Half Year Results announcement

Template
Distribution Notice

Updated as at 18 December 2019



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

Section 1: Issuer information
Name of issuer Briscoe Group Limited
Financial product name/description Ordinary Shares
NZX ticker code BGP
ISIN (If unknown, check on NZX
website)
NZBGRE0001S4
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year Quarterly
Half Year X Special
DRP applies
Record date 21/09/2021
Ex-Date (one business day before the
Record Date)
20/09/2021
Payment date (and allotment date for
DRP)
14/10/2021
Total monies associated with the
distribution
1

$ 25,593,974.50000000
Source of distribution (for example,
retained earnings)
Retained Earnings
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution
2
$0.15972222
Gross taxable amount
3
$0.15972222
Total cash distribution
4
$0.11500000
Excluded amount (applicable to listed
PIEs)
$-
Supplementary distribution amount $0.02029412
Section 3: Imputation credits and Resident Withholding Tax
5

Is the distribution imputed Fully imputed X
Partial imputation
No imputation

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

If fully or partially imputed, please
state imputation rate as % applied
6

28%
Imputation tax credits per financial
product
$0.04472222
Resident Withholding Tax per
financial product
$0.00798611
Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any)
%
Start date and end date for
determining market price for DRP

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

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

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

Section 5: Authority for this announcement
Name of person

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

14/09/2021





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

---

Results for announcement to the market
Name of issuer BRISCOE GROUP LIMITED
Reporting Period Half-Year - 1 February 2021 to 1 August 2021
Previous Reporting Period Half-Year - 27 January 2020 to 26 July 2020
Currency New Zealand Dollars
Amount (000s) Percentage change
Revenue from continuing operations $358,421 +22.6%
Total Revenue $358,421 +22.6%
Net profit/(loss) from continuing
operations
$ 47,461 +69.6%
Total net profit/(loss) $ 47,461 +69.6%
Interim Dividend
Amount per Quoted Equity Security $ 0.11500000
Imputed amount per Quoted Equity
Security
$ 0.04472222
Record Date 21 September 2021
Dividend Payment Date 14 October 2021
Current period Prior comparable period
Net tangible assets per Quoted Equity
Security
$ 1.2610 $1.0715
A brief explanation of any of the figures
above necessary to enable the figures
to be understood
Refer to the section below “Half Year Review” for commentary.
Earnings before interest and tax (EBIT) is a non-GAAP measure.

Authority for this announcement
Name of person

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

14/09/2021

Unaudited abridged financial statements accompany this announcement.

Half Year Review

Briscoe Group Limited (NZX/ASX code: BGP)

Highlights for the 26-week period – 1 February 2021 to 1 August 2021:
• Total sales $358.4 million, +22.58%
• Online sales as mix of total Group sales, 16.16%
• Gross profit $166.66 million, +35.20%
• Gross profit % 46.50% vs 42.16% last year
• Net profit after tax (NPAT) $47.46 million, +69.63%
• Benefits from strategic initiatives being realised
• Interim Dividend 11.50 cps increased from 9.00 cps last year

The directors of Briscoe Group Limited (NZX/ASX code: BGP) announce a net profit after
tax (NPAT) of $47.46 million for the half-year ended 1 August 2021 compared to $27.98
million achieved for last year’s first half. The half-year results are unaudited.

Dame Rosanne Meo, Briscoe Group Chair said, “The results the team have produced for
this first six-month period are very impressive. The way in which the leadership team
continues to grow the relevancy of the underlying business model, but also challenge itself
to progress strategic initiatives to improve and drive future growth, is a real credit to them.”

The directors have resolved to pay an interim dividend of 11.50 cents per share (cps). This
compares to last year’s interim dividend of 9.00 cps. Books will close to determine
entitlements at 5pm on 21 September 2021 and payment will be made on 14 October
2021. The company’s dividend policy is to pay out at least 60% of NPAT when calculated
on a full year basis.

Rod Duke, Group Managing Director, said, “$47.46 million of NPAT sets a new benchmark
for the Group and we’re delighted to have produced such a strong first half result. After the
strong post-lockdown recovery experienced during the second half of last year, it’s very
pleasing to have been able to complement that recovery with the inclusion of other
initiatives which we have introduced in relation to our three key strategic areas; enhancing
the shopping experience, improving our supply chain and developing new revenue
streams.

