantly for
property development projects, store fit-outs and system software.
Dividend
The directors declared a fully imputed interim dividend of 8.50 cents
per share on 17 September 2019. The previous interim dividend was
8.00 cents per share. Books closed to determine entitlements at
5pm on 1 October 2019 and payment is to be made on 8 October
2019. A supplementary dividend of 1.5000 cents per share was also
declared to be paid to non-resident shareholders.
Corporate Governance
Briscoe Group is committed to the highest standards of governance
and management, based on implementing best practice structures
and policies. It has always been a strong feature of this company
that the Board and Management team work effectively together and
aligned around the business objectives.
As part of its commitment to assessing director and Board
effectiveness, a comprehensive review of Board performance has
recently been completed. The review highlighted several areas of
opportunity for the Board to enhance its effectiveness which will be
implemented this year.
Following the resignation of Independent Non-Executive Director
Mary Devine in March, the Board is about to commence its search
for a new director with the relevant experience.
Half Year Review
The interim financial statements represented in this report
are unaudited but have been reviewed independently by
PricewaterhouseCoopers, which has issued an unqualified
independent review report to the company’s shareholders (refer
pages 30 and 31).
4

5
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 $8 million to help it fund leading-edge research
that supports its vision of a healthy childhood for everyone.
In addition to our alignment with Cure Kids we provide funding
to the Westpac Rescue Helicopter and support a wide variety of
community-based charities, sports clubs and other initiatives by
donating product to assist in their fundraising efforts.
Outlook
The outlook for economic growth, and thus consumer spending,
is generally held to have deteriorated over recent months. Lower
business and consumer confidence, along with trade tensions
internationally, appear to provide reason for caution.
The recent reduction in value of the New Zealand dollar against
the US currency, if sustained, will add further cost pressures for
businesses which import product and for consumers of imported
goods, alike.
On the other hand, New Zealand’s relative stability and fiscal
strength, along with the recent cut in domestic interest rates,
indicate the country is well placed to ride out any short-term
economic shifts.
Our goal is to continue to deal with external challenges more
effectively than our competitors do. We have confidence in the
company’s ability to do so, given its track record and continuing
attention to improving performance in all levels and all corners of its
operations.
With brand propositions and a shopping experience that continue to
deliver value to our customers, we are confident of continued strong
performance over the rest of the year.
Dame Rosanne Meo
CHAIRMAN
Rod Duke
GROUP MANAGING DIRECTOR

66

7
Authorisation for Issue
The Board of Directors authorised the issue of these Consolidated Interim Financial Statements on 17 September 2019.
Approval by Directors
The Directors are pleased to present the Consolidated Interim Financial Statements for Briscoe Group Limited for the 26 week period
ended 28 July 2019. (Comparative period is for the 26 week period ended 29 July 2018).
Dame Rosanne Meo
CHAIRMAN
Rod Duke
GROUP MANAGING DIRECTOR
17 September 2019
For and on behalf of the Board of Directors
Directors’ Approval of Consolidated Interim Financial Statements
7

8
Consolidated Income Statement
For the 26 week period ended 28 July 2019 (unaudited)


Notes
Sales revenue
302,984
293,200
Cost of goods sold
(180,102)
(173,196)
Gross profit 122,882
120,004
Other income
1,790
2,108
Store expenses19
(46,531)
(49,532)
Administration expenses19
(31,814)
(31,965)
Earnings before interest and tax
19
46,327
40,615
Finance income
477
419
Finance costs19
(7,360)
(67)
Net finance income/(costs)19
(6,883)
352
Profit before income tax
19
39,444
40,967
Income tax expense19
(11,172)
(11,625)
Net profit attributable to shareholders
5,19
28,272
29,342
Earnings per share for profit attributable to shareholders:
Basic earnings per share (cents)
12 .74
13.28
Diluted earnings per share (cents)
12.63
13.08
The above consolidated income statement should be read in conjunction with the accompanying notes. In relation to NZ IFRS 16 the modified retrospective transition method has
been applied as explained in Note 19.
The above consolidated statement of comprehensive income should be read in conjunction with the accompanying notes. In relation to NZ IFRS 16 the modified retrospective
transition method has been applied as explained in Note 19.
Consolidated Statement of Comprehensive Income
For the 26 week period ended 28 July 2019 (unaudited)
26 Week Period
26 Week Period
Ended 28 July 2019
Ended 29 July 2018
UnauditedUnaudited
Notes$000$000
Net profit attributable to shareholders
19
28,272
29,342
Other comprehensive income:
Items that will not be subsequently reclassified to profit or loss:
Change in value of investment in equity securities9
(11, 52 2)
37,266
Items that may be subsequently reclassified to profit or loss:
Fair value gain recycled to income statement
(1,025)
(631)
Fair value gain taken to the cashflow hedge reserve
1,439
4,421
Deferred tax on fair value gain taken to income statement
287
177
Deferred tax on fair value gain taken to cashflow hedge reserve
(403)
(1,238)
Total other comprehensive income(11, 2 24)
39,995
Total comprehensive income attributable to shareholders17,048
69,337
26 Week Period
Ended 28 July 2019
Unaudited
$000
26 Week Period
Ended 29 July 2018
Unaudited
$000

