Interim Report for period ended 26 July 2020

Interim
Report
for the period ended 26 July 2020

“The health and wellbeing of our staff
and customers and the protection
of existing jobs and incomes will
continue to be the highest priority of
the Board and leadership team.”
Rod Duke
Group Managing Director

Contents
Chairman’s and Managing Director’s Report4
Briscoes Response to Covid-1914
Directors’ Approval21
Consolidated Income Statement22
Consolidated Statement of Comprehensive Income23
Consolidated Balance Sheet24
Consolidated Statement of Cash Flows25
Consolidated Statement of Changes in Equity26
Notes to the Financial Statements27
Independent Review Report38
Directory 40

Briscoe Group Limited Interim Report 2020
Director’s Report
4
Chairman’s
and Managing
Director’s
Report
“We’re extremely proud of how the Group has
navigated this first half. Swift action taken by your
Board and management reduced the risk and
mitigated the impacts of Covid-19.”
Dame Rosanne Meo

Briscoe Group Limited Interim Report 2020
Director’s Report
5
Briscoe Group successfully challenged the
extraordinary circumstances posed by the Covid-19
pandemic in the first half of the 2021 financial year.
The Group adapted in quick time to the closure of the
store network, along with various supply and logistical
issues, building on its existing strengths to deliver
earnings just below record levels.
The health and wellbeing of our staff and customers
remains the highest priority of the Board and
leadership team. In the unique circumstances
prevailing, the protection of existing jobs and incomes
was a key area of focus, achieved with the full
co-operation of the management, store and
distribution centre teams.
New Paradigm of Uncertainty
The pandemic has created a new paradigm of
uncertainty for all retailers, with the prospect of
further social, cultural and economic impacts
affecting the general retail environment.
We know that the price of this change in our
operating environment will be continued vigilance
and focus, so that we are aware of issues quickly and
respond effectively – even more so than in the pre-
Covid environment. We must continue to develop the
flexibility and agility required in these times.
We have these attributes in our business: a lean
management structure in which roles are clearly
defined and value-driven, a flat structure so that
information and decisions travel efficiently through
the business, and by encouraging quick decision-
making and implementation. The senior leadership
team continues to perform in a manner that meets
these expectations. We are confident that we have
the right team in place across the entire business to
weather the unpredictable times and move forward
with purpose.
The Covid-19 crisis has provided many examples of
our capacity to adapt to changing circumstances,
as set out in “Our Response to Covid-19” on pages
14 - 17. Among the most vivid was the early decision
to change our marketing mix, reducing the traditional
media spend and increasing our emphasis on digital
promotion. This response to the new circumstances
became a key driver in the very strong growth in
our online sales that occurred in the period after the
national lockdown.

Briscoe Group Limited Interim Report 2020
Director’s Report
6
It is clear that our customers are increasingly
comfortable shopping via both our store and online
channels, moving between them according to the
needs of the moment.
The most pronounced impact of the Covid-19
pandemic – that many customers adapted rapidly to
online media – complemented our shift towards an
online customer targeting strategy. It is important to
note that this includes a significant in-store dimension
– the development of digital tools for our store team
members to free up time to invest in customers.
Our focus on driving high levels of customer service
in-store is measured against a standard retail industry
metric called Net Promoter Score. We have made
progress on this aspect of our business in both
Briscoes Homeware and Rebel Sport, as illustrated by
the infographic below–
Strength of Our People
“I would like to thank the entire team for
their efforts across these extraordinary
past six months. We could not possibly
have achieved what we have without the
dedication and commitment of our people
at every level of the business.”
Dame Rosanne Meo
Our response to the various challenges faced this year
has highlighted the capability of teams at all levels
and in all parts of the company. The senior leadership
team continued to display a high degree of strategic
awareness and flexibility.
Net Promoter Score First Half Ended July 2020
7%
INCREASE
ON THE
SAME PERIOD
LAST YEAR
3.4%
INCREASE
ON FULL
FY ‘19
61
NPS
2
PIECES OF
FEEDBACK FOR
FY ‘20 SO FAR
27860
37.9%
INCREASE
ON THE
SAME PERIOD
LAST YEAR
8.9
AVERAGE
RATING PER
VISIT
27K
4.2%
INCREASE
ON THE
SAME PERIOD
LAST YEAR
2.7%
INCREASE
ON FULL
FY ‘19
75
NPS
2
PIECES OF
FEEDBACK FOR
FY ‘20 SO FAR
48830
13.9%
INCREASE
ON THE
SAME PERIOD
LAST YEAR
9.2
AVERAGE
RATING PER
VISIT
48K
16.4%
INCREASE
ON THE
SAME PERIOD
LAST YEAR
21%
INCREASE
ON FULL
FY ‘19
78
NPS
2
PIECES OF
FEEDBACK FOR
FY ‘20 SO FAR
27860
40%
DECREASE
ON THE
SAME PERIOD
LAST YEAR
9.1
AVERAGE
RATING PER
VISIT
18