The earnings were generated on sales revenue of $358.4 million, an increase of 22.58%
on the same period last year. Rod Duke said, “Clearly, the impact of COVID-19 caused
unprecedented and volatile sales patterns across the first half of last year, but even using a
more normalised comparison with the first half sales produced 2 years ago, the Group’s
sales increased significantly by 18.30%, with the first quarter increasing by 14.94% and
then strengthening to an increase of 21.61% for the second quarter.

Gross margin dollars increased by 35.20% for the period from $123.28 million to $166.66
million, with gross margin percentage increasing from 42.16% to 46.50%. Rod Duke said,
“The enhanced analysis and management of promotional activity has contributed to a step-

change in gross margin and we continue to work very hard to consolidate these gains. We
are also seeing the benefits emerging from the work we are doing with KPMG to improve
inventory in relation to optimising our ordering, allocation, flow in to store and overall stock
levels.

“The team right across-the-board continues to do a fantastic job for us day-in, day-out and
we were pleased to be able to increase the wage rates for our in-store hourly-paid team by
6.4% from May 2021. The employment market remains extremely competitive and we
expect it to remain so for some time.”

The Group received a dividend of $0.96 million from its investment in Kathmandu Holdings
Limited (Kathmandu) during the six months. There was no dividend received last year as a
result of Kathmandu’s response to the COVID-19 situation.

Homeware sales increased by 20.77% from $184.35 million to $222.63 million and sporting
goods sales by 25.66% from $108.06 million to $135.79 million.

The Group’s online business continues to perform exceedingly well, representing 16.16%
of Group sales for the half-year. Rod Duke said, “System developments in relation to the
way in which online orders are picked in-store have resulted in significant productivity and
efficiency gains. In addition to these back-end process improvements we have also
enhanced the front-end online experience with the introduction of functionality allowing
customers to easily find matching and recommended products, as well as receiving
relevant communications via our new personalised email system. In addition, new search
functionality and the introduction of our ‘Find-In-Store’ stock availability feature will
significantly improve the online customer experience.”

Inventory levels as at 1 August 2021 were $101.09 million, up from $86.67 million at the
same time last year. Rod Duke said, “Whilst this includes an additional store opened by the
Group during the period, the majority of the increase reflects significant work undertaken by
our merchandise team to secure inventory in advance of traditional timings, to minimise
potential international supply chain disruptions as a result of ongoing impacts of Covid-19.
These include factory delays, lack of shipping availability, port disruptions and increased
costs. Although inventories have closed higher than in recent years, we’re in great shape
for the second half to avoid being hindered by shortages we have already seen occurring
across the wider retail market. Having sufficient inventory in the current retail environment
is a distinct competitive advantage.”

The Group’s balance sheet remains strong with cash balances of $93.93 million at the
close of the period, compared to $98.56 million held at the same time last year.

Work also continued on a number of projects in relation to Group owned properties during
this first half. Significantly, the construction of a new concept Briscoes Homeware store at
36 Taylors Road, Auckland was completed and the store opened in early March. Rod Duke
said, “We’re extremely pleased with this store and it’s trading above expectations. The
feedback has been exceptional with customers enjoying the bigger, brighter and more
contemporary fit-out. Furthermore, it allowed us to introduce a brand-new Rebel Sport
store in the retail space on the ground floor of the Support Office building at 1 Taylors

Road. Again, we’re pleased with this new concept store which opened towards the end of
April and services a wide catchment that we have been keen to be a part of for some time.
The success of these new stores across both our major brands gives us confidence for
further network growth opportunities in relation to the refurbishment and/or establishment
of new stores.”

The Group’s development at Silverdale is continuing well, with completion estimated for
November 2021. This will see the opening of new generation Briscoes Homeware and
Rebel Sport stores to service the significant catchment of Silverdale, Hibiscus Coast,
Orewa and surrounding areas.

Rod Duke said, “While we continue to enjoy the benefits of a buoyant retail environment,
we are also very focused on progressing our strategic initiatives, which we see as critical to
ensuring the business is strong and sustainable moving forward. The first year’s benefits
are on track to meet expectations and provide a solid complement to the continued
strength of the retail environment.

“Having established improved data and analytics capability we are now beginning to see
the benefits from the programme of work with KPMG in relation to supply chain
improvements. Examples of this include the redirection of imported product between North
and South Island ports as well as the identification and reallocation of slow-moving product
across the wider store network. Both of these are part of a wider work stream in relation to
optimising the levels, availability and flow of inventory across the Group’s retail network.

