Interim Report for period ended 31 July 2022

Interim Report
For the period ended 31 July 2022
RETAIL
IS OUR
WORLD.

The quality and appeal of our product
offering, the strength of our trading
platform and the strong performance
of our people will continue to stand the
Group in good stead.

Contents
4
Directors’ Report
11
Supply Chain
12
Customer Experience
14
Directors’ Approval
15
Consolidated Income
Statement
16
Consolidated Statement of
Comprehensive Income
17
Consolidated Balance Sheet
18
Consolidated Statement of
Cash Flows
19
Consolidated Statement of
Changes in Equity
20
Notes to the Financial
Statements
30
Independent Auditor’s Report
32
Directory
33
Notes

The Group produced
another excellent
performance for
this first-half, as we
continued to navigate
the disruptions
arising from Covid-19
and a choppy retail
environment driven by
economic uncertainty.
Directors’
Report
Briscoe Group Limited Interim Report 2022
Directors’ Report4

This latest half-year period was notable for the early
and significant impact on shopping centre foot traffic
arising from the outbreak of the Omicron variant of
Covid-19. As occurred earlier in the pandemic, the
impact on store trading was largely offset by growth on
our online platform. It is clear that the opportunity to
move seamlessly between in-store, online and click-
and-collect shopping is valued highly by our customers,
and that has been a key factor in the Group’s ability to
maintain and even improve performance during these
years.
The Group increased sales for the half-year, while net
profit after tax (NPAT) was narrowly off the record level
set in the previous first half. For perspective, NPAT for
this latest period was 61% higher than that for the most
recent comparable period pre-Covid-19 – the July 2019
half-year.
Growth at that level over such a challenging period
testifies to the performance of our management
team and all colleagues across our bricks-and-mortar
network, our online platform and our supply chain.
It also reflects a significant and positive evolution in
the way the Company operates and the quality of our
offering to customers. This evolution is driven by our
ongoing strategic change programme, which started
before the onset of Covid-19 and is now providing
benefits that reflect clearly in our trading results, while
also setting foundations for continued growth.
Economic conditions and outlook deteriorated during
the half-year, with family budgets being squeezed
by cost-of-living increases and pressure on house
values, along with a second Omicron wave. Like most
businesses, Briscoe Group has also faced internal
pressures including staff shortages, cost increases and
stresses on the supply chain.
It would be easy to be daunted by the prospect of these
continuing challenges, but we are not. We are confident
that the quality and appeal of our product offering,
the strength of our trading platform and the strong
performance of our people will continue to stand the
Group in good stead.
Our Impressive People
Our teams continue to adjust successfully to
the evolving demands of the current operating
environment.
There is a range of programmes in place for
education and training, supporting performance and
personal development. There are also programmes
that provide support in regard to issues such as staff
shortages arising from illness, shoplifting, customer
stress and social tensions.
The Group has taken steps to ensure the safety and
security of teams at every level. Their health and
wellbeing remains our highest priority. We are very
mindful of the impact on our people of the current
public health situation, as well as from declining
economic factors. We continue to provide support in
the form of paid leave for Covid-19-related absences
over-and-above existing entitlements.
We were able, once again, to maintain all existing jobs
and provide a significant increase in incomes during
the half-year. Wage rates for our in-store, hourly-paid
team were increased by 7.0% from April 2022. The
employment market remains extremely competitive
– more so given the effect of heightened Covid-19
case numbers since the Omicron variant became
established in New Zealand early in the half-year.