Briscoe Group Limited Interim Report 2020
Director’s Report
7
The commitment and dedication of our front-line
teams – instore, at the distribution centre and in
online fulfilment centres – was again an essential
component of our strong operational performance.
We continued to invest in talent and capability in all
parts of the Group – enhancing our ability to perform
well in the short term and to evolve successfully in
a dynamic retail environment. We also continue to
support other team members engaged in tertiary
education and have a number of our team studying
for Masters degrees with Massey University, Auckland
University of Technology and Auckland University.
The Briscoe Group Education Foundation was
established to provide employees and their children
the opportunity to up-skill and fulfil their educational
ambitions and we took great satisfaction from being
able to celebrate the successful completion of the
First Foundation programme by two Briscoe Group
participants earlier this year.
To date Briscoe Group scholarships have been
awarded to 26 team members or members of their
families. A further three scholarships are expected
to be awarded in 2020 and we have received a
pleasingly large number of applications this year.
Strong Trading Performance
The Group achieved a remarkable turnaround in
performance between the first and second quarters
of the year. Sales had decreased by 35.58% in the
first quarter (vs the first quarter of FY 2020), then
rebounded to be up by 28.24% on the equivalent
basis in the second.
Given a nationwide lockdown put in place with five
weeks remaining in the first quarter, a steep decline
in sales from that point onward was inevitable. In
total, our stores were unable to open for 50 days.
The Covid-19 restrictions extended in declining
levels of stringency well into the second quarter,
but the rebound in sales was very striking, reflecting
a combination of pent-up consumer demand and
our own success in adapting our trading platform to
maintain an attractive proposition for customers.
Across the full half-year, sales for the homeware
segment fell by 3.74% and those for sporting goods
by 3.07%.
Our online business experienced extraordinary
growth after the move to the national lockdown in
March, driving a 99.85% increase in traffic over the
previous half-year. The completion of our new online
platform proved timely, as it managed the sharply
increased traffic levels with notable success.
At the same time, the implementation of online
fulfilment centres across our national network
provided capacity to deal with the surge in online
trading and also mitigated the risks that could arise
with any regional lockdowns such as the Level 3 event
in Auckland in August.
We also completed the roll-out of ‘Click and Collect’
facilities across all stores. This service is proving
extremely popular and has recently accounted for
more than 30% of all our online orders.
To ensure our online development is both successful
in its own right and fully integrated with the rest of our
operational platform, we have created a new senior
management position – General Manager Online and
Digital. Isabel Campbell has recently been appointed
to this role and will be an important addition to our
senior team in aligning both current developments
within the business and strategic initiatives to drive
future growth. The new role includes responsibility
for all of our ecommerce business and infrastructure,
including the national Contact Centre.
“We are delighted to have produced
such a strong first-half result despite the
extraordinary upheavals experienced during
this period.”
Rod Duke

Briscoe Group Limited Interim Report 2020
Director’s Report
8
Store Development Projects Continue
Despite the demands on management focus created
by Covid-19 the Group achieved further solid progress
in its ongoing store development programme.
The Briscoes Homeware and Rebel Sport stores in
Nelson were relocated in May, to a new dual site with
more carparking and better access for customers. The
new stores are bigger and brighter, with the Rebel
Sport store featuring our new generation fit-out.
The refurbishment of the Briscoes Homeware and
Rebel Sport stores in Tauranga was completed in July.
The new configuration features a bigger Briscoes
Homeware store and new back-of-house and
common team facilities.
Work also continued on a number of projects in relation
to Group-owned properties. The re-roofing of Briscoes
Invercargill has made good progress and is expected to
be completed by the end of October 2020.
Site works commenced at 36 Taylors Road, Auckland
after the demolition of the former Briscoes Homeware
store. The new store, also bigger and brighter and
featuring the new generation fit-out, is expected to
open during the first quarter of 2021. This will allow
us to create a new Rebel Sport store in the retail
space on the ground floor of the new Support Office
building at 1 Taylors Road.
The Silverdale development also progressed well and
is expected to be completed in late October 2021.
This will see the opening of new generation Briscoes
Homeware and Rebel Sport stores to service a
significant catchment comprising Silverdale, Hibiscus
Coast, Orewa and surrounding areas.
Strategic initiatives
Our ultimate focus remains on offering our customers
compelling brand propositions and enjoyable
shopping experiences.
The Group has made good progress on the review of
its operational strategies, with the evaluation phase
being completed and work on key priorities then
commencing during the half-year. This project has
established a range of plans to sustain and build the
business over the next three-to-five years, focusing in
three key areas:
1.
Significan
tly enhancing the shopping experience
our customers enjoy
Initial focus: A research programme to build
further understanding of customer needs.
2.
An end-to-end review and redesign of our supply
chain

Initial focus: A study to identify opportunities for
both ‘quick wins’ and changes in the design of the
supply chain to deliver longer-term growth.
3.

N
ew streams of revenue
Initial focus: System development to support
extensions in our product range through smart use
of technology, systems and supply relationships.
We are excited about the potential to unlock value
across all three streams of activity and expect to
see initial gains emerging before the end of the
current year.
“KPMG New Zealand is proud to be
supporting Briscoe Group on an important
program to improve their supply chain and
operations. The organisation’s ability to
adapt to market changes at pace positions
it very well to succeed in today’s volatile
market. Focused growth in digital adoption,
data and analytics, and in agile, integrated
planning - will set the business up to
continue this growth over the next decade
and beyond.”
Ian Williamson
KPMG Partner – Management Consulting

Briscoe Group Limited Interim Report 2020
Director’s Report
9
Financial Results
The company achieved a net profit after tax (NPAT)
of $27.98 million for the half-year, compared to
$28.35 million for the first half of last year.
Included in the result is a credit adjustment to tax
expense totalling $0.53 million. This reflected two
reversals of deferred tax liability arising from the sale
of the Group’s Nelson property and the reintroduction
of tax depreciation on commercial and industrial
buildings as part of the COVID-19 Response (Taxation
and Social Assistance Urgent Measures) Act.
The Group was only eligible for the first round of
the Government wage subsidy and the $11.5 million
received supported our ability to pay the team’s
normal remuneration throughout Alert Levels 4 and
3. Other steps taken by the Group to minimise the
impact of Covid-19 disruptions included negotiating
equitable solutions in relation to a wide range of
trade and non-trade expenditure with suppliers and
landlords, and salary and fee sacrifices across the
senior leadership team and Board.
The earnings were generated on sales revenue of
$292.41 million compared to the $302.98 million
generated for the same period last year.
Despite the shortfall to the previous half-year in
sales, gross margin dollars improved as a result of the
gross margin percentage increasing from 40.56%
to 42.16%. The growth in gross margin percentage
reflects the company’s reaction to the disruption in
trading caused by Covid-19 – in particular, the move
to quickly adapt and analyse promotional activity to
optimise promotional discount levels. Working with
suppliers to ensure continuity of product was also
key to protecting and growing margin during this first
half. Having less inventory in the business also meant
that, post lockdown, stores were significantly more
efficient in processing and managing stock flows
which affected both sales and gross margin positively.
Financial Position
Cash balances closed at $98.56 million, compared
to $67.41 million held at the beginning of the period.
This included approximately $23 million of creditor
payments included in the trade payables balance
which were subsequently paid on or before
31 July 2020.
The steps taken during these extra months to protect
the Group and preserve liquidity ensured that our
balance sheet remained strong – a critically important
factor in these uncertain and unpredictable times.
The strong balance sheet ensures we have flexibility
to continue to protect the business as well as funding
strategic initiatives to grow profitability.
Corporate Governance
As a result of the disruption caused by Covid-19 we
have not yet appointed an additional independent
director, however it is still the Board’s intention to do
so and will notify shareholders in due course.
Also noting, in recognition of the importance of the
balance between independent and non-independent
directors, during this first half Tony Batterton joined
the Human Resources Committee under the
chairmanship of Andy Coupe.
Dividend
The Board was very pleased to announce the
resumption of dividend payments through the
declaration of an interim dividend of 9.00 cents per
share (cps), compared to last year’s interim dividend
of 8.50 cps. Books closed to determine entitlements
at 5pm on 22 September 2020 and payment made
on 1 October 2020.