“Other initiatives we are seeing benefits from, in addition to the online developments
outlined earlier, include the establishment of easy-to-use in-store kiosks enabling
customers to purchase products online that may be out of stock in-store, as well as the
introduction of new product lines online which are shipped direct from suppliers. We see
the latter initiative as particularly promising creating the opportunity for us to offer many
additional products that we may not have traditionally held in-store.”

Level 4 Lockdown

New Zealand’s extended period of near-normality came to a sudden conclusion with the
announcement of a return to national Level 4 lockdown from 18 August 2021.

The Group’s first priority is to ensure the health and wellbeing of our employees and
customers – protecting them from the virus itself and, in the case of employees, from the
resulting threats to job and income security. As we had done in the previous Level 4
lockdown, we have again committed to continue paying our people in full.

The financial impact of nationwide store closures, as we know from the previous national
lockdown, is immediate and severe. However, we also know from the same experience
that pent-up demand during lockdown drove strong consumer demand post-lockdown.

The impact of the latest lockdown has again proved immediate for the Group with the final
2 weeks of August sales negatively impacted by around $17 million. Whilst the continued
lockdown in Auckland will continue to have an impact on sales we are encouraged by the

rest of the country moving down alert levels. Level 3 enables us to extend our product
range from essential items only to our full range via online trading, and also to offer Click-
and-Collect service. Level 2 enables our stores to re-open responsibly, ensuring we follow
prescribed protocols in relation to social distancing and PPE.

Our modelling assumes Auckland to be at Level 4 or 3 for the remainder of September,
with the rest of the country at level 2 or 1. Under these assumptions we estimate
September sales could be negatively impacted by around the same level as August.

Clearly, the level of uncertainty around economic conditions has greatly increased since 18
August, and the degree to which consumer demand will rebound as different parts of the
country move down alert levels is also not certain; however, from last year’s experience we
do expect pent-up demand to drive strong Group sales levels from October through to the
end of the Group’s financial year on 30 January 2022.

If that is the case and New Zealand continues to progress without any further lockdowns or
outbreaks, we currently expect to be able to produce a NPAT above last year’s record of
$73.2 million and up to $85 million.


The Group’s next planned market release will be shortly after its 3
rd
quarter which closes
on 31 October 2021.

Tuesday 14 September 2021
Contact for enquiries:

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

BRISCOE GROUP LIMITED
CONSOLIDATED INCOME STATEMENT
for the 26 week period ended 1 August 2021 (unaudited)


Period ended
1 August 2021

Period ended
26 July 2020
$000 $000
Sales revenue 358,421 292,407
Cost of goods sold (191,758) (169,132)
Gross profit
166,663 123,275
Other income
1,960 106
Store expenses (54,809) (41,987)
Administration expenses (40,774) (35,446)
Earnings before interest and tax 73,040 45,948

Finance income 155 228
Finance costs (7,144) (7,456)
Net finance income (6,989) (7,228)

Profit before income tax 66,051 38,720
Income tax expense (18,590) (10,741)
Net profit attributable to shareholders 47,461 27,979

BRISCOE GROUP LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the 26 week period ended 1 August 2021 (unaudited)


Period ended
1 August 2021

Period ended
26 July 2020
$000 $000
Net Profit attributable to shareholders 47,461 27,979
Other comprehensive income:

Items that will not be subsequently reclassified to profit or loss:
Change in value of investment in equity securities 3,840 (97,935)
Items that may be subsequently reclassified to profit or loss:

Fair value gain recycled to income statement 2,993 (3,048)
Fair value gain taken to the cashflow hedge reserve 446 1,989
Deferred tax on fair value gain taken to income statement (838) 853
Deferred tax on fair value gain taken to cashflow hedge reserve (125) (557)
Total other comprehensive income 6,316 (98,698)
Total comprehensive income attributable to shareholders 53,777 (70,719)

BRISCOE GROUP LIMITED
CONSOLIDATED BALANCE SHEET
As at 1 August 2021 (unaudited)


1 August 2021


26 July 2020
$000 $000
ASSETS

Current assets
Cash and cash equivalents 93,926 98,560
Trade and other receivables 5,559 2,672
Inventories 101,091 86,673
Derivative financial instruments 764 65
Total current assets 201,340 187,970