9
Consolidated Balance Sheet
As at 28 July 2019 (unaudited)
28 July 2019
Unaudited
$000
29 July 2018
Unaudited
$000
27 January 2019
Audited
$000 Notes
ASSETS
Current assets
Cash and cash equivalents
55,529
46,23080,777
Trade and other receivables
2,659
2,5402,822
Inventories
88,827
85,00581,017
Held-for-sale assets7
5,521
--
Derivative financial instruments
924
2,459793
Total current assets153,460
136,234165,409
Non-current assets
Property, plant and equipment
94,763
88,59892,016
Intangible assets
2,634
2,1162,520
Right-of-use assets18,19
211,426
--
Deferred tax
19 11,770
3,0453,418
Investment in equity securities9
90,467
138,261101,989
Total non-current assets411, 0 6 0
232,020199,943
TOTAL ASSETS564,520
368,254365,352
LIABILITIES
Current liabilities
Trade and other payables19
73,488
70,78583,754
Lease liabilities18,19
14,988
--
Taxation payable
2,398
3,2536,830
Derivative financial instruments
192
6448
Total current liabilities91,066
74,04491,032
Non-current liabilities
Trade and other payables
808
735779
Lease liabilities18,19
2 27, 3 6 0
--
Total non-current liabilities228,168
735779
TOTAL LIABILITIES319,234
74,77991,811
NET ASSETS245,286
293,475273,541
EQUITY
Share capital11
6 0, 074
57,42958,929
Cashflow hedge reserve
538
1,814240
Equity-based remuneration reserve15
994
1,1631,097
Other reserves
16,216
64,01027,738
Retained earnings19
167,464
169,059185,537
TOTAL EQUITY245,286
293,475273,541
The above consolidated balance sheet should be read in conjunction with the accompanying notes. In relation to NZ IFRS 16 the modified retrospective transition method has been
applied as explained in Note 19.

10
Consolidated Statement of Cash Flows
For the 26 week period ended 28 July 2019 (unaudited)
The above consolidated statement of cash flows should be read in conjunction with the accompanying notes. In relation to NZ IFRS 16 the modified retrospective transition method
has been applied as explained in Note 19.
26 Week Period
Ended 28 July 2019
Unaudited
$000
26 Week Period
Ended 29 July 2018
Unaudited
$000 Notes
OPERATING ACTIVITIES
Cash was provided from
Receipts from customers
302,633
293,087
Rent received
6
401
Dividends received
1,707
1,707
Interest received
483
564
Insurance recovery
77
-
304,906
295,759
Cash was applied to
Payments to suppliers
(218,340)
(227,915)
Payments to employees
(36,301)
(34,689)
Interest paid
(7,361)
(67)
Net GST paid
(7,893)
(9,062)
Income tax paid
(15,896)
(16,475)
(285,791)
(288,208)
Net cash inflows from operating activities 19,115
7,551
INVESTING ACTIVITIES
Cash was provided from
Proceeds from sale of property, plant and equipment
-
-
-
-
Cash was applied to
Purchase of property, plant and equipment
(11,174)
(8,348)
Purchase of intangible assets
(489)
(1,150)
Investment in equity securities
-
(5,568)
(11,663)
(15,066)
Net cash outflows from investing activities (11,663)
(15,066)
FINANCING ACTIVITIES
Cash was provided from
Issue of new shares11
1,017
845
Net proceeds from borrowings10
-
-
1,017
845
Cash was applied to
Dividends paid12
(26,613)
(25,401)
Lease liabilities payments
(7,132)
-
(33,745)
(25,401)
Net cash outflows from financing activities (32,728)
(24,556)
Net decrease in cash and cash equivalents (25,276)
(32,071)
Cash and cash equivalents at beginning of period
80,777
78,193
Foreign cash balance cash flow hedge adjustment
28
108
CASH AND CASH EQUIVALENTS AT END OF PERIOD 55,529
46,230

11
26 Week Period
Ended 28 July 2019
Unaudited
$000
26 Week Period
Ended 29 July 2018
Unaudited
$000
RECONCILIATION OF NET CASH FLOWS FROM
OPERATING ACTIVITIES TO REPORTED NET PROFIT
Reported net profit attributable to shareholders28,272
29,342
Items not involving cash flows
Depreciation and amortisation expense
12,171
3,430
Adjustment for fixed increase leases
(790)
10
Bad debts and movement in doubtful debts
56
51
Inventory adjustments
1,027
451
Amortisation of equity-based remuneration
211
265
Loss on disposal of assets
5
44
12,680
4,251
Impact of changes in working capital items
Decrease/(Increase) in trade and other receivables
107
146
Increase in inventories
(8,837)
(10,962)
Decrease in taxation payable
(4,432)
(3,727)
Decrease in trade payables
(7,898)
(10,326)
Decrease in other payables and accruals
(777)
(1,173)
(21,837)
(26,042)
Net cash inflows from operating activities19,115
7,551
Consolidated Statement of Cash Flows
(continued)
For the 26 week period ended 28 July 2019 (unaudited)
The above consolidated statement of cash flows should be read in conjunction with the accompanying notes. In relation to NZ IFRS 16 the modified retrospective transition method
has been applied as explained in Note 19.

12
Consolidated Statement of Changes in Equity
For the 26 week period ended 28 July 2019 (unaudited)
Share
Capital
Cashflow
Hedge
Reserve
Equity-Based
Remuneration
Reserve
Other
Reserves
Retained
Earnings
Total
Equity
Unaudited
$000
Unaudited
$000
Unaudited
$000
Unaudited
$000
Unaudited
$000
Unaudited
$000
Notes
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 securities9---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 paid12----(25,401)(25,401)
Share options charged to income statement15--266--266
Share options exercised 11962-(117)--845
Transfer for share options lapsed and forfeited15--(31)-31-
Balance at 29 July 2018
57,4291,8141,16364,010169,059293,475
Net profit attributable to shareholders for the period- ---34,051 34,051
Other comprehensive income:
Change in value of investment in equity securities9---(36,272)-(36,272)
Net fair value loss taken through cashflow hedge reserve -(1,574) - --(1,574)
Total comprehensive income for the period -(1,574) -(36,272)34,051(3,795)
Transactions with owners:
Dividends paid - - --(17,689)(17,689)
Share options charged to income statement - -217 - -217
Share options exercised 1,500 -(167)- -1,333
Transfer for share options lapsed and forfeited - -(116) -116-
Balance at 27 January 2019
58,929 2401,09727,738185,537273,541
Impact of adopting NZ IFRS 1619
----
(19,930)(19,930)
Adjusted balance at 28 January 201958,9292401,09727,738165,607253,611
Net profit attributable to shareholders for the period
- - --28,272 28,272
Other comprehensive income:
Change in value of investment in equity securities9
---(11,522)-(11,522)
Net fair value gain taken through cashflow hedge reserve
- 298 -- - 298
Total comprehensive income for the period
- 298-(11,522)28,27217,048
Transactions with owners:
Dividends paid12
- - --(26,613)(26,613)
Share options charged to income statement15
- - 168 --168
Performance rights charged to income statement15
--43--43
Share options exercised11
1,145 -(128) - -1,017
Transfer for share options lapsed and forfeited15
--(198)-198-
Deferred tax on equity-based remuneration15
- -12 --12
Balance at 28 July 201960,07453899416,216167,464245,286
The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes. In relation to NZ IFRS 16 the modified retrospective transition
method has been applied as explained in Note 19.