Briscoe Group Limited Interim Report 2020
Director’s Report
10
Kathmandu
The Group did not receive a dividend during the
period from its investment in Kathmandu Holdings
Limited (Kathmandu) as a result of their response to
the COVID-19 situation. The Group’s half-year result
for last year included $1.71 million from Kathmandu.
We remain supportive of the Kathmandu business
and continue to monitor its progress through this
difficult trading environment.
Half Year Review
The interim financial statements presented 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 38 and 39).
Cure Kids
We are proud to be a key partner of Cure Kids,
a charity established to find cures and better
treatments for serious illnesses and diseases that
affect thousands of children in New Zealand.
Our generous customers, staff and suppliers support
our efforts to raise funds for this incredible charity and
we’re proud to have, together, raised over $8.0 million
dollars during our 15-year partnership.
Outlook
The economic outlook for the second half of the year
is very uncertain, with the potential for disruption ever
present, as illustrated by the recent re-imposition of
Alert Levels 3 and 2. We are extremely conscious
of the need for continuing caution in relation to
future negative effects of Covid-19 on key economic
indicators such as consumer spending, economic
growth and unemployment. We also recognise that
we need to ensure that in building back after the
pandemic that we build better.
We are encouraged by the recovery in our business
since the national lockdown ended in May and the
way that has been largely sustained across both our
online platform and our stores. The second half of
the financial year has started strongly in regard to
sales, gross profit dollars and gross profit percentage,
despite our Auckland stores being closed for 19 days
in August.
The health and wellbeing of our staff and customers
and the protection of existing jobs and income will
continue to be the highest priority of the board and
leadership team.
We know we have the right team in place across the
business to weather these unpredictable times, and
the right programmes under way to deliver improved
profit and returns.

Briscoe Group Limited Interim Report 2020
Director’s Report
11

Briscoe Group Limited Interim Report 2020
Director’s Report
12
Briscoe Group Limited Interim Report 2020
Director’s Report
12

Briscoe Group Limited Interim Report 2020
Director’s Report
13
Briscoe Group Limited Interim Report 2020
Director’s Report
13

Briscoe Group Limited Interim Report 2020
Briscoes Response to Covid-19
14
Our Response
to Covid-19

15
Briscoe Group Limited Interim Interim 2020
Briscoes Response to Covid-19
Before we gear up and prepare for the busiest
period of the year, we wanted to take a moment to
pause and reflect on the last 6 months. It’s been
unprecedented and it’s appropriate for us to take this
opportunity to talk about how proud and grateful we
are to our staff and management regarding how we as
a Group have handled this unforeseen challenge.
2020 has, without doubt, been a remarkable year.
And it’s not over.
It’s been a year where the norms and models of
retailing, as with everything else, went out the
window. Every retailer across the globe faced, and
continues to face, a reckoning. It has forced changes
to supply-chain, inventory management, human
resource management and sales and fulfilment
processes. It has forced us all to rethink many of the
principles of retailing we hold as gospel. As markets
globally, regionally and locally remain on edge the
pandemic has brought our ways of working, our
culture, our technology and even our proposition here
at the Group into the spotlight.
These recent months have proven that one thing
remains absolutely critical. One thing that we
fortunately have in spades. Resilience.
In the few short months since COVID-19 became our
new operational reality our resilience as a Group has
proven extraordinary. Who could have imagined, with
the country under a full lockdown, that our Group
would be here today, posting robust financial figures
but perhaps more importantly, doing so safely, with
a full complement of engaged employees, and with
customer satisfaction and preference scores up on
pre-COVID levels?
This didn’t happen by accident and it is worth
reflecting on what allowed our organisation to get to
this point.
It’s important that we start with our people. Our
response to ensuring our employees’ physical,
emotional and financial wellbeing was, and remains,
our priority and we’re proud of how we abided by
the spirit and not just the intent of the lockdown
Andrew ScottRod DukeAston MossGeoff Scowcroft