Non-current assets
Property, plant and equipment 124,335 108,720
Intangible assets 2,204 3,463
Right-of-use assets 246,118 260,368
Deferred tax 13,840 14,240
Investment in equity securities 65,770 56,169
Total non-current assets 452,267 442,960
TOTAL ASSETS 653,607 630,930

LIABILITIES
Current liabilities
Trade and other payables 74,241 87,177
Lease liabilities 18,998 18,364
Taxation payable 11,825 4,237
Derivative financial instruments 619 1,814
Total current liabilities 105,683 111,592

Non-current liabilities
Trade and other payables 892 969
Lease liabilities 264,186 276,801
Total non-current liabilities 265,078 277,770
TOTAL LIABILITIES 370,761 389,362

Net assets 282,846 241,568

EQUITY
Share capital 61,992 60,869
Cashflow hedge reserve 19 (1,282)
Equity-based remuneration reserve 358 892
Other reserves (22,083) (31,684)
Retained earnings 242,560 212,773

TOTAL EQUITY 282,846 241,568

Net Tangible Assets per Security (cents) 126.10 107.15

BRISCOE GROUP LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
for the 26 week period ended 1 August 2021 (unaudited)


Period ended
1 August 2021

Period ended
26 July 2020
$000 $000
OPERATING ACTIVITIES
Cash was provided from:
Receipts from customers 358,406 292,366
Rent received 3 7
Dividends received 963 -
Interest received 136 220
Insurance recovery 131 -
359,639 292,593
Cash was applied to:
Payments to suppliers & employees (272,539) (211,168)
Interest paid (7,145) (7,456)
Net GST paid (15,231) (11,475)
Income tax paid (19,247) (13,666)
(314,162) (243,765)

Net cash inflows from operating activities 45,477 48,828

INVESTING ACTIVITIES
Cash was provided from:
Proceeds from sale of property, plant and equipment 12 1,996
12 1,996
Cash was applied to:
Purchase of property, plant and equipment (11,649) (12,587)
Purchase of intangible assets (671) (846)
Investment in equity securities - -
(12,320) (13,433)

Net cash outflows from investing activities (12,308) (11,437)

FINANCING ACTIVITIES
Cash was provided from:
Issue of new shares - 99
Net proceeds from borrowings - -
- 99
Cash was applied to:
Dividends paid (30,045) -
Lease liabilities payments (9,563) (6,289)
(39,608) (6,289)

Net cash outflows from financing activities (39,608) (6,190)

Net decrease in cash and cash equivalents (6,439) 31,201
Cash and cash equivalents at beginning of period 100,417 67,414
Foreign cash balance cash flow hedge adjustment (52) (55)

CASH AND CASH EQUIVALENTS AT END OF PERIOD 93,926 98,560

BRISCOE GROUP LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the 26 week period ended 1 August 2021 (unaudited)


.
Notes Share Cashflow Equity-Based Other Retained Total
Capital Hedge Remuneration Reserves Earnings Equity
Reserve Reserve
Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited
$000 $000 $000 $000 $000 $000

Adjusted balance at 26 January 2020 60,752 (519) 841 66,251 184,794 312,119
Net profit attributable to shareholders for the period

- - - - 27,979

27,979
Other comprehensive income:
Change in value of investment in equity securities - - - (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 - - - - - -
Share options charged to income statement - - - - - -
Performance rights charged to income statement - - 68 - - 68
Share options exercised 117 - (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) 212,773 241,568
Net profit attributable to shareholders for the period

- - - - 45,220

45,220
Other comprehensive income:
Change in value of investment in equity securities - - - 5,761 - 5,761
Net fair value loss taken through cashflow hedge reserve - (1,175) - - - (1,175)
Total comprehensive income for the period

- (1,175) - 5,761 45,220

49,806
Transactions with owners:
Dividends paid - - - - (33,370) (33,370)
Share options charged to income statement - - - - - -
Performance rights charged to income statement - - 115 - - 115
Share options exercised 970 - (150) - - 820
Transfer for share options lapsed and forfeited - - (521) - 521 -
Deferred tax on equity-based remuneration

- - 108 - -

108

Balance at 31 January 2021 61,839 (2,457) 444 (25,923) 225,144 259,047
Net profit attributable to shareholders for the period

- - - - 47,461

47,461
Other comprehensive income:
Change in value of investment in equity securities - - - 3,840 - 3,840
Net fair value gain taken through cashflow hedge reserve - 2,476 - - - 2,476
Total comprehensive income for the period

- 2,476 - 3,840 47,461

53,777
Transactions with owners:
Dividends paid - - - - (30,045) (30,045)
Share options charged to income statement - - - - - -
Performance rights charged to income statement - - 84 - - 84
Performance rights exercised 153 - (153) - - -
Transfer for share options lapsed and forfeited - - - - - -
Deferred tax on equity-based remuneration - - (17) - - (17)
Balance at 1 August 2021

61,992 19 358 (22,083) 242,560 282,846

Accounting Judgements and Estimates

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 31 January 2021 have been applied to these consolidated condensed interim
financial statements.