Outstanding Trading Performance
Results for the first half reflected outstanding
performance considering the significant headwinds
faced by the retail sector. Sales increased in both
the homeware and sporting goods categories, while
margins were solid in relation to historically high levels
despite cost and other pressures in the supply chain.
Continuing progress on strategic initiatives was also
a noteworthy factor in the results, with benefits from
supply chain projects contributing to sales, gross profit
and NPAT.
5
Briscoe Group Limited Interim Report 2022
Directors’ Report
5

Solid Financial Results
NPAT was $45.62 million, compared to $47.46 million
achieved in the previous first half.
The profit was generated on sales revenue of $367.95
million, up 2.66% on the previous first half. To deliver
increased sales in the current environment and against
a strong comparative number is a great achievement.
It should also be noted that the latest revenue number
was 21.44% higher than for the comparable pre-
Covid-19 period in 2019.
Gross margin dollars increased slightly, from $166.66
million to $167.94 million, while gross margin
percentage declined from 46.50% to 45.64%. Like
all retailers we have faced margin pressure from a
number of factors, including supply chain disruption
and cost increases, a weaker New Zealand dollar and
declining consumer confidence.
We have put considerable energy into ensuring that
a large proportion of the significant gain in gross
profit margin across the past two full years (633
basis points) can be protected. This has involved
initiatives in conjunction with KPMG in relation to
inventory ordering – optimising how, when and what
we purchase – and on other inventory measures such
as in-store availability, slow-moving items and stock
obsolescence. This work is ongoing and complements
in-house projects driving increased sales and margin.
To achieve a gross profit margin percentage less than
one percentage point below that for the previous
comparable period is an excellent result, but there
is still more work to do as the pressures on margin
continue to intensify.
Homeware sales increased by 2.74% from $222.63
million to $228.74 million, and sporting goods sales by
2.51% from $135.79 million to $139.21 million.
The Group’s online business continued to surpass
growth and performance expectations – in particular,
offering a viable and seamless shopping alternative
that countered the impact of the Omicron outbreak
on foot traffic. Online sales grew by 22.93% over those
for the first half of last year and represented 19.36% of
total Group sales.
We continued to invest in developing the online
platform, introducing a range of new front-end
features including the ability to shop product
collections, improved mobile navigation,
enhanced product content and streamlined email
communications with our database customers.
The Group believes it has one of the best in-store
online fulfilment systems in New Zealand. The system
was improved during the half-year by the introduction
of fulfilment routing and reporting enhancements,
resulting in efficiency gains, lower freight costs and
increased speed to customer.
Inventory at 31 July 2022 was $113.00 million, up from
$101.09 million at the same time last year.
While this included inventory for two additional stores
opened in November 2021, most of the increase
reflected opportunities identified as part of our
inventory initiatives as well as our approach to secure
inventory in advance of traditional timings given the
continued possibility of supply chain disruption. With
inventories remaining higher than in recent years, the
Group is well prepared to deal with these pressures in
the second half.
The Group received a dividend of $1.44 million from
its investment in KMD Brands Limited compared to
$0.96 million for the same period last year.

Strong Financial Position
The Group’s balance sheet remains strong, with cash
balances of $97.58 million as at 31 July 2022 period
compared to $93.93 million at the same time last
year.
Briscoe Group Limited Interim Report 2022
Directors’ Report6

Increased Dividend
The directors have resolved to pay an interim
dividend of 12.00 cents per share (cps). This
compares to last year’s interim dividend of 11.50 cps.
Books closed to determine entitlements at 5pm on 21
September 2022 and payment will be made on
12 October 2022. The company’s dividend policy is
to pay out at least 60% of NPAT when calculated on a
full-year basis.


Continued Investment In Store
Network
Despite the difficult trading conditions and
constraints on team availability the Group progressed
a number of store development projects during the
half-year.
Five full-store refurbishments were completed – at
Briscoes Homeware Salisbury Street in Christchurch,
Briscoes Homeware Albany, Rebel Sport Tauranga
and at both Briscoes Homeware and Rebel Sport
stores in Botany.
The store upgrade programme makes a dramatic
difference to the ‘look and feel’ of the stores,
bringing in the latest ideas from our new store design
concepts, including LED lighting, redesigned fixtures,
personalised counters, click-and-collect storage
zones and dramatic new in-store signage.
Five more upgrades are planned for the second half
of the current year, in addition to the two under way
at the end of July 2022.
We are also excited about our plans to relocate our
existing Briscoes Homeware store in Ashburton to a
larger and better location and also the introduction
of a new Rebel Sport store as part of the same
development. The introduction of these stores
incorporating our latest design concepts will be a
great addition to retail in this catchment. We look
forward to opening both stores during the first half of
next year.
Half-year Review
The interim financial statements for the 26 week
period ended 31 July 2022 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 30 and 31)