Briscoe Group Limited Interim Report 2020
Briscoes Response to Covid-19
16
regulations. We moved fast to provide clear and
timely communications informing our team members
not only of changing dynamics but also what they
could expect in the days, weeks and months ahead.
This ability to proactively and transparently engage
with our staff helped protect jobs and secure incomes
for staff members and their families.
From the outset, we made the commitment to
our team that we would continue to pay them at
100% of their normal incomes to ensure they had
peace of mind during the lockdown. We’ve made
no redundancies. Nor have there been any plans to
close stores. To further protect both the jobs and the
incomes of our frontline team members, our Briscoe
Group families, who are dependent upon being paid
in full and on time each and every week, we, like many
others, were eligible for the government’s first round
of wage subsidy as a result of our significant decline
in revenue. While this went some way to offsetting
costs at a time of zero or diminished sales, there was
still a sizable gap that the Group funded to ensure
that during this period our staff felt their lives were
to some degree certain and predictable. The Group
was not eligible for subsequent rounds of the wage
subsidy.
In light of the uncertainty surrounding the impact of
COVID and the rapid escalation to Alert Level 4 on 25
March 2020, the Board made the decision to cancel
the final dividend of 12.5 cents per share which was
due to be paid on 31 March 2020.
We’re proud of how our senior management
indicated their desire to play a part in limiting impact
felt across the company. There was broad support for
the very considered reduction in senior management
salaries complemented by our Board of Directors
volunteering to reduce their fees.
It’s also worth calling out that our financial responses
to weather the early COVID lashings could only get
us so far. What was crucial was our teams’ and staff
members’ attitude to the crisis. Theirs was a response
that humbled many in the organisation. They gave
management their trust and confidence, responding
to the difficulties and challenges with typical
determination and admirable energy which went a
long way to ensuring we emerged to welcome back
our customers stronger, wiser and more resilient.
When we look back on this time one of the most
significant outtakes will undoubtedly be the shift
in ways of working. Enforced lockdown, working
from home, remote teams and many other factors
influencing day to day working processes meant a
radical rethinking of how we get things done. The
mind boggles to consider what would have happened
had this pandemic struck in the years prior to our
embrace of the internet.
When the pandemic struck our first priority was to
ensure a steady flow of communication. Our teams
adapted quickly, using available technologies to
remain in constant communication. From video-
conferencing platforms like Microsoft Teams and
Zoom to less formal group chat platforms like
WhatsApp, our teams dived into new ways of
keeping information flowing while retaining a human
connection from bedrooms, studies, living rooms and
kitchens all around New Zealand.
These ad-hoc platforms were supported by our
more robust inter-organisational communication
portal Axonify, which has proven an incredible tool
for the Group to engage with staff and teams, as
well as more recent updates to our systems focused
on recruitment and the onboarding of new team
members. Via these mechanics we have all remained
in contact, engaged and motivated. Wisdom has
been shared, questions asked and answered, and
insights gleaned. For the Group leaders, senior
management and our staff across the country this has
meant we could hear and be heard.
We’ve also used this period to drive our agenda of
‘Digital Enablement’ forward and this has been a
real success. Our early work on automating tasks
and providing easy access to tools means our team
can do “more on the floor” but we want to remind
everyone - these technologies don’t replace our
people. Instead they enable us to increase our team

17
Briscoe Group Limited Interim Interim 2020
Briscoes Response to Covid-19
members’ confidence, competence and capacity
to welcome and assist our customers. Service will
continue to be a prime area of focus for the years
ahead.
This pandemic has forced upon all New Zealanders
a new reality and one of the hallmarks has been
an increased comfort factor with ecommerce and
digital experiences. As much as every retailer wants
to take the lead in technological innovation there is
a very real need to not overinvest but rather align to
our customers’ behavioural preferences. Our timing
on implementing the Group’s new online system
was spot on. Completed early this year, the new
Episerver platform was a timely and solid foundation
for the huge increase in online demand experienced
once lockdown was imposed. We’re delighted with
its performance and the level of support provided
to optimise the system’s performance during
implementation was exceptional.
Over the last couple of months we and our
customers, together, have taken a radical journey.
They have embraced new forms of shopping, from
search to fulfilment, and we have had to ensure our
service capabilities across that spectrum have met
their expectations. For a significant period, we relied
solely on our online platform for all sales and this
forced a significant resource and procedural shift to
accommodate product management, transactional
and fulfilment requirements. Our longstanding
relationships with suppliers certainly helped us
manage a supply chain that required unexpected
products or levels of stock. Inventory management
also had to be carefully managed to ensure the
ecommerce platform provided a faithful account
of stock levels across stores and DC in a rapid
transactional environment. Click and Collect has now
been rolled out to all of our stores and additional
‘contactless’ Click and Collect has been made
available to stores within Auckland during the more
recent Level 3 lockdown regulations. We’re excited
about the innovative technology being trialled in
this space especially in relation to digital queuing
functionality.
For retailers around the world this crisis proved a
turning point in their digital investment and execution
strategy. While we had already begun a robust
digital transition, the first half of 2020 forced upon
us the need to very quickly ramp up further digital
capabilities in order to survive. COVID has proven to
be the ultimate prototyping environment, with little
option but to fully engage in experimentation – and
the learning curve, while steep, has been invaluable.
While reflecting on our resilience throughout these
developments another contributing factor became
apparent. Much is made in modern management
of structural agility and many organisations around
the world, both retailers and non-retailers alike, have
struggled to embed agility across siloed, regimented
and geographically separated organisational
structures. As a Group we resist complexity. We
keep things simple and lean and it is this leanness
that made it easy to adapt our thinking when our
operational context was turned upside down. It was
this leanness that made it easier to get consensus and
to execute ideas quickly.
So, as we face an uncertain period ahead, we believe
we have proven ourselves at the coalface. We have
weathered a severe storm and emerged stronger
and smarter. We have emerged more resilient and
adaptable to change and, as change will be a defining
factor of our industry and a requirement for survival,
we feel the lessons learnt and actions taken during
these extraordinary months have stood us in good
stead to look into an admittedly uncertain future with
a degree of confidence and optimism.
So from the four of us we would like again to say
thank you to the many teams across the Group for
standing shoulder to shoulder (or as close as we could
in a socially distanced world) and buckling down
to the hard work of making sure we remain a viable
business, one loved by many New Zealanders and one
in return committed to New Zealand.
Rod, Andrew, Aston & Geoff

Briscoe Group Limited Interim Report 2020
Briscoes Response to Covid-19
18
Briscoe Group Limited Interim Report 2020
Financial Statements
18

19
Briscoe Group Limited Interim Interim 2020
Briscoes Response to Covid-19
Briscoe Group Limited Interim Report 2020
Financial Statements
19

Briscoe Group Limited Interim Report 2020
Consolidated Financial Statements
20

Briscoe Group Limited Interim Report 2020
Consolidated Financial Statements
21
Directors’ Approval of Consolidated Financial Statements
for the 26 week period ended 26 July 2020
Authorisation for Issue
The Board of Directors authorised the issue of these Consolidated Interim Financial Statements on 8 September
2020.
Approval by Directors
The Directors are pleased to present the Consolidated Interim Financial Statements for Briscoe Group Limited
for the 26 week period ended 26 July 2020. (Comparative period is for the 26 week period ended
28 July 2019).