Accounting Policies

Apart from the treatment in relation to certain ‘Software as a Service’ arrangements, explained below, the interim
financial statements of the Group for the 26-week period ended 1 August 2021 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 31 January 2021.

Software as a Service:
The Group previously capitalised costs incurred in configuring or customising certain suppliers’ application software in
certain computing arrangements as intangible assets as the Group considered that it would benefit from those costs
over the expected term of the computing arrangements.

Following the publication of IFRS Interpretations Committee (IFRIC) agenda decision on Configuration or
Customisation Costs in a Cloud Computing Arrangement in March 2021 (and ratified by the International Accounting
Standards Board (IASB) in April 2021, the Group has reconsidered its accounting treatment in relation to capitalising
certain software and adopted the guidance set out in the IFRIC agenda decision, which is to recognise those costs as
intangible assets only if the activities create an intangible asset that the Group controls and the intangible asset meets
the recognition criteria. Costs that are not capitalised as intangible assets are expensed as incurred unless they are
paid to the supplier of the cloud-based software to significantly customise the cloud-based software in which case the
cost paid upfront is recorded as a prepayment for services and amortised over the expected term of the cloud
computing arrangements.

As a result of this change in accounting policy, the Group has determined that certain costs relating to the
implementation or development of certain software should be expensed when they were incurred as the amounts paid
did not create separate intangible assets controlled by the Group. The change in treatment has not been applied
retrospectively and has not had a material effect on these interim financial statements.

Earnings per Security (EPS)

Calculation of basic and fully diluted EPS in accordance with IAS 33: Earnings Per Share

Current half-year
(cents per share)
Previous corresponding half-
year (cents per share)
Basic EPS 21.33 12.59
Diluted EPS 21.30 12.52

Dividends Paid / Payable

Date Paid / To be paid Cents per share (fully
imputed)
Final Dividend for the period ended
31 January 2021
31 March 2021 13.50
Interim Dividend for the period ended
30 January 2022
14 October 2021 11.50

Segment Information




For the period ended
1 August 2021

Homeware

$000


Sporting goods

$000

Eliminations /
Unallocated
$000


Total Group

$000

Sales Revenue


222,628

135,793

358,421


Earnings Before Interest
and tax



41,447

29,414

2,179

73,040





For the period ended
26 July 2020

Homeware

$000


Sporting Goods

$000


Eliminations /
Unallocated
$000


Total Group

$000


Sales Revenue


184,347

108,060

292,407


Earnings Before Interest
and tax


28,062

16,885

1,001

45,948

---

Primary
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159
26 week period ending 1 August 2021
Half Year

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2.
Contents
3.
4.
5.
6.
7.
8.
10.
11.
12.
13.
14.
16.
17.
Highlights
Growth Equation
Sales
Gross Profit Margin %
Net Profit After Tax
Online
Customer Satisfaction
Customer Segmentation
Team
Community
Strategy
Moving Forward
Financial Summary

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3.
Highlights Half Year Period ended 1 August 2021
Record HY Sales
●Group sales +22.58% to $358.4m
●Homeware sales +20.77% to $222.6m
●Sporting goods sales +25.66% to $135.8m
Online Performance
Improvement
●Online sales 16.16% of total Group sales
●Front-end improvements enhance
customer experience
●Phase 1 of personalisation functionality
introduced
●Back-end productivity and process
improvements
Strong Gross Profit Performance
●Gross Profit % up to 46.50% from 42.16%
●Gross Profit $ +35.20% to $166.7m
●Multiple supply chain initiatives underway
to enhance and protect margin
Record HY NPAT
●NPAT up 69.63% to $47.5m
Strong Balance Sheet
●Net cash at period end $93.9m
●Increased inventories to meet ongoing
consumer demand with uncertain
global supply chain
●11.5 cents per share Interim dividend
Strategic Initiatives Gaining
Momentum And On Track
●Supply Chain improvements
●Enhancing the shopping experience
●Developing new streams of income