13
Notes to the Financial Statements
For the 26 week period ended 28 July 2019 (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 1 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 Group is designated as a for-profit entity for financial reporting purposes.
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 27 January
2019 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 28 January 2019 to 28 July 2019. The comparative period is in respect
of the 26 week period 29 January 2018 to 29 July 2018. The year-end balance date will be 26 January 2020 and full financial statements will
cover the 52 week period 28 January 2019 to 26 January 2020. 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. Other than the effects of the adoption
of NZ IFRS 16 Leases outlined in notes 18 and 19, the same significant judgements, estimates and assumptions included in the notes to the
financial statements for the full year period ended 27 January 2019 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 notes 18 and 19, the interim financial statements
of the Group for the 26 week period ended 28 July 2019 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 27 January 2019.
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.

14
Notes to the Financial Statements
For the 26 week period ended 28 July 2019 (unaudited)

Homeware

$000
Sporting
goods
$000
Eliminations/
unallocated
$000
Total Group

$000
INCOME STATEMENT
Total sales revenue191,503 111,481-302,984
Gross profit78,006 44,876-122,882
Earnings before interest and tax 26,228 17,4322,66746,327
Finance income
120 34512477
Finance costs
(4,805)(2,488)(67)(7,360)
Net finance income / (costs)(4,685) (2,143)(55)(6,883)
Income tax expense
(6,106) (4,281)(785)(11,172)
Net profit after tax15,437 11,0081,82728,272
BALANCE SHEET
Assets315,944 188,94759,629
1
564,520
Liabilities240,677 117,210(38,653)319,234
OTHER SEGMENTAL ITEMS
Acquisitions of property, plant and equipment, intangibles
and investments10,650 1,013-11,663
Depreciation and amortisation expense7,720 4,451-12,171
For the period ended 28 July 2019
1. Investment in equity securities 90,467
Intercompany eliminations (37,565)
Other balances 6,727
59,629
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 (2018: 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.

15
1. Investment in equity securities 138,261
Intercompany eliminations (20,879)
Other balances 7,149
124 , 531
Notes to the Financial Statements
For the 26 week period ended 28 July 2019 (unaudited)
26 Week Period
Ended 28 July 2019
$000
26 Week Period
Ended 29 July 2018
$000
Depreciation of property, plant and equipment
2,901
3,032
Amortisation of software costs
375
398
Depreciation of right-of-use assets
8,895
-
Interest on leases
7,293
-
Operating lease rental expense
804
16,836
Wages, salaries and other short-term benefits
35,528
35,055
Loss on disposal of property, plant and equipment,
intangibles and investments
5
44
For the period ended 29 July 2018
6. Expenses
Profit before income tax includes the following specific income and expenses:

Homeware

$000
Sporting
goods
$000
Eliminations/
unallocated
$000
Total Group

$000
INCOME STATEMENT
Total sales revenue
186,701 106,499-293,200
Gross profit
77,195 42,809-120,004
Earnings before interest and tax
23,694 14,3302,59140,615
Finance income100 294 25419
Finance costs- -(67)(67)
Net finance income / (costs)
100 294(42)352
Income tax expense(6,751) (4,095)(779)(11,625)
Net profit after tax
17,043 10,5291,77029,342
BALANCE SHEET
Assets149,832 93,891124,531
1
368,254
Liabilities57,238 29,222(11,681)74,779
OTHER SEGMENTAL ITEMS
Acquisitions of property, plant and equipment, intangibles
and investments8,609 8895,56815,066
Depreciation and amortisation expense2,400 1,030-3,430

16
Notes to the Financial Statements
For the 26 week period ended 28 July 2019 (unaudited)
7. Held-for-sale assets
As at
28 July 2019
$000
As at
29 July 2018
$000
As at
27 January 2019
$000
Land and buildings
5,521
--
The held-for-sale assets at balance date related to Group owned property in Nelson and Napier. A sale and purchase agreement for the Nelson
property was signed on 11 July 2018 and management have approved the sale of the Napier property for which settlement within twelve
months is highly probable.
8. Property, plant and equipment
Acquisitions and disposals
During the 26 week period ended 28 July 2019, the Group acquired property, plant and equipment with a total cost of $11,174,091
(2018: $8,348,098). Property, plant and equipment with a net book value of $5,272 (2018: $46,200) were disposed of during the 26 week
period ended 28 July 2019.
9. Investment in equity securities
During 2015 and 2018 Briscoe Group Limited acquired 42,673,302 shares in Kathmandu Holdings Limited for a total cost of $74,250,932. This
holding represented an 18.87% ownership in Kathmandu Holdings Limited as at 28 July 2019. 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 28 July 2019.
1
.
$000
At 28 January 2018
95,427
Additions 5,568
Change in value credited to other reserves 37,266
At 29 July 2018
138,261
Additions -
Change in value credited to other reserves (36,272)
At 27 January 2019
101,989
Additions
-
Change in value credited to other reserves
(11,522)
At 28 July 201990,467
1. Fair value determined to be $2.12 ($2018: $3.24) per share as per NZX closing price of Kathmandu Holdings Limited as at 26 July 2019 (2018: 27 July 2018).
10. Interest bearing liabilities
There were no interest bearing liabilities as at 28 July 2019 (2018: Nil). The unsecured facility with the Bank of New Zealand for $40 million in
place at the last year-end balance date of 27 January 2019, expires on 20 September 2019. This will be reduced to $30 million and 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.