Dame Rosanne Meo
CHAIRMAN



Rod Duke
GROUP MANAGING DIRECTOR
8 September 2020
For and on behalf of the Board of Directors

Briscoe Group Limited Interim Report 2020
Consolidated Financial Statements
22
Consolidated Income Statement
For the 26 week period ended 26 July 2020 (unaudited)
Notes
26 Week Period
Ended 26 July 2020
Unaudited
$000
Restated
1.
26 Week Period
Ended 28 July 2019
Unaudited
$000
Sales revenue
292,407302,984
Cost of goods sold (169,132) (180,102)
Gross profit123,275122,882
Other income 1061,790
Store expenses (41,987) (47,170)
Administration expenses (35,446)(31,843)
Earnings before interest and tax 45,94845,659
Finance income 228477
Finance costs (7,456) (6,588)
Net finance income/(costs) (7,228) (6,111)
Profit before income tax 38,720 39,548
Income tax expense (10,741) (11,201)
Net profit attributable to shareholders 6 27,979 28,347
1. Refer Note 18 for details of restatement.
Earnings per share for profit attributable
to shareholders:
Basic earnings per share (cents) 12.59 12.78
Diluted earnings per share (cents) 12.52 12.66
The above consolidated income statement should be read in conjunction with the accompanying notes.

Briscoe Group Limited Interim Report 2020
Consolidated Financial Statements
23
Consolidated Statement of Comprehensive Income
Notes
26 Week Period
Ended 26 July 2020
Unaudited
$000
Restated
1.
26 Week Period
Ended 28 July 2019
Unaudited
$000
Net profit attributable to shareholders
27,979 28,347
Other comprehensive income:
Items that will not be subsequently reclassified to profit or loss:
Change in value of investment in equity securities 10(97,935) (11,522)
Items that may be subsequently reclassified to profit or loss:
Fair value gain recycled to income statement (3,048) (1,025)
Fair value gain taken to the cashflow hedge reserve 1,989 1,439
Deferred tax on fair value gain taken to income statement 853 287
Deferred tax on fair value gain taken to cashflow hedge reserve (557) (403)
Total other comprehensive income (98,698) (11,224)
Total comprehensive income attributable to shareholders (70,719) 17,123
1. Refer Note 18 for details of restatement.
The above consolidated statement of comprehensive income should be read in conjunction with the accompanying notes.
For the 26 week period ended 26 July 2020 (unaudited)

Briscoe Group Limited Interim Report 2020
Consolidated Financial Statements
24
Consolidated Balance Sheet
As at 26 July 2020 (unaudited)
Notes
26 July 2020
Unaudited
$000
Restated
1.
28 July 2019
Unaudited
$000
26 January 2020
Audited
$000
ASSETS
Current assets
Cash and cash equivalents 98,560 55,52967,414
Trade and other receivables 2,6722,659 3,533
Inventories86,67388,82787,414
Held-for-sale assets 8- 5,521 5,408
Derivative financial instruments65924269
Total current assets 187,970153,460164,038
Non-current assets
Property, plant and equipment 108,72094,76397,265
Intangible assets3,4632,6343,464
Right-of-use assets260,368226,190266,001
Deferred tax 14,240 11,07011,676
Investment in equity securities1056,16990,467154,104
Total non-current assets 442,960425,124532,510
TOTAL ASSETS630,930578,584696,548
LIABILITIES
Current liabilities
Trade and other payables87,17773,48881,260
Lease liabilities18,36416,49117,744
Taxation payable4,2372,3984,895
Derivative financial instruments1,8141921,014
Total current liabilities111,59292,569104,913
Non-current liabilities
Trade and other payables969808852
Lease liabilities276,801238,121278,664
Total non-current liabilities277,770238,929279,516
TOTAL LIABILITIES389,362331,498384,429
NET ASSETS241,568247,086312,119
EQUITY
Share capital1260,86960,07460,752
Cashflow hedge reserve(1,282)538(519)
Equity-based remuneration reserve892994841
Other reserves(31,684) 16,21666,251
Retained earnings212,773169,264184,794
TOTAL EQUITY241,568247,086312,119
1. Refer Note 18 for details of restatement.
The above consolidated balance sheet should be read in conjunction with the accompanying notes.

Briscoe Group Limited Interim Report 2020
Consolidated Financial Statements
25
Consolidated Statement of Cash Flows
Notes
26 Week Period
Ended 26 July 2020
Unaudited
$000
Restated
1.
26 Week Period
Ended 28 July 2019
Unaudited
$000
OPERATING ACTIVITIES
Cash was provided from
Receipts from customers 292,366302,633
Rent received 76
Dividends received -1,707
Interest received 220483
Insurance recovery-77
292,593304,906
Cash was applied to
Payments to suppliers (185,179) (218,340)
Payments to employees (25,989) (36,301)
Interest paid (7,456)(6,589)
Net GST paid (11,475)(7,893)
Income tax paid (13,666)(15,896)
(243,765) (285,019)
Net cash inflows from operating activities 48,82819,887
INVESTING ACTIVITIES
Cash was provided from
Proceeds from sale of property, plant and equipment 1,996-
1,996-
Cash was applied to
Purchase of property, plant and equipment (12,587) (11,174)
Purchase of intangible assets (846)(489)
Investment in equity securities --
(13,433) (11,663)
Net cash outflows from investing activities (11,437) (11,663)
FINANCING ACTIVITIES
Cash was provided from
Issue of new shares 12991,017
Net proceeds from borrowings 11--
991,017
Cash was applied to
Dividends paid 13-(26,613)
Lease liabilities payments(6,289)(7,904)
(6,289) (34,517)
Net cash outflows from financing activities (6,190) (33,500)
Net decrease in cash and cash equivalents 31,201(25,276)
Cash and cash equivalents at beginning of period 67,41480,777
Foreign cash balance cash flow hedge adjustment (55)28
CASH AND CASH EQUIVALENTS AT END OF PERIOD 98,56055,529
1. Refer Note 18 for details of restatement.
The above consolidated statement of cash flows should be read in conjunction with the accompanying notes.
For the 26 week period ended 26 July 2020 (unaudited)