Primary
Secondary
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4.
Sustainable
Business Growth
Future
Supply
Chain
Strategic Programme
●Consistent high
financial performance
●Experienced
management team
●Lean and effective
business model
●Strong balance sheet
●Global brands
●Leading omnichannel
retailer
●Large active customer
base
●Relevant product markets
●Operating in in-demand
product segments
●Sales
●Gross
Profit
●NPAT
●Enhanced
promotional
analytics
processes
●Hybrid Online
fulfilment
●Digital picking
●Extended
product range
through Drop
ship
●New store format
performance
New
Revenues
●Customer
segmentation
●Automated
personalised email
programme
●Digital picking
●Multi channel in
store kiosks
The Growth Equation
Foundations

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182
33
0
0
0
25
5
25
5
25
5
0
135
210
25
5
213
23
120
19
0
24
8
25
5
23
7
159
5.
Sales
Solid year-on-year
sales increases pre
and post lockdowns
Continuing strong
growth across
both segments.
Combination of new
stores, online and
strategic initiatives
driving growth.
6 new Rebel Sport,
2 new Briscoes
Homeware stores.

Primary
Secondary
3
85
160
25
0
182
33
0
0
0
25
5
25
5
25
5
0
135
210
25
5
213
23
120
19
0
24
8
25
5
23
7
159
6.
First Half Gross
Profit Margin %
●Strong margin gains across both Homewares
and Sporting Goods.
●Step-change increase in Group GP% driven by:
○Post lockdown increased consumer demand.
○Enhanced analysis and management of
promotional activity.
●Supply chain initiatives to optimise:
○Ordering.
○Allocations.
○Speed-to-shelf.
○Stock levels.
○Clearance product.
○Redirection of inventory
between North and South.
Gross Profit Margin %
●Strong margin gains across both
Homewares and Sporting Goods
●Step-change increase in Group
GP% driven by:
○Post lockdown increased
consumer demand
○Enhanced analysis and
management of promotional
activity
●Supply chain initiatives to optimise:
○Ordering
○Allocations
○Speed-to-shelf
○Stock levels
○Clearance product
○Inventory between North and
South Island
6.

Primary
Secondary
3
85
160
25
0
182
33
0
0
0
25
5
25
5
25
5
0
135
210
25
5
213
23
120
19
0
24
8
25
5
23
7
159
7.
Net Profit After Tax
(NPAT)
Significant increase in NPAT driven by:
●Post lockdown impact on consumer sentiment:
○Lifestyle choice in relation to time at home and
personal wellbeing
●Enhanced analysis and management of
promotional activity
●Supply chain initiatives
●Online growth as a result of:
○Post lockdown step-change to online usage.
○Back-end and front-end system and process
enhancements
●Ongoing focus on robust cost control
7.

Primary
Secondary
3
85
160
25
0
182
33
0
0
0
25
5
25
5
25
5
0
135
210
25
5
213
23
120
19
0
24
8
25
5
23
7
159
8.
Online Share of
Total Group Sales
Enforced store closures
due to lockdowns spiked
online mix 2020/21.
Post lockdown
step-change in online mix
further enhanced by:
●All stores achieving
online fulfilment
capability
●Nationwide roll-out of
'Click and Collect'
●Digital picking initiative
introduced
●Phase 1 of
personalisation
functionality launched
●Enhanced onsite
search capability
●Store stock availability
indicator developed
8.

Primary
Secondary
3
85
160
25
0
182
33
0
0
0
25
5
25
5
25
5
0
135
210
25
5
213
23
120
19
0
24
8
25
5
23
7
159
9.
Enforced store closures
due to lockdowns spiked
online mix 2020/21.
Post COVID-19
step-change in online mix
further enhanced by:
●All stores achieving
online fulfilment
capability.
●Nationwide roll-out of
'Click and Collect'.
●Digital picking initiative
introduced.
●Phase 1 of
personalisation
functionality launched
●Enhanced search
capability.
●Store stock availability
indicator developed.
9.
Online Experience
From customer UX to market
leading fulfilment
SENT OVER
660,000
ORDERS SO FAR THIS YEAR
>15,000
ORDERS/WEEK
BRISCOES
>9,700
ORDERS/WEEK
REBEL
INCREASE IN ONLINE AVAILABILITY
40
AT THE
START OF 2021
STORES
FULFILLING
88