Corporate Governance
The Group’s commitment to the highest standards
of governance and management, based on best
practice structures and policies, is explicit and
ongoing. The Board believes that such standards are
critical in meeting our responsibilities to shareholders,
our people, customers and suppliers.
This commitment is always important, but particularly
so in difficult and demanding operating environments
such as created by the Covid-19 pandemic.
It has always been a strong feature of the Group
that the Board and Executive teams work effectively
together and are aligned around the business
objectives.
7
Briscoe Group Limited Interim Report 2022
Directors’ Report
7

ESG
Your Board is committed to understanding and
implementing ways we can meet our obligations
to stakeholders as greater expectations and
a requirement for more transparency around
Environmental, Social and Governance practices
unfold. As presented in the most recent Annual
Report the Group is progressing on its ESG journey
and the cross functional working group is
co-ordinating and driving initiatives established as
part of the ESG framework.
As part of its risk management framework the Group
continues to monitor its exposure to climate related
risk and related regulatory reporting requirements. In
April 2021, the New Zealand Government introduced
a Bill to Parliament to mandate climate-related
financial disclosures.
Emissions measurement systems are currently being
implemented with a view to commence reporting
for the next financial year end (January 2024), in line
with legislative requirements currently being finalised


Better Steps for Tomorrow
Using the insights collected from our materiality
assessment earlier in the year we are focusing on the


















• People and culture
• Minimising waste and our climate impacts
• Enhancing our positive impact in our supply chain
by working with our strategic partners to build
robust supply policies and procedures
Recognising the role we can play in New Zealand and
to further support our knowledge we have recently
joined the Sustainable Business Council with a number
of senior leaders already being involved in training and
networking opportunities.

In the next six months we will focus on:
• Analysing our key baseline numbers around climate
and waste with a view to set appropriate targets
• Identifying opportunities to work with our supply
chain partners to further minimise environmental
impacts
• Continued removal of paper through digital picking,
E-Receipting and electronic shelf label trial
• Building on the $500,000 raised for Cure Kids
during the first half to target $1,000,000 for the full
year
• Setting up appropriate ongoing governance of
sustainability with the board and executive team
• Education and training of key staff to drive
awareness and ownership throughout the business
following areas:
Briscoe Group Limited Interim Report 2022
Directors’ Report8

Strategic Initiatives
We continue to focus on strategic change and
development, which is critical to the future of the
business. This work has been focused in three key
areas – enhancing the shopping experience, improving
our supply chain and developing new revenue streams.
The workstream on supply chain improvements
continued to progress and, as noted above, produced
significant gains to margin.
Other initiatives also continued to grow and contribute
to profitability:
• The ongoing introduction of new products online
that are shipped direct from suppliers to customers
• Continued development of our personalised
database communication tool, Emarsys
• The introduction of Tableau business intelligence
dashboards throughout our network
• The creation of a new on-shelf-availability tool for
use across the store network
• Stock processing efficiencies in-store and at our
distribution centre
• E-receipts live in all stores