Briscoe Group Limited Interim Report 2020
Consolidated Financial Statements
26
Consolidated Statement of Changes in Equity
For the 26 week period ended 26 July 2020 (unaudited)
NotesShare
Capital
Unaudited
$000
Cashflow
Hedge
Reserve
Unaudited
$000
Equity- Based
Remuneration
Reserve
Unaudited
$000
Other
Reserves
Unaudited
$000
Retained
Earnings
Unaudited
$000
Total
Equity
Unaudited
$000
Balance at 27 January 2019 58,9292401,09727,738185,537273,541
Impact of adopting NZ IFRS 16 ----(18,205)(18,205)
Adjusted balance at 28 January 2019 58,9292401,09727,738167,332255,336
Net profit attributable to shareholders for the
period
----28,347 28,347
Other comprehensive income:
Change in value of investment in equity securities 10---(11,522)-(11,522)
Net fair value gain taken through cashflow hedge
reserve
-298---298
Total comprehensive income for the period -298-(11,522)28,34717,123
Transactions with owners:
Dividends paid 13----(26,613)(26,613)
Share options charged to income statement --168--168
Performance rights charged to income statement --43--43
Share options exercised 121,145-(128)--1,017
Transfer for share options lapsed and forfeited--(198)-198-
Deferred tax on equity-based remuneration --12--12
Balance at 28 July 2019 (Restated
1.
) 60,07453899416,216169,264247,086
Net profit attributable to shareholders for the
period
----34,23634,236
Other comprehensive income:
Change in value of investment in equity securities10---50,035-50,035
Net fair value loss taken through cashflow
hedge reserve
-(1,057)---(1,057)
Total comprehensive income for the period-(1,057)-50,03534,23683,214
Transactions with owners:
Dividends paid----(18,881)(18,881)
Share options charged to income statement------
Performance rights charged to income statement--62--62
Share options exercised678-(75)--603
Transfer for share options lapsed and forfeited--(175)-175-
Deferred tax on equity-based remuneration--35--35
Balance at 26 January 2020 60,752(519)84166,251184,794312,119
Net profit attributable to shareholders for the
period
----27,97927,979
Other comprehensive income:
Change in value of investment in equity securities 10---(97,935)-(97,935)
Net fair value gain taken through cashflow hedge
reserve
-(763)---(763)
Total comprehensive income for the period -(763)-(97,935)27,979(70,719)
Transactions with owners:
Dividends paid 13------
Share options charged to income statement ------
Performance rights charged to income statement --68--68
Share options exercised 12117-(18)--99
Transfer for share options lapsed and forfeited------
Deferred tax on equity-based remuneration --1--1
Balance at 26 July 2020 60,869(1,282)892(31,684)212,773241,568
1. Refer Note 18 for details of restatement.
The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes.

Briscoe Group Limited Interim Report 2020
Consolidated Financial Statements
27
Notes to the Financial Statements
For the 26 week period ended 26 July 2020 (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 Taylors 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 26 January 2020 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 27 January 2020 to 26 July 2020. The comparative period
is in respect of the 26 week period 28 January 2019 to 28 July 2019. The year-end balance date will be 31 January 2021 and full
financial statements will cover the 53 week period 27 January 2020 to 31 January 2021. 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 26 January 2020 have been applied to these consolidated condensed interim financial statements.
3. Accounting Policies
The interim financial statements of the Group for the 26 week period ended 26 July 2020 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 26 January 2020.
4. COVID-19
The global pandemic in relation to Covid-19 was declared by the World Health Organisation on 11 March 2020. The subsequent
Alert Level 4 and 3 lockdowns imposed by the New Zealand Government had a significant impact on the Group’s first quarter
performance, however the Group has experienced a significant ongoing lift in sales since 14 May 2020, when Level 3 was lifted.
The Group was eligible for and received $11.5 million in relation to the Government’s wage subsidy. This amount has been
offset against the cost of wages and salaries in the consolidated income statement under store expenses ($10.1 million) and
administration expenses ($1.4 million).

Briscoe Group Limited Interim Report 2020
Consolidated Financial Statements
28
The Board note the high level of business uncertainty that continues to exist in relation to the impacts of the Covid-19 pandemic
including the possibility of supply chain disruption, erosion of consumer spending and further government-imposed lockdowns.
Other than minor immaterial inventory adjustments for a few impacted categories, there are no other provisions in these
statements for the period ended 26 July 2020 for financial impacts of Covid-19.
5. 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.
6. 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 (2019: 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.
For the period ended 26 July 2020
Homeware
$000
Sporting
Goods
$000
Eliminations/
Unallocated
$000
Total Group
$000
INCOME STATEMENT
Total sales revenue
184,347108,060-292,407
Gross profit 79,02544,250-123,275
Earnings before interest and tax28,06216,8851,00145,948
Finance income 3917811228
Finance costs (4,917)(2,488)(51)(7,456)
Net finance income / (costs)(4,878)(2,310)(40)(7,228)
Income tax expense(6,385)(4,081)(275)(10,741)
Net profit after tax 16,79910,49468627,979
BALANCE SHEET
Assets359,199221,96249,769
1.
630,930
Liabilities263,866135,315(9,819)389,362
OTHER SEGMENTAL ITEMS
Acquisitions of property, plant and
equipment, intangibles and investments
11,1882,245-13,433
Depreciation and amortisation expense 10,1215,655-15,776
$000
1. Investment in equity securities58,952
Intercompany eliminations(7,878)
Other balances(1,305)
49,769
Notes to the Financial Statements
For the 26 week period ended 26 July 2020 (unaudited)

Briscoe Group Limited Interim Report 2020
Consolidated Financial Statements
29
7. Expenses
Profit before income tax includes the following specific (income) and expenses:
26 Week Period
Ended 26 July 2020
$000
26 Week Period
Ended 28 July 2019
$000
Depreciation of property, plant and equipment4,152 2,901
Amortisation of software costs 847375
Depreciation of right-of-use assets 10,7779,563
Interest on leases7,4056,521
Operating lease rental expense 6804
Wages, salaries and other short-term benefits39,36235,528
Government wage subsidy received(11,455)-
Equity-based remuneration 68211
Notes to the Financial Statements
For the 26 week period ended 26 July 2020 (unaudited)
$000
1. Investment in equity securities90,467
Intercompany eliminations(37,565)
Other balances6,727
59,629
For the period ended 28 July 2019
Homeware
$000
Sporting
Goods
$000
Eliminations/
Unallocated
$000
Total Group
$000
INCOME STATEMENT
Total sales revenue
191,503111,481-302,984
Gross profit 78,00644,876-122,882
Earnings before interest and tax25,825 17,1672,66745,659
Finance income 12034512477
Finance costs (4,335) (2,186)(67)(6,588)
Net finance income / (costs)(4,215) (1,841)(55)(6,111)
Income tax expense(6,125) (4,291)(785) (11,201)
Net profit after tax 15,485 11,0351,82728,347
BALANCE SHEET
Assets325,100 193,85559,629
1.
578,584
Liabilities248,730 121,421(38,653)331,498
OTHER SEGMENTAL ITEMS
Acquisitions of property, plant and
equipment, intangibles and investments
10,650 1,013-11,663
Depreciation and amortisation expense 8,123 4,716-12,839