WE NOW
HAVE ALL
STORES FULFILLMENT
ENABLED
FAR GREATER
AVAILABILITY
WITH A HUGE
REDUCTION IN
OUT-OF-STOCK
SPEED TO DESPATCH
2.04
JULY 2020
AVG DAYS
TO PICK &
DESPATCH
1.01
JULY 2021
AVG DAYS
TO PICK &
DESPATCH

Primary
Secondary
3
85
160
25
0
182
33
0
0
0
25
5
25
5
25
5
0
135
210
25
5
213
23
120
19
0
24
8
25
5
23
7
159
10.
First Half Gross
Profit Margin %
●Strong margin gains across both Homewares
and Sporting Goods.
●Step-change increase in Group GP% driven by:
○Post lockdown increased consumer demand.
○Enhanced analysis and management of
promotional activity.
●Supply chain initiatives to optimise:
○Ordering.
○Allocations.
○Speed-to-shelf.
○Stock levels.
○Clearance product.
○Redirection of inventory
between North and South.
Customer
Satisfaction
●Relentless focus on improving customer
satisfaction is delivering great results –
3-year view
●Significant progress in Customer satisfaction
score in both Briscoes and Rebel
10.
●Over 230,000 pieces of customer
feedback a year
●Both Briscoes and Rebel now
approaching global best practice
customer satisfaction scores
NPS Trend - Last Three Years (FY)

Primary
Secondary
3
85
160
25
0
182
33
0
0
0
25
5
25
5
25
5
0
135
210
25
5
213
23
120
19
0
24
8
25
5
23
7
159
11.
First Half Gross
Profit Margin %
●Strong margin gains across both Homewares
and Sporting Goods.
●Step-change increase in Group GP% driven by:
○Post lockdown increased consumer demand.
○Enhanced analysis and management of
promotional activity.
●Supply chain initiatives to optimise:
○Ordering.
○Allocations.
○Speed-to-shelf.
○Stock levels.
○Clearance product.
○Redirection of inventory
between North and South.
5 Distinct Customer Segments
with unique shopping behaviours
●Transactional data
used to create 10 key
customer segments
11.
●Data used to identify new category sales
opportunities and target the extended
drop ship range extension
Customer Segmentation
Using the Power of Data to drive
incremental sales growth:
●New omnichannel strategies
designed to capture more 1st
party customer data
●Data used to identify new category sales
opportunities and target the extended
drop ship range extension
●New omnichannel strategies designed to
capture more 1st party customer data
●Working with strategic supply partners
to personalise events and promotions
to maximise lifetime value

Primary
Secondary
3
85
160
25
0
182
33
0
0
0
25
5
25
5
25
5
0
135
210
25
5
213
23
120
19
0
24
8
25
5
23
7
159
12.12.
Team
Stronger together:
Investment in our team:
●Strategic focused Executive team
●Creation of a Briscoe Group specific management
& leadership programme –
○Creation in collaboration with EMA and
capability group
○Over 30 team members are currently
enrolled on the programme
○The objective is for all management to go
through in the next 2 to 3 years
●Lean efficiency pilot
●Increased internal IT/Digital skills
●Enhanced Retail Zone management

Primary
Secondary
3
85
160
25
0
182
33
0
0
0
25
5
25
5
25
5
0
135
210
25
5
213
23
120
19
0
24
8
25
5
23
7
159
13.
Community
●Briscoe Group has been a proud partner of Cure Kids
for over 17 years. 2021 has been a record-breaking
year with over $490k raised so far. We are on track to
achieve our target to raise more than $800k.
●Scholarships - Briscoe Group has been a proud First
Foundation Partner since 2013
13.
●Pass It Forward is Rebel Sport’s key community
partnership
●The Pass It Forward initiative provides sporting gear to
underfunded schools
●In the past 5 years Rebel Sport and Pass It Forward
have given away over 50,000 pieces of equipment,
equating to more than $1 million in value
●Grassroots Sports Partnerships: Within NZ there is a
renewed focus on youth sports, with a shift in emphasis
from performance to participation
●Through partnerships with sporting associations such
as the Basketball New Zealand 3x3 and the Sanitarium
Weetbix Tryathlon, we are working hard to make sport
accessible and fun for New Zealand’s youth
REBEL SPORT IS PROUD TO PARTNER WITH A LARGE RANGE OF SPORTING ORGANISATIONS