Outlook
While the community appears to have adapted to
the Omicron outbreak and related circumstances, the
economic outlook for the rest of the year remains very
uncertain.
As we have previously indicated, the way profit falls
between the first and second halves of the current
year will probably be quite different to last year’s
pattern, given the significant impacts and timings
associated with supply chain disruptions and team
availability; and given the large number of trading
days lost through store closures during the outbreak
of the Delta variant of Covid-19 between August and
November 2021.
Not withstanding the more recent deterioration in
economic conditions, we believe there is significant
opportunity for the Group throughout the second half
of the year – and especially in the third quarter upon
comparison with that period of 2021.
Sales for August 2022 were more than 60% up on
those for the same month last year; and, for a more
direct comparison, 27.24% higher than for August
2019 (ie. pre-Covid-19).
Benefits from our strategic programme are on track to
meet expectations for the full year.
Given the solid first-half performance, together
with the promising start made to the second half of
the year, we believe the Group remains in a strong
position to be able to finish the year with NPAT ahead
of the $87.91 million delivered last year.
On behalf of the Board:
Dame Rosanne Meo (Chair)
Rod Duke
Andy Coupe
Tony Batterton
Mark Callaghan
9
Briscoe Group Limited Interim Report 2022
Directors’ Report
9

RETAIL
IS OUR
WORLD.
Briscoe Group Limited Interim Report 2022
Directors’ Report10

Supply Chain
Short-term pressures
Whilst the Global supply chains are far from back
to normality, the reduced government enforced
lockdowns have helped to regain some stability.
The cost of international freight has increased by
over 50% since the start of the pandemic. However
encouragingly shipping prices look to have peaked
and there is some softening in the global shipping
rates.
Shortages of skilled labour in New Zealand,
particularly in the warehousing hub of south
Auckland has created rapid inflation in wage rates
and a dramatic shortage in available team members.
As these supply chain pressures start to ease and
there is more predictability, we are rebalancing our
inventory to similar levels to pre-Covid-19. Average
cost prices will continue to inflate the cost of
inventory holding however, inventory levels are now
normalising.
Despite all of the short-term supply chain pressures,
we have successfully navigated them to increase our
product availability level and this has been rewarded
by sales growth.


Longer-term investment in capacity
and capability
The Covid-19 pandemic has clearly highlighted
that supply chains can be a strategic advantage
when running at the optimum levels. Due to many
consecutive years of growth, we have outgrown our
existing distribution centre in Auckland.
To ensure we have the supply chain network
to support the next decade of growth we have
completed our Network modelling with the help of
KPMG. This model has defined that we could grow
our physical space by circa 300% in Auckland and
create a capacity of up to 10,000sqm in the South
Island. These facilities will provide the ability to pick
both store and direct to customer demand for both
Briscoes and Rebel.
To ensure we leverage the maximum potential from
this additional capability we have recently created
a new GM of Supply Chain role. Darren Porteous
brings three decades of supply chain experience with
multinational supply chain providers including DHL
and Panalpina.
We have appointed international supply experts to
facilitate the DC design process. The process will
commence in October this year and forecasted to be
completed by end of January 2023.
Our potential investment in supply chain will build a
platform for continued growth across the next 10 - 15
years.
The Covid-19 Pandemic
has destroyed supply chain
predictability. To maximise the
control of supply our strategy
was to increase inventory levels
to help mitigate shortages. This
strategy has been a success and
one that has helped us to grow
in a challenging market.
11
Briscoe Group Limited Interim Report 2022
Supply Chain
11
Briscoe Group Limited Interim Report 2022
Supply Chain
11

Customer
Experience


Enhancing our customer experience
In today’s connected world we are aware that
customer expectations are at an all time high.
Our strategic plan has delivered a step change in
customer satisfaction levels across the Group.
By mapping out customer journeys, from research
through to purchase and then post purchase
aftercare, we have gained a deep understanding of
the key drivers of customer behaviour. This has been
used to identify the key areas of focus both online
and instore.
With over 50 million visits a year, our websites are
one of the key places our customer research begins.
Website enhancements have made the experience
more relevant, and easier to find products. Using our
automated email communication platform, we have
developed a deeper connection with our customers.
This is driving increased engagement with our
customer database as well as lifetime value.
The progress made in the first half despite the
Omicron outbreak has been significant. A relentless
focus on service has resulted in both Briscoes
Homeware and Rebel Sport achieving industry
leading Net Promotor Scores (NPS).
This has been complemented by the completion
of eight store refurbishments to our latest concept
design stores. The new light and airy store formats
provide improved space utilisation, enhanced lighting
levels, better visual merchandising, and flexible
seasonal spaces. These refreshed store formats
are delivering strong customer satisfaction levels,
significant increases in average basket values, and
higher team engagement.
Our online fulfilment model continues to evolve
through continuous improvement of our recently
deployed digital picking technology. We have
increased productivity while decreasing the time to
pick and fulfil orders. This improvement in efficiency
is helping to mitigate the higher labour and supply
chain costs, while making tasks easier and less
monotonous for our team.
An increased investment in new software in our
contact centre has enabled the teams to provide
quicker and higher quality resolution to customer
queries. The launch of Live Chat service, at a time
when contact centres have been inundated with
customer queries has enabled us to deliver record
service levels.
Briscoe Group Limited Interim Report 2022
Customer Experience12