17
11. Share capital
Authorised SharesShare capital
No. of Shares$000
At 28 January 2018 220,794,500 56,467
Issue of ordinary shares during the period:
Exercise of options320,000962
1.
At 29 July 2018221,114,500 57,429
Issue of ordinary shares during the period:
Exercise of options
485,0001,500
At 27 January 2019 221,599,500 58,929
Issue of ordinary shares during the period:
Exercise of options370,0001,145
1.
At 28 July 2019 221,969,500 60,074
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 recognised in
share capital. The amounts recognised for the 370,000 shares issued during the 26 week period ended 28 July 2019 were $127,500 and $1,017,500 respectively ($116,928 and
$844,800 respectively for the 320,000 shares issued during the 26 week period ended 29 July 2018).
12. Dividends
Period ended
28 July 2019
Cents per share
Period ended
29 July 2018
Cents per share
Period ended
28 July 2019
$000
Period ended
29 July 2018
$000
Final dividend for the period ended 27 January 2019
12.00
-
26,613
-
Final dividend for the period ended 28 January 2018 - 11.50 - 25,401
12.00
11.50
26,613
25,401
All dividends paid were fully imputed. Supplementary dividends of $189,514 (2018: $183,738) were provided to shareholders not tax resident
in New Zealand, for which the Group received a Foreign Investor Tax Credit entitlement.
On 17 September 2019 the Directors resolved to provide for an interim dividend to be paid in respect of the period ended 26 January 2020.
The dividend will be paid at the rate of 8.50 cents per share for all shares on issue as at 1 October 2019, with full imputation credits attached.
13. 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.
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 27 January 2019.
There have been no changes in the risk management policies since year end.
Notes to the Financial Statements
For the 26 week period ended 28 July 2019 (unaudited)

18
Notes to the Financial Statements
For the 26 week period ended 28 July 2019 (unaudited)
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 28 July 2019:
As at
28 July 2019
As at
29 July 2018
As at
27 January 2019
$000
$000$000
Assets
Derivative financial instruments
924
2,459793
Investment in equity securities
90,467
138,261101,989
Total Assets91,391
140,720102,782
Liabilities
Derivative financial instruments
192
6448
Total Liabilities192
6448

19
Notes to the Financial Statements
For the 26 week period ended 28 July 2019 (unaudited)
14. 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.
Material transactions between the Company and its subsidiaries were:
26 Week Period
Ended 28 July 2019
26 Week Period
Ended 29 July 2018
$000
$000
Management fees charged by the Company to:
Briscoes (NZ) Limited
6,635
6,458
The Sports Authority Limited (trading as Rebel Sport)
3,930
3,765
Total management fees charged10,565
10,223
Dividends received by the Company from:
Briscoes (NZ) Limited
26,598
25,396
The Sports Authority Limited (trading as Rebel Sport)
-
-
Total dividends received26,598
25,396
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 (2018: $322,500) 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 $278,285 (2018: $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 $20,506,879 (2018: $19,613,279).
• P Duke, spouse of RA Duke, received payments of $32,500 (2018: $32,500) in relation to her employment as an overseas buying specialist
with Briscoe Group Limited and rental payments of $412,500 (2018: $412,500) as owner of the Briscoes Homeware premises at Panmure,
Auckland under an agreement to lease premises to Briscoes (NZ) Limited.

20
Directors received directors’ fees and dividends in relation to their personally-held shares as detailed below:
26 Week Period
Ended 28 July 2019
26 Week Period
Ended 29 July 2018
Directors’ FeesDividends
Directors’ FeesDividends
$000$000
$000$000
Executive Director
RA Duke
--
--
Non-Executive Directors
RPO’L Meo
66-
63-
MM Devine
1
121
371
AD Batterton
37-
39-
RAB Coupe
391
381
1542
1772
Directors received dividends in relation to their non-beneficially held shares as detailed below:
26 Week Period
Ended 28 July 2019
26 Week Period
Ended 29 July 2018
$000
$000
Executive Director
RA Duke
20,507
19,613
Non-Executive Directors
RPO’L Meo
12
12
MM Devine
1
-
-
AD Batterton
2
1
RAB Coupe
-
-
20,521
19,626
1. Mary Devine resigned as director effective 31 March 2019.
Notes to the Financial Statements
For the 26 week period ended 28 July 2019 (unaudited)

21
Notes to the Financial Statements
For the 26 week period ended 28 July 2019 (unaudited)
15. Employee Share-Based Remuneration
Equity settled share options
The Executive Share Option Plan allows Group employees to be granted options to acquire shares of the Company. The fair value of options
granted is recognised as an employee expense in the income statement with a corresponding increase in the equity-based payment reserve.
The fair value is measured at grant date and amortised over the vesting periods. The fair value of the options granted is measured using the
Black Scholes valuation model, taking into account the terms and conditions upon which the options are granted. When options are exercised
the amount in the equity-based payment reserve relating to those options, together with the exercise price paid by an employee, is transferred
to share capital. When any share options lapse upon employee termination, the amount in the share-based payments reserve relating to those
rights is transferred to retained earnings.
On 25 July 2003 the Board approved an Executive Share Option Plan to issue options to selected senior executives and, subject to shareholder
approval, to Executive Directors. Options may be exercised in part or in full by the holder three years after the date of issue, and lapse after
four years if not exercised. Each option entitles the holder to one ordinary share in the capital of the Company. The exercise price is determined
by the Board but is generally set by reference to the weighted average market price of ordinary shares in the Company for the period of five
business days before and five business days after, as the Board in its discretion sees fit, either:
(a) the date on which allocations are decided by the Board; or
(b) the date on which allocations are made.
The Company does not intend to issue any further options under this plan and the final tranche was issued on 23 August 2016.
The estimated fair value for each tranche of options issued is expensed over the vesting period of three years, from the grant date.
The Company has expensed in the income statement $167,910 (2018: $265,546).
Movements in the number of share options outstanding and their related weighted average exercise prices are as follows:
Period ended 28 July 2019
Period ended 29 July 2018Period ended 27 January 2019
Weighted average
exercise price
Options
Weighted average
exercise price
OptionsWeighted average
exercise price
Options
$ per share$000
$ per share$000$ per share$000
Opening balance
3.092,472
2.983,5472.983,547
Issued
--
----
Forfeited
3.22(325)
2.75(15)3.10(40)
Exercised
2.75(370)
2.64(320)2.71(805)
Lapsed
--
--2.64(230)
Closing balance
3.141,777
3.013,2123.092,472
The weighted average share price for options exercised during the period was $3.35 (2018: $3.41).
Of the 1,777,000 outstanding options at balance date (2018: 3,212,000), 532,000 were exercisable (2018: 230,000).