Briscoe Group Limited Interim Report 2020
Consolidated Financial Statements
30
Notes to the Financial Statements
8. Held-for-sale assets
As at
26 July 2020
$000
As at
28 July 2019
$000
As at
26 January 2020
$000
Land and buildings -5,5215,408
9. Property, plant and equipment
Acquisitions and disposals
During the 26 week period ended 26 July 2020, the Group acquired property, plant and equipment with a total cost of
$12,587,105 (2019: $11,174,091). Property, plant and equipment with a net book value of $2,387,943 (2019: $5,272) were
disposed of during the 26 week period ended 26 July 2020.
10. Investment in equity securities
During 2015 and 2019 Briscoe Group Limited acquired 48,007,465 shares in Kathmandu Holdings Limited for a total cost of
$87,853,048. This holding represented an 6.77% ownership in Kathmandu Holdings Limited as at 26 July 2020. 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 26 July 2020.
1.
$000
At 27 January 2019 101,989
Additions-
Change in value credited to other reserves (11,522)
At 28 July 2019 90,467
Additions13,602
Change in value credited to other reserves 50,035
At 26 January 2020 154,104
Additions-
Change in value credited to other reserves(97,935)
At 26 July 202056,169
1. Fair value determined to be $1.17 ($2019: $2.12) per share as per NZX closing price of Kathmandu Holdings Limited
as at 24 July 2020 (2019: 26 July 2019).
For the 26 week period ended 26 July 2020 (unaudited)

Briscoe Group Limited Interim Report 2020
Consolidated Financial Statements
31
11. Interest bearing liabilities
There were no interest bearing liabilities as at 26 July 2020 (2019: Nil). The unsecured facility with the Bank of New Zealand
for $30 million in place at the last year-end balance date of 26 January 2020, expires on 20 September 2020. This has been
renewed for a further twelve months from the current expiry date. 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.
12. Share capital
Authorised Shares
No. of Shares
Share capital
$000
At 27 January 2019 221,599,50058,929
Issue of ordinary shares during the period:
Exercise of options 370,0001,145
1.
At 28 July 2019 221,969,50060,074
Issue of ordinary shares during the period:
Exercise of options 219,000678
At 26 January 2020 222,188,500 60,752
Issue of ordinary shares during the period:
Exercise of options 30,000117
1.
At 26 July 2020222,218,50060,869
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 30,000 shares issued during the 26
week period ended 26 July 2020 were $18,197 and $99,300 respectively ($127,500 and $1,017,500 respectively for the 370,000
shares issued during the 26 week period ended 28 July 2019).
Notes to the Financial Statements
For the 26 week period ended 26 July 2020 (unaudited)

Briscoe Group Limited Interim Report 2020
Consolidated Financial Statements
32
13. Dividends
Period ended
26 July 2020
Period ended
28 July 2019
Period ended
26 July 2020
Period ended
28 July 2019
Cents per share Cents per share $000$000
Final dividend for the period ended
26 January 2020
1.
----
Final dividend for the period ended
27 January 2019
-12.00 -26,613
-12.00-26,613
1. On 16 March 2020 the directors declared a final dividend of 12.50 cents per share. On 23 March 2020 the directors cancelled the
dividend due to the uncertainty surrounding COVID-19.
All dividends are fully imputed. No supplementary dividends were provided to shareholders. (2019: $189,514).
On 8 September 2020 the Directors resolved to provide for an interim dividend to be paid in respect of the period ended 31
January 2021. The dividend will be paid at the rate of 9.00 cents per share for all shares on issue as at 22 September 2020, with
full imputation credits attached.
14. 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 26 January 2020. 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.
Notes to the Financial Statements
For the 26 week period ended 26 July 2020 (unaudited)

Briscoe Group Limited Interim Report 2020
Consolidated Financial Statements
33
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 26 July 2020:
As at
26 July 2020
$000
As at
28 July 2019
$000
As at
26 January 2020
$000
Assets
Derivative financial instruments65924269
Investment in equity securities56,16990,467154,104
Total Assets56,23491,391154,373
Liabilities
Derivative financial instruments1,8141921,014
Total Liabilities1,8141921,014
Notes to the Financial Statements
For the 26 week period ended 26 July 2020 (unaudited)

Briscoe Group Limited Interim Report 2020
Consolidated Financial Statements
34
15. 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 26 July 2020
$000
26 Week Period
Ended 28 July 2019
$000
Management fees charged by the Company to:
Briscoes (NZ) Limited7,2516,635
The Sports Authority Limited (trading as Rebel Sport)4,3073,930
Total management fees charged 11,55810,565
Dividends received by the Company from:
Briscoes (NZ) Limited-26,598
The Sports Authority Limited (trading as Rebel Sport)--
Total dividends received -26,598
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 (net of rental relief) of $276,221 (2019: $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 (net of rental relief) of $236,364 (2019:
$278,285) 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 Nil (2019: $20,506,879).
• P Duke, spouse of RA Duke, received payments of $32,500 (2019: $32,500) in relation to her employment as an overseas
buying specialist with Briscoe Group Limited and rental payments (net of rental relief) of $343,750 (2019: $412,500) as
owner of the Briscoes Homeware premises at Panmure, Auckland under an agreement to lease premises to Briscoes (NZ)
Limited.
Notes to the Financial Statements
For the 26 week period ended 26 July 2020 (unaudited)

Briscoe Group Limited Interim Report 2020
Consolidated Financial Statements
35
Notes to the Financial Statements
For the 26 week period ended 26 July 2020 (unaudited)
Directors received directors’ fees and dividends in relation to their personally-held shares as detailed below:
26 Week
Period Ended 26 July 2020
26 Week
Period Ended 28 July 2019
Directors’ FeesDividendsDirectors’ FeesDividends
$000$000$000$000
Executive Director
RA Duke----
Non-Executive Directors
RPO’L Meo59-66-
MM Devine
1.
--121
AD Batterton34-37-
RAB Coupe35-391
128-1542
Directors received dividends in relation to their non-beneficially held shares as detailed below:
26 Week Period
Ended 26 July 2020
26 Week Period
Ended 28 July 2019
$000$000
Executive Director
RA Duke -20,507
Non-Executive Directors
RPO’L Meo-12
AD Batterton-2
RAB Coupe--
-20,521
1. Mary Devine resigned as director effective 31 March 2019.

