First Half Sales to 1 August 2021

Half-Year to 1 August 2021
Sales +22%, NPAT +64%


Briscoe Group Limited (NZX/ASX code: BGP)

Highlights for the half-year 1 February 2021 to 1 August 2021 (26 weeks):
• Group net profit after tax (NPAT) to be at least $46 million, +64%
• Total Group sales $358.4 million, +22.58%
• Homeware sales growth, +20.77%
• Sporting goods sales growth, +25.66%
• Online sales as mix of total Group sales, 16.16%

The directors of Briscoe Group Limited announce unaudited sales for the 26-week half-
year to 1 August 2021 of $358.4 million, an increase of 22.58% on the $292.4 million
reported for the same period ended 26 July 2020. The Group’s homeware segment
increased sales by 20.77% during this period and the sporting goods segment by
25.66%.

It is important to note that the first half of last year (to July 2020) was significantly
impacted as a result of COVID-19. The first quarter was negatively impacted with 50
days of store closures due to the Level-4 lockdown and then the second quarter was
positively impacted by the unprecedented increased post-lockdown demand which
continued for the remainder of the year.

Group Managing Director, Rod Duke said, “The impact of COVID-19 caused
unprecedented and volatile sales patterns across the first half of last year. A more
relevant period to compare against would be the first half of 2 years ago. Under this
more normalised comparison, the Group’s half year sales increased by 18.30%, with the
first quarter increasing by 14.94% and then strengthening to an increase of 21.61% for
the second quarter.

“We’re thrilled with these sales numbers including the performance of our online channel
which represents approximately 16% of Group sales for this first half. Two years ago,
just under 11% of Group sales were delivered by online operations for the first half
result.

“Gross margin has continued to be very strong for the Group, delivering ahead of
expectations. We continue to improve the way in which we analyse and construct
promotional activity and also how we manage the flow of inventory through the
business.

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



Whilst consumer demand has continued to be supportive, a number of our strategic
initiatives in relation to merchandise and supply chain processes are enhancing both
sales and gross profit margin. Significant preparatory work by our merchandise team in
anticipating international supply chain disruptions including; factory delays, lack of
shipping availability, port disruptions and increased costs, has resulted in a very healthy
inventory position at half-year. Inventories will close higher than in recent years putting
us in great shape for the second half to avoid being hindered by shortages we have
already seen occurring across the wider retail market.

“As previously reported, we anticipate this first half result to be significantly ahead of last
year and currently expect to report NPAT of at least $46 million. This compares to $28.0
million (+64%) for last year. I want to thank the entire team for their contribution to this
first half performance. Their focus on trading has been relentless while still ensuring
meaningful progress has been made on the strategic initiatives.

“While this result represents a fantastic achievement for the Group, it is still too early to
forecast precisely where the full year will land. Last year’s second half had significant
benefit from the continued “pent-up” demand post-lockdown and also included an
additional week as a result of the Group realigning its financial and calendar year-ends.
However, we are confident of producing another very strong full-year result and the
Board intends to provide some full-year guidance as part of the Group’s half-year results
announcement.”

The directors expect to release the half-year profit results on 14 September 2021,
including declaration of an interim dividend.

Friday 6 August 2021

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