22
Share options outstanding at the end of the period have the following expiry dates, exercise dates and exercise prices:
Expiry monthExercise monthExercise price
Period ended
28 July 2019
Period ended
29 July 2018
Period ended
27 January 2019
$000
$000$000
July 2018July 2017$2.64
-
230-
November 2019November 2018$2.75
532
1,437952
August 2020August 2019$3.31
1,245
1,5451,520
Total share options outstanding 1,777
3,2122,472
The weighted average remaining contractual life of options outstanding at the end of the period was 0.78 years (2018: 1.53).
Equity settled performance rights
The Senior Executive Incentive Plan grants Group employees performance rights subject to performance hurdles being met. The fair value of
rights granted is recognised as an employee expense in the income statement with a corresponding increase in the employee share-based
payment reserve. The fair value is measured at grant date and amortised over the vesting periods. When performance rights vest, the amount in
the share-based payments reserve relating to those rights are transferred to share capital. There is no exercise price for these performance rights
and there is no right to dividends during the vesting periods.
On 26 March 2019 the Board approved the Briscoe Group Senior Executive Incentive Plan to grant performance rights to key senior
management personnel as a long-term incentive programme. Two tranches of performance rights have been issued under this programme
during the period.
Performance rights granted are summarised below:

Tranche

Grant Date
Balance at start
of period
(number)
Granted during
the period
(number)
Vested during
the period
(number)
Lapsed during
the period
(number)
Balance at the end
of period
(number)
115 Apr 2019-105,780--105,780
226 Jun 2019-10 4 ,167--10 4 ,167
-209,947--209,947
In each tranche the performance rights are subject to a combination of an absolute Total Shareholder Return (TSR) growth hurdle and/or an
EPS growth hurdle. EPS growth hurdle is considered a non-market condition. The relative hurdle weighting for each tranche is shown in the table
below:
TrancheGrant DateTSR WeightingEPS Weighting
115 Apr 201950%50%
226 Jun 201950%50%
Notes to the Financial Statements
For the 26 week period ended 28 July 2019 (unaudited)

23
The proportion of performance rights subject to the absolute TSR growth hurdle which may vest is dependent on Briscoe Group Limited’s TSR
compound annual growth rate (CAGR) across a 3-year measurement period. For each tranche that vests the rights are awarded on a straight-
line basis dependent on the TSR CAGR achieved. The percentage of TSR related performance rights vest according to the following performance
criteria:
% VestingTranche 1Tranche 2
0%< 9.0% CAGR< 10.1% CAGR
50%= 9.0% CAGR= 10.1% CAGR
51% - 99% (Straight-line prorata)> 9.0%, < 13.0% CAGR> 10.1%, < 13.0% CAGR
100%=> 13.0% CAGR=> 13.0% CAGR
The TSR performance is calculated across the following periods:
TranchePerformance Period
1Announcement date of FY 2017/18 Result to announcement date of FY 2020/21 Result
2Announcement date of FY 2018/19 Result to announcement date of FY 2021/22 Result
The fair value of the TSR performance rights have been valued under a variant of the dividend adjusted Binomial Options Pricing Model
(BOPM). The fair value of TSR performance rights, along with the assumptions used to simulate the future share prices are shown below:
Tranche 1Tranche 2
Fair value of TSR performance rights$18,617$22,813
Current price at grant date$3.34$3.30
Risk free interest rate1.71%1.71%
Expected life (years)1.92.8
Expected share volatility
1.
16%16%
1. Volatility represents the volatility of the Briscoe Group (BGP) NZD share price over the two-year period to 28 February 2019.
The estimated fair value for each tranche of performance rights issued is amortised over the vesting period from the grant date.
The proportion of performance rights subject to the EPS growth hurdle which may vest is dependent on Briscoe Group Limited’s EPS compound
annual growth rate (CAGR) across a 3-year measurement period. For each tranche that vests the rights are awarded on a straight-line basis
dependent on the EPS CAGR achieved. The percentage of EPS related performance rights vest according to the following performance criteria:
% VestingTranche 1Tranche 2
0%< 1.9% CAGR< 0.8% CAGR
50%= 1.9% CAGR= 0.8% CAGR
51% - 99% (Straight-line prorata)> 1.9%, < 3.0% CAGR> 0.8%, < 2.6% CAGR
100%=> 3.0% CAGR=> 2.6% CAGR
Notes to the Financial Statements
For the 26 week period ended 28 July 2019 (unaudited)