RETAIL
IS OUR
WORLD.
13
Briscoe Group Limited Interim Report 2022
Customer Experience
13

Authorisation for Issue
The Board of Directors authorised the issue of these Consolidated Interim Financial Statements on
13 September 2022.
Approval by Directors
The Directors are pleased to present the Consolidated Interim Financial Statements for Briscoe Group Limited
for the 26 week period ended 31 July 2022. (Comparative period is for the 26 week period ended
1 August 2021).

Dame Rosanne Meo
CHAIRMAN



Rod Duke
GROUP MANAGING DIRECTOR
13 September 2022
For and on behalf of the Board of Directors
Directors’ Approval of Consolidated Financial Statements
For the 26 week period ended 31 July 2022
Briscoe Group Limited Interim Report 2022
Consolidated Financial Statements14
Briscoe Group Limited Interim Report 2022
Consolidated Financial Statements14

Notes
26 Week Period
Ended 31 July 2022
Unaudited
$000
26 Week Period
Ended 1 August 2021
Unaudited
$000
Sales revenue
367,946358,421
Cost of goods sold (200,009) (191,758)
Gross profit167,937166,663
Other income 1,6801,960
Store expenses (59,508) (54,809)
Administration expenses (40,093) (40,774)
Earnings before interest and tax 70,016 73,040
Finance income 718155
Finance costs (7,308)(7,144)
Net finance income/(costs) (6,590) (6,989)
Profit before income tax 63,426 66,051
Income tax expense (17,806) (18,590)
Net profit attributable to shareholders 545,620 47,461
Earnings per share for profit attributable
to shareholders:
Basic earnings per share (cents) 20.4921.33
Diluted earnings per share (cents) 20.4721.30
The above consolidated income statement should be read in conjunction with the accompanying notes.
Consolidated Income Statement
For the 26 week period ended 31 July 2022 (unaudited)
Briscoe Group Limited Interim Report 2022
Consolidated Financial Statements
15

Consolidated Statement of Comprehensive Income
For the 26 week period ended 31 July 2022 (unaudited)
Notes
26 Week Period
Ended 31 July 2022
Unaudited
$000
26 Week Period
Ended 1 August 2021
Unaudited
$000
Net profit attributable to shareholders

Other comprehensive income:
Items that will not be subsequently reclassified to profit or loss:
Change in value of investment in equity securities 8
Items that may be subsequently reclassified to profit or loss:
Fair value (gain)/loss recycled to income statement
Fair value gain taken to the cashflow hedge reserve
Deferred tax on fair value gain/(loss) taken to income statement
Deferred tax on fair value gain taken to cashflow hedge reserve
Total other comprehensive income
Total comprehensive income attributable to shareholders
The above consolidated statement of comprehensive income should be read in conjunction with the accompanying notes.
(3,873)
3,490
1,084
(977)
(12,482)
(12,758)
32,862
45,62047,461
3,840
2,993
446
(838)
(125)
6,316
53,777
Briscoe Group Limited Interim Report 2022
Consolidated Financial Statements16