Briscoe Group Limited Interim Report 2020
Consolidated Financial Statements
36
16. Contingent liabilities
There were no contingent liabilities as at 26 July 2020. (2019: Nil).
17. Events after balance date
On 8 September 2020 the directors resolved to provide for an interim dividend to be paid in respect of the 52 week period
ending 31 January 2021. The dividend will be paid at a rate of 9.00 cents per share on issue as at 22 September 2020, with full
imputation credits attached.
Since balance date and up to the date of these financial statements a further 247,500 ordinary shares have been issued under
the Executive Share Option Plan as a result of executives exercising share options.
For the period of 12 August 2020 through to and including the 23 August 2020, the Group’s Auckland stores were closed as a
result of the Auckland region of New Zealand being placed in Alert Level 3. The Group continued to operate effectively through
its online channel (including offering contactless click and collect). This development highlights the uncertainty of Covid-19
impacts into the future and the Board and management continue to monitor the situation closely.
18. Accounting standards
The accounting policies applied are consistent with those of the annual financial statements for the period ended 26 January
2020, as described in those annual financial statements.
There were no one new standards applied during the period.
Restatement
The Group adopted NZ IFRS 16 Leases on 28 January 2019 and the impacts of this adoption was disclosed in the interim
financial statements of the Group for the period ended 28 July 2019. As disclosed in the financial statements for the period
ended 26 January 2020 there has been significant change in market practice in relation to deriving the incremental borrowing
rate. The financial statements for the period ended 26 January 2020 were prepared with incremental borrowing rates that
better aligned with the changed market practice. The comparatives in these interim financial statements of the Group have been
restated to reflect the transition note included in the financial statements for the period ended 26 January 2020.
Extracts from the consolidated balance sheet and the consolidated income statement are shown below detailing the specific
impacts as a result of the restatement.
Notes to the Financial Statements
For the 26 week period ended 26 July 2020 (unaudited)

Briscoe Group Limited Interim Report 2020
Consolidated Financial Statements
37
Notes to the Financial Statements
For the 26 week period ended 26 July 2020 (unaudited)
Consolidated Income Statement (extract):
26 Week Period
28 July 2019
Unaudited
Before Restatement
$000
Adjustments
$000
26 Week Period
28 July 2019
Unaudited
After Restatement
$000
Store expenses
(46,531) (639)(47,170)
Administration expenses(31,814)(29)(31,843)
Earnings before interest and tax 46,327(668)45,659
Finance costs (7,360) 772(6,588)
Net finance income/(costs) (6,883) 772(6,111)
Profit before income tax39,444 10439,548
Income tax expense (11,172) (29)(11,201)
Net profit attributable to shareholders28,272 7528,347
Earnings per share for profit attributable to shareholders:
Basic earnings per share (cents) 12.740.0412.78
Diluted earnings per share (cents)12.630.0312.66
Consolidated Balance Sheet (extract):
28 July 2019
Unaudited
Before Restatement
$000
Adjustments
$000
28 July 2019
Unaudited
After Restatement
$000
Right-of-use assets
211,42614,764226,190
Deferred tax 11,770 (700)11,070
Current lease liabilities 14,9881,503 16,491
Non-current lease liabilities227,36010,761238,121
NET ASSETS 245,2861,800 247,086
Retained earnings167,4641,800169,264

Briscoe Group Limited Annual Report 2020
Independent Auditor’s Report
38
PricewaterhouseCoopers, 15 Customs Street West, Private Bag 92162, Auckland 1142, New Zealand
T: +64 9 355 8000, F: +64 9 355 8001, pwc.co.nz
Independent review 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 22 to 37, which comprise the
consolidated balance sheet as at 26 July 2020, and the consolidated income statement, the
consolidated statement of comprehensive income, 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.
Director’s 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 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 2 410 requires us to conclude whether
anything has come to our attention that causes us to bel
ieve 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 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 these consolidated interim
financial statements.
We are independent of the Group. Other t han in our capacity as auditors and providers of other r elated
assurance services we have no relationship 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 26 July 2020, and its financial performance and cash flows for
the 26 week period then ended, in accordance with IAS 34 and NZ IAS 34.

39
Briscoe Group Limited Annual Report 2020
Independent Auditor’s Report
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 Shareholders, as a body, for our
review procedures, for this report, or for the conclusion we have formed.
For and on behalf of:
Chartered Accountants Auckland
8 September 2020

Briscoe Group Limited Annual Report 2020
Directory
40
Directors
Dame Rosanne PO’L Meo (Chairman)
Rodney A. Duke
Anthony (Tony) D. Batterton
Richard A. (Andy) Coupe
Registered Office
1 Taylors Road, Morningside
Auckland Telephone (09) 815 3737
Facsimile (09) 815 3738
Postal Address
PO Box 884
Auckland Mail Centre
Auckland
Solicitors
Simpson Grierson

Directory
Bankers
Bank of New Zealand
Auditors
PricewaterhouseCoopers
Share Registrar
Link Market Services Limited
Deloitte Centre
Level II
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

41
Briscoe Group Limited Annual Report 2020
Notes
Notes

Briscoe Group Limited Annual Report 2020
Notes
42
Notes

43
Briscoe Group Limited Annual Report 2020
Notes
Notes

Briscoe Group Limited Interim Report 2020
Director’s Report
44
briscoegroup.co.nz