24
The EPS performance is calculated across the following periods:
TranchePerformance Period
1FY 2020/21 EPS relative to FY 2017/18 EPS
2FY 2021/22 EPS relative to FY 2018/19 EPS
The fair value of the EPS performance rights have been assessed as the Briscoe Group Limited’s share price as at grant date less the present
value of the dividends forecast to be paid prior to each vesting date. The fair value of each EPS performance right has been calculated to be
$3.05 and $2.83 for tranche 1 and tranche 2, respectively.
The estimated fair value for each tranche of performance rights issued is amortised over the vesting period from grant date.
Vesting of performance rights also require the employee to remain in employment with the Company during the performance period.
Equity-based remuneration reserve
Period ended
28 July 2019
Period ended
29 July 2018
Period ended
27 January 2019
$000
$000$000
Balance at beginning of period
1,097
1,0451,045
Current period amortisation
211
266483
Options forfeited and lapsed transferred to retained earnings
(198)
(31)(147)
Options exercised transferred to share capital
(128)
(117)(284)
Deferred tax on performance rights
12
--
Balance at end of period
994
1,1631,097
Since balance date and up to the date of these financial statements a further 90,000 ordinary shares have been issued under the Executive
Share option Plan as a result of executives exercising share options.
16. Contingent liabilities
There were no contingent liabilities as at 28 July 2019. (2018: Nil).
17. Events after balance date
On 17 September 2019 the directors resolved to provide for an interim dividend to be paid in respect of the 52 week period ending 26 January
2020. The dividend will be paid at a rate of 8.50 cents per share on issue as at 1 October 2019, with full imputation credits attached.
Since balance date and up to the date of these financial statements a further 90,000 ordinary shares have been issued under the Executive
Share option Plan as a result of executives exercising share options (refer Note 15).
18. Leases
Right-of-use assets and lease liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net
present value of the remaining lease payments. Lease payments to be made under reasonably certain extension options are also included in the
measurement of the liabilities.
Right-of-use assets are initially recognised on commencement of lease at cost, comprising the initial amount of the lease liabilities less any
lease incentives received. Right-of-use assets are subsequently depreciated using the straight-line method from the commencement date to
the end of the lease term. In considering the lease term, the Group applies judgement in determining whether it is reasonably certain that an
extension or termination option will be exercised.
Both right-of-use assets and lease liabilities are discounted applying interest rate implicit in the lease, or if this cannot be determined, the
incremental borrowing rate at the commencement of the lease. To determine the incremental borrowing rate the Group have applied a
blended secured and unsecured borrowing rate. For the secured rate the Group have utilised third party financing options and adjusted for an
appropriate credit spread. The unsecured rate has been based on a typical Loan-to-Value ratio for property lending.
Notes to the Financial Statements
For the 26 week period ended 28 July 2019 (unaudited)

25
Extension options are included in a number of property leases across the Group. These are used to maximise operational flexibility in terms of
managing the assets used in the Group’s operation. Extension options held are exercisable only by the Group and not by the respective lessor.
The following tables show the movements and analysis in relation to the right-of-use assets and lease liabilities, created on the adoption of
NZ IFRS 16.
Right-of-use Assets: Land and Buildings
$000
Opening net book value 28 January 2019
Movements on transition
217, 4 0 6
Additions
2,915
Depreciation for the period
(8,895)
Carrying amount 28 July 2019211,426
Cost
220,321
Accumulated depreciation
(8,895)
Carrying Amount 28 July 2019211,426
Lease liabilities:
As at
28 July 2019
$000
Operating lease commitment at 27 January 2019 as disclosed in the Group’s financial statements
141,395
Above discounted using the incremental borrowing rate at 28 January 2019
114 , 457
Recognition exemption for:
Short-term leases
(1, 328)
Lease contracts committed to but not yet available for use
(8,840)
Adjustments as a result of different treatment of extension and termination options
142,276
Opening lease liabilities recognised 28 January 2019246,565
Additions
2,915
Interest for the period
7, 2 9 3
Lease payments made
(14,425)
Lease liabilities 28 July 2019242,348
Lease liabilities maturity analysis:Minimum lease paymentsInterestPresent value
$000$000$000
Within one year
29,022(14,034)14,988
One to five years
112,133(47,562)64,571
Beyond five years
223,418(60,629)162,789
Total
364,573(122,225)242,348
Current
14,988
Non-current
2 27, 3 6 0
Total242,348
Notes to the Financial Statements
For the 26 week period ended 28 July 2019 (unaudited)

26
Lease related expenses included in the income statement:
26 Week Period
Ended 28 July 2019
$000
Depreciation
8,895
Short-term leases
804
Interest on leases
7, 2 9 3
Total16,992
Lease payments included in the cashflow statement:
26 Week Period
Ended 28 July 2019
$000
Total cash outflow in relation to leases14,425
Sensitivity analysis
In the process of adopting NZ IFRS 16 Leases a number of judgements and estimates have been made. The Group has assumed that virtually
all extension options on leases will be exercised which is consistent with the business model and past practice as the Group has consistently
exercised rights of renewal on profit-making stores. This judgement has been applied unless a store closure or a decision to relocate a store is
known at the time of adoption. This judgement is not considered material to the Group.
The most significant components in deriving the incremental borrowing rate include:
• Secured borrowing rate;
• Unsecured borrowing rate; and
• The portion between secured 65% and unsecured 35%.
These assumptions are set with close reference to market interest rates specific to the Group’s credit risk, and typical financing arrangements for
property classed assets at the time of adoption.
The effect on the opening consolidated balance sheet as at 28 January 2019 from an increase or decrease in the incremental borrowing rate is as
follows:
Incremental borrowing rate movement-1%-0.5%+0.5%+1%
Weighted Average6.11%5.11%5.61%6.60%7.10 %
Opening carrying amount
$000$000$000$000$000
Right-of-use assets
217,40617, 0 4 68,265( 7, 7 8 5 )(15 ,12 5 )
Lease liabilities
(246,565)(15,026)( 7, 3 2 3 )6,96613,598
Net increase / (decrease) difference right-of-use
assets and lease liabilities
(2 9,15 9)2,020942(819)(1,527)
The effect on the consolidated income statement for the 26 week period ended 28 July 2019 from an increase or decrease in the incremental
borrowing rate is as follows:
Incremental borrowing rate movement-1%-0.5%+0.5%+1%
$000$000$000$000
Net profit attributable to shareholders
9545(40)(74)
Notes to the Financial Statements
For the 26 week period ended 28 July 2019 (unaudited)