Notes
31 July 2022
Unaudited
$000
1 August 2021
Unaudited
$000
30 January 2022
Audited
$000
ASSETS
Current assets
Cash and cash equivalents
97,581
93,926102,481
Trade and other receivables
5,193
5,5595,082
Inventories112,999101,091119,514
Derivative financial instruments
2,732
7643,137
Total current assets 218,505201,340230,214
Non-current assets
Property, plant and equipment 128,023124,335125,897
Intangible assets2,2352,2042,563
Right-of-use assets246,127246,118250,789
Deferred tax 14,30213,84014,184
Investment in equity securities852,32865,77064,810
Total non-current assets 443,015452,267458,243
TOTAL ASSETS661,520653,607688,457
LIABILITIES
Current liabilities
Trade and other payables71,68574,24180,785
Lease liabilities19,59918,99819,025
Taxation payable5,32011,82518,266
Derivative financial instruments99619-
Total current liabilities96,703105,683118,076
Non-current liabilities
Trade and other payables938892875
Lease liabilities266,191264,186270,193
Total non-current liabilities267,129265,078271,068
TOTAL LIABILITIES363,832370,761389,144
NET ASSETS297,688282,846299,313
EQUITY
Share capital1062,13661,99261,992
Cashflow hedge reserve2,108
Equity-based remuneration reserve445358566
Other reserves (35,525) (22,083)(23,043)
Retained earnings268,524242,560257,414
TOTAL EQUITY297,688282,846299,313
The above consolidated balance sheet should be read in conjunction with the accompanying notes.
Briscoe Group Limited Interim Report 2021
Briscoes Response to COVID-19
17
Consolidated Balance Sheet
As at 31 July 2022 (unaudited)
192,384
Briscoe Group Limited Interim Report 2022
Consolidated Financial Statements
17

Briscoe Group Limited Interim Report 2021
Director’s Report
1818
Briscoe Group Limited Interim Interim 2021
Briscoes Response to COVID-19
Consolidated Statement of Cash Flows
For the 26 week period ended 31 July 2022 (unaudited)
CASH AND CASH EQUIVALENTS AT END OF PERIOD
Notes
26 Week Period
Ended 31 July 2022
Unaudited
$000
OPERATING ACTIVITIES
Cash was provided from
Receipts from customers 368,005358,406
Rent received 113
Dividends received 1,440963
Interest received 495136
Insurance recovery 3131
369,954359,639
Cash was applied to
Payments to suppliers (217,729)(227,262)
Payments to employees (50,391)(45,277)
Interest paid (7,293)(7,145)
Net GST paid (16,647)(15,231)
Income tax paid (30,846)(19,247)
(322,906)(314,162)
Net cash inflows from operating activities 47,04845,477
INVESTING ACTIVITIES
Cash was provided from
Proceeds from sale of property, plant and equipment 2012
2012
Cash was applied to
Purchase of property, plant and equipment (7,652)(11,649)
Purchase of intangible assets (524)(671)
(8,176) (12,320)
Net cash outflows from investing activities (8,156)(12,308)
FINANCING ACTIVITIES
Cash was provided from
Net proceeds from borrowings 9--
--
Cash was applied to
Dividends paid 11(34,510)
Lease liabilities payments(9,403)
(43,913)
Net cash outflows from financing activities
Net decrease in cash and cash equivalents
Cash and cash equivalents at beginning of period
Foreign cash balance cash flow hedge adjustment
(5,021)
(43,913)
102,481
121
97,581
(30,045)
(39,608)
(6,439)
(39,608)
100,417
93,926
(52)
(9,563)
26 Week Period
Ended 1 August 2021
Unaudited
$000
The above consolidated statement of cash flows should be read in conjunction with the accompanying notes.
Briscoe Group Limited Interim Report 2022
Consolidated Financial Statements18