Primary
Secondary
3
85
160
25
0
182
33
0
0
0
25
5
25
5
25
5
0
135
210
25
5
213
23
120
19
0
24
8
25
5
23
7
159
14.
NEW
REVENUES
FUTURE
SUPPLY
CHAIN
Strategic Plan 2020-2023 On Track
14.
CUSTOMER
Attract
Retain
Grow
FUTURE
SUPPLY
CHAIN
NEW
REVENUES
Market Leading Trusted Brands
Strong Supplier Partners
Our People

Primary
Secondary
3
85
160
25
0
182
33
0
0
0
25
5
25
5
25
5
0
135
210
25
5
213
23
120
19
0
24
8
25
5
23
7
159
15.

Multi-Year
Initiatives
CUSTOMER
Attract
Retain
Grow
FUTURE
SUPPLY
CHAIN
NEW
REVENUES
Customer segmentation created
Automated Email platform
embedded
In store digital tools launch
Online order digital picking live
2021
In store electronic labelling Pilot
Drop ship 9 suppliers live
Accelerated new store concept
refurbishment plan
Enhanced size availability
Hybrid Online fulfilment model live
Warehouse efficiency program
Phase 2 of online digital picking
Express online fulfilment &
premium delivery choices
Increased North and South
island distribution capability
New product categories
launched direct-to-customer
15.
2022 & 2023
Warehouse management
system upgrade
Enhanced DC facility in Auckland

Primary
Secondary
3
85
160
25
0
182
33
0
0
0
25
5
25
5
25
5
0
135
210
25
5
213
23
120
19
0
24
8
25
5
23
7
159
16.
Moving Forward
from a Position
of Strength
●Continued strong trading performance in both
Homewares and Sporting goods
●Strategic plan is delivering ahead of 1st year
expectations
●Strong customer engagement from customer
service improvements
●Enhanced promotional analytics has
contributed to the step change in product
margin
●Healthy inventory position will help protect from
supply chain volatility
●Internal digital capability significantly enhanced
●Strong balance sheet provides financial
protection and ability to fund strategic
investment if required
●Experienced team across the business
●Business has proven record of performing well in
times of economic uncertainty (GFC, COVID-19)
16.

Primary
Secondary
3
85
160
25
0
182
33
0
0
0
25
5
25
5
25
5
0
135
210
25
5
213
23
120
19
0
24
8
25
5
23
7
159
17.
Financial Summary
 
HY Jul 18HY Jul 19 HY Jul 20HY Jul 21FY Jan 19FY Jan 20FY Jan 21FY Jan 22
1.
Homeware revenue $000186,701 191,503 184,347 222,628 403,159 410,908 439,234
Sporting Goods revenue $000106,499 111,481 108,060 135,793 228,760 242,109 262,563
Group Total Revenue $000293,200302,984292,407358,421 631,919653,017701,797
Online Mix of sales %9.2%10.7%22.3%16.2%10.0%11.3%18.8%
Group Gross Margin $000120,004122,882 123,275 166,663 253,355 257,502 307,116
Group Gross Margin %40.9%40.6%42.2%46.5%40.1%39.4%43.8%
Group EBIT $00040,615 45,659 45,948 73,040 85,995 97,223 115,886
Group EBIT % to sales13.9%15.1%15.7%20.4%13.6%14.9%16.5%
Group NPAT $00029,342 28,347 27,979 47,461 63,393 62,583 73,199 73,300 - 85,000
1
Group NPAT % to sales10.0%9.4%9.6%13.2%10.0%9.6%10.4%
  
Free cash flow $000 (Operating Cash Flow less Capex)(1.9) 8.2 37.4 33.2 49.0 60.381.1
Dividends per share cps8.08.59.011.520.0
8.5
2
28.5
3
Earnings per share cps13.3 12.8 12.6 21.3 28.728.232.9
Net debt /cash position $00046.2 55.5 98.6 93.9 80.8 67.4 100.4
Inventory turnover Xp.a. (COGS divided by average
inventory)   4.94.74.4
1 Source: BGP Half Year results announcement 14/9/2021
2 Includes special dividends of 6cps
3 Final dividend of 12.5cps cancelled as a result of Covid-19 pandemic

Primary
Secondary
3
85
160
25
0
182
33
0
0
0
25
5
25
5
25
5
0
135
210
25
5
213
23
120
19
0
24
8
25
5
23
7
159
18.