27
19. Accounting standards
Except as described below, the accounting policies applied are consistent with those of the annual financial statements for the period ended 27
January 2019, as described in those annual financial statements.
There was one new standard applied during the period which had a material impact.
• 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.
Transition
For reporting period commencing 28 January 2019 the Group has elected to apply the modified retrospective transition method. Under this
method the Group has not restated comparatives therefore reclassifications and adjustments are recognised in the opening balance sheet.
Lease liabilities are measured at the present value of remaining lease payments. The weighted average incremental borrowing rate applied to the
lease liabilities on 28 January 2019 was 6.11%.
Leases entered into and identified by the Group are all property leases. The associated right-of-use assets for property leases were measured on
a retrospective basis as if the new rules had always been applied. There were no other adjustments required to the right-of-use assets at date of
initial application.
On transition, the Group applied the following practical expedients:
• The use of hindsight, in relation to stores’ previous performance, to determine the lease term where the lease contains options to
exercise rights of renewal out to the final term of the lease; and
• Non-capitalisation of leases that expire within twelve months from adoption date. Costs relating to these leases have been recognised
in the income statement within store expenses and administration expenses.
The Group has not recognised any right-of-use assets or liabilities for leases that it was committed to but were not yet available for use by the
Group.
In addition to the opening balance sheet lease liabilities and right-of-use assets impact on transition disclosed below, the Group has recognised
$8,164,909 of deferred tax assets and a cumulative net impact to retained earnings of $19,929,672 as a result of the accounting standard
adoption. Included in the net impact of retained earnings is a $1,065,842 reduction of fixed lease increases and incentives that have been
derecognised.
For comparative period analysis purposes, the adoption of the accounting standard has affected the following items of the income statement and
statement of cash flows:
• In the income statement ‘finance costs’ includes interest expense associated with lease liabilities, and ‘store expenses’ and ‘administration
expenses’ includes depreciation associated with right-of-use assets.
• In the statement of cash flows lease payments are now split between principal repayments classified within ‘financing activities’ and
interest repayments classified within ‘operating activities’. Previously lease payments were included within ‘payments to suppliers’ within
operating activities.
Notes to the Financial Statements
For the 26 week period ended 28 July 2019 (unaudited)

28
Notes to the Financial Statements
For the 26 week period ended 28 July 2019 (unaudited)
TABLE 1: INCOME STATEMENT - IMPACTS OF NZ IFRS 16
HALF YEAR JULY 2019
ACTUAL
HY JULY
2018
ACTUAL
VARIANCE
July 2019 vs July 2018
Previous
classification
Adjustments under
NZ IFRS 16
NZ IFRS 16
classification
Previous
classification
NZ IFRS 16
classification
Back out
rental
expense
Include lease
depreciation
Include lease
finance cost
$000$000$000$000
$000
$000$000$000
Sales revenue302,984 - - - 302,984 293,200 9,784 9,784
Cost of goods sold(18 0 ,10 2)- - - (180,102)(17 3 ,19 6)(6,906)(6,906)
Gross profit122,882 - - - 122,882 120,0 04 2,878 2,878
Other income1,790 - - - 1,7902 ,10 8 (318)(318)
Store expenses(51,927)13,985(8,589)- (4 6,531)(49,532)(2,395)3,001
Administration expenses(32 ,133)625 (306)- (31,814)(31,965)(168)151
Earnings before interest
and tax40,612 14,610 (8,895)- 46,327 4 0,615 (3)5,712
Finance income477 - - - 477 419 58 58
Finance costs(67)- - (7, 2 93)( 7, 3 6 0 )(67)(0)(7, 2 93)
Net finance income / (costs)410 - - (7, 2 93)(6,883)352 58 (7, 2 35)
Profit before income tax41,022 14,610 (8,895)(7, 2 93)39,444 40,967 55 (1,523)
Income tax expense(11, 614)(4,091)2,491 2,042 (11,17 2)(11, 625)11 453
Net profit attributable to
shareholders29,408 10,519 (6,404)(5, 251)28,272 29,342 66 (1,070)
The tables below provide futher detail in relation to the impacts of NZ IFRS 16 on the consolidated income statement and the consolidated
balance sheet.

29
Notes to the Financial Statements
For the 26 week period ended 28 July 2019 (unaudited)
TABLE 2: BALANCE SHEET - IMPACTS OF NZ IFRS 16
HALF YEAR JULY 2019
Previous classificationNZ IFRS 16 classificationDifference
$000$000$000
ASSETS
Current assets
Cash and cash equivalents55,52955,529-
Trade and other receivables2,6592,659-
Inventories88,82788,827-
Held-for-sale assets5,5215,521-
Derivative financial instruments924924-
Total current assets153,460153,460-
Non-current assets
Property, plant and equipment94,76394,763-
Intangible assets2,6342,634-
Right-of-use assets-211,426211,4 26
Deferred tax3 ,11211,7 708,658
Investment in equity securities90,46790,467-
Total non-current assets190,976411, 0 6 0220,084
TOTAL ASSETS344,436564,520220,084
LIABILITIES
Current liabilities
Trade and other payables74 ,7 3773,488(1, 249)
Lease liabilities-14,98814,988
Taxation payable2,3982,398-
Derivative financial instruments192192-
Total current liabilities7 7, 3 2791,06613,739
Non-current liabilities
Trade and other payables808808-
Lease liabilities-2 27, 3 6 02 27, 3 6 0
Total non-current liabilities808228,1682 27, 3 6 0
TOTAL LIABILITIES78,135319,234241,099
NET ASSETS266,301245,286(21,015)
EQUITY
Share capital6 0 , 0746 0, 074-
Cashflow hedge reserve538538-
Equity-based remuneration reserve994994-
Other reserves16,21616,216-
Retained earnings188,479167,464(21,015)
TOTAL EQ U IT Y266,301245,286(21,015)