Briscoe Group Limited Interim Report 2021
Briscoes Response to COVID-19
19
Consolidated Statement of Changes in Equity
For the 26 week period ended 31 July 2022 (unaudited)
The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes.
Balance as at 30 January 2022
61,992566257,414299,313
Net profit attributable to shareholders for the
period
----45,62045,620
Other comprehensive income:
Change in value of investment in equity securities 8----
Net fair value loss taken through cashflow hedge
reserve
- ---
Total comprehensive income for the period - - 45,62032,862
Transactions with owners:
Dividends paid 11----
Performance rights charged to income statement --107--107
Performance rights exercised144----
Deferred tax on equity-based remuneration ----(84)
Balance as at 31 July 2022 62,1362,108268,524297,688
10
(276)
(276)
(144)
(12,482)
(12,482)
(35,525)
(84)
445
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 31 January 202161,839(2,457)444225,144259,047
Net profit attributable to shareholders for the
period
----
Other comprehensive income:
Change in value of investment in equity securities 8----
Net fair value gain taken through cashflow hedge
reserve
---
Total comprehensive income for the period --
Transactions with owners:
Dividends paid 11----
Performance rights charged to income statement ----
Performance rights exercised ----
Deferred tax on equity-based remuneration ----
Net profit attributable to shareholders for the
period
----
Other comprehensive income:
Change in value of investment in equity securities8----
Net fair value gain taken through cashflow
hedge reserve
----
Total comprehensive income for the period-40,448
Transactions with owners:
Dividends paid---- (25,594)
Performance rights charged to income statement----
Performance rights exercised-----
Deferred tax on equity-based remuneration----
10
3,840
-
3,840
(960)
(960)
-
Balance at 1 August 202161,992(22,083)35819
2,476
2,476
(153)
84
(17)
2,365
2,365
153
133
75
(25,923)
(12,482)
(276)
(34,510)
282,846
40,448
3,840
2,476
53,777
(30,045)
(17)
84
(960)
2,365
41,853
(25,594)
133
75
47,461
(34,510)
242,560
(30,045)
47,461
47,461
40,448
2,384
(23,043)
-
Briscoe Group Limited Interim Report 2022
Consolidated Financial Statements
19

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 30 January 2022 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 31 January 2022 to 31 July 2022. The comparative period
is in respect of the 26-week period 1 February 2021 to 1 August 2021. The year-end balance date will be 29 January 2023 and
full financial statements will cover the 52-week period 31 January 2022 to 29 January 2023. 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. The estimates and underlying assumptions are based on
historical experience and adjusted for current market conditions and other factors, including expectations of future events that
are considered to be reasonable under the circumstances. If outcomes within the next financial period are significantly different
from assumptions, this could result in adjustments to carrying amounts of the asset or liability affected. The same judgements,
estimates and assumptions included in the notes to the financial statements for the full year period ended 30 January 2022
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 31 July 2022 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 30 January 2022.


4. Seasonality
The Group’s revenue and profitability follow a seasonal pattern with higher sales and net profits typically achieved in the second
half of the financial year as a result of additional sales generated during the Christmas trading period.
Briscoe Group Limited Interim Report 2021
Director’s Report
2020
Briscoe Group Limited Interim Interim 2021
Briscoes Response to COVID-19
For the 26 week period ended 31 July 2022 (unaudited)
Notes to the Financial Statements
Briscoe Group Limited Interim Report 2022
Consolidated Financial Statements20

5. Segment Information
The Group is organised into two reportable operating segments, namely homeware and sporting goods, reflecting the different
retail sectors within which the Group operates. The parent Company is considered not to be a reportable operating segment.
Eliminations and unallocated amounts as shown below are primarily attributable to the Company. There were no inter-segment
sales in the period (2021: Nil).
Information in relation to the operations of each reportable operating segment is included below. Segment profit represents
the profit earned by each segment and is extracted from the income statements associated with the two trading subsidiary
companies, Briscoes (New Zealand) Limited and The Sports Authority Limited (trading as Rebel Sport). Earnings before interest
and tax (EBIT) is a non-GAAP measure and used to assess the performance of the operating segments. This measure should
not