30
PricewaterhouseCoopers, 188 Quay Street, Private Bag 92162, Auckland 1142, New Zealand
T: +64 (9) 355 8000, F: +64 (9) 355 8001, pwc.co.nz
Independent rev iew report
To the shareholders of Briscoe Group Limited
Report on the consolidated interim financial statements
We have reviewed the accompanying consolidated interim financial statements of Briscoe Group
Limited (the Company) and its controlled entities (the Group) on pages 8 to 29, which comprise the
consolidated balance sheet as at 28 July 2019 and the consolidated income statement, th e 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 selected
explanatory notes.
Directors’ responsibility for the consolidated interim financial statements
The Directors are responsible on behalf of the Company for the preparation and fair presentation of
these consolidated interim financial statements 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) and for such internal control as the Directors
determine is necessary to enable the preparation of the consolidated interim financial statements that
are free from material misstatement, whether due to fraud or error.
Our responsibility
Our responsibility is to express a conclusion on the accompanying consolidated interim financial
statements based on our review. We conducted our review in accordance with the New Zealand
Standard on Review Engagements 2410 Review of Financial Statements Performed by the
Independent Auditor of the Entity (NZ SRE 2410). NZ SRE 2410 requires us to conclude whether
anything has come to our attention th at causes us to believe that the consolidated interim financial
statements, taken as a whole, are not prepared in all material respects, in accordance with IAS 34 and
NZ IAS 34. As the auditors of the Company, NZ SRE
2410 requires that we comply with the ethical
requirements relevant to the audit of the annual consolidated financial statements.
A review of consolidated interim financial statements in accordance with NZ SRE 2410 is a limited
assurance engagement. The auditor performs 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 (New
Zealand) and International Standards on Auditing. Accordingly, we do not express an audit opinion on
th ese consolidated interim financial statements.
We are independent of the Group. Other than our capacity as auditors we have no relationships with,
or interests in, the Group.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that these
consolidated interim financial statements of the Group do not present fairly, in all material respects,
the financial position of the Group as at 28 July 2019, and its financial performance and cash flows for
th e 26 week period th en ended, in accordance with IAS 34 and NZ IAS 34.
PricewaterhouseCoopers, 188 Quay Street, Private Bag 92162, Auckland 1142, New Zealand
T: +64 (9) 355 8000, F: +64 (9) 355 8001, pwc.co.nz
Independent rev iew report
To the shareholders of Briscoe Group Limited
Report on the consolidated interim financial statements
We have reviewed the accompanying consolidated interim financial statements of Briscoe Group
Limited (the Company) and its controlled entities (the Group) on pages 8 to 29, which comprise the
consolidated balance sheet as at 28 July 2019 and the consolidated income statement, th e 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 selected
explanatory notes.
Directors’ responsibility for the consolidated interim financial statements
The Directors are responsible on behalf of the Company for the preparation and fair presentation of
these consolidated interim financial statements 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) and for such internal control as the Directors
determine is necessary to enable the preparation of the consolidated interim financial statements that
are free from material misstatement, whether due to fraud or error.
Our responsibility
Our responsibility is to express a conclusion on the accompanying consolidated interim financial
statements based on our review. We conducted our review in accordance with the New Zealand
Standard on Review Engagements 2410 Review of Financial Statements Performed by the
Independent Auditor of the Entity (NZ SRE 2410). NZ SRE 2410 requires us to conclude whether
anything has come to our attention th at causes us to believe that the consolidated interim financial
statements, taken as a whole, are not prepared in all material respects, in accordance with IAS 34 and
NZ IAS 34. As the auditors of the Company, NZ SRE 2410 requires that we comply with the
ethical
requirements relevant to the audit of the annual consolidated financial statements.
A review of consolidated interim financial statements in accordance with NZ SRE 2410 is a limited
assurance engagement. The auditor performs 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 (New
Zealand) and International Standards on Auditing. Accordingly, we do not express an audit opinion on
th ese consolidated interim financial statements.
We are independent of the Group. Other than our capacity as auditors we have no relationships with,
or interests in, the Group.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that these
consolidated interim financial statements of the Group do not present fairly, in all material respects,
the financial position of the Group as at 28 July 2019, and its financial performance and cash flows for
th e 26 week period th en ended, in accordance with IAS 34 and NZ IAS 34.

31

PwC
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 to the Company’s shareholders 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 Company and the Company’s
shareholders, as a body, for our review procedures, for this report, or for the conclusion we have
formed.

For and on behalf of:






PricewaterhouseCoopers
Chartered Accountants Auckland
17 September 2019
PricewaterhouseCoopers, 188 Quay Street, Private Bag 92162, Auckland 1142, New Zealand
T: +64 (9) 355 8000, F: +64 (9) 355 8001, pwc.co.nz
Independent rev iew report
To the shareholders of Briscoe Group Limited
Report on the consolidated interim financial statements
We have reviewed the accompanying consolidated interim financial statements of Briscoe Group
Limited (the Company) and its controlled entities (the Group) on pages 8 to 29, which comprise the
consolidated balance sheet as at 28 July 2019 and the consolidated income statement, th e 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 selected
explanatory notes.
Directors’ responsibility for the consolidated interim financial statements
The Directors are responsible on behalf of the Company for the preparation and fair presentation of
these consolidated interim financial statements 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) and for such internal control as the Directors
determine is necessary to enable the preparation of the consolidated interim financial statements that
are free from material misstatement, whether due to fraud or error.
Our responsibility
Our responsibility is to express a conclusion on the accompanying consolidated interim financial
statements based on our review. We conducted our review in accordance with the New Zealand
Standard on Review Engagements 2410 Review of Financial Statements Performed by the
Independent Auditor of the Entity (NZ SRE 2410). NZ SRE 2410 requires us to conclude whether
anything has come to our attention th at causes us to believe that the consolidated interim financial
statements, taken as a whole, are not prepared in all material respects, in accordance with IAS 34 and
NZ IAS 34. As the auditors of the Company, NZ SRE 2410 requires that we comply with the
ethical
requirements relevant to the audit of the annual consolidated financial statements.
A review of consolidated interim financial statements in accordance with NZ SRE 2410 is a limited
assurance engagement. The auditor performs 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 (New
Zealand) and International Standards on Auditing. Accordingly, we do not express an audit opinion on
th ese consolidated interim financial statements.
We are independent of the Group. Other than our capacity as auditors we have no relationships with,
or interests in, the Group.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that these
consolidated interim financial statements of the Group do not present fairly, in all material respects,
the financial position of the Group as at 28 July 2019, and its financial performance and cash flows for
th e 26 week period th en ended, in accordance with IAS 34 and NZ IAS 34.

32
Notes

33
Directory
Directors
Dame Rosanne PO’L Meo (Chairman)
Rodney A Duke
Anthony D Batterton
Richard A B Coupe
Registered Office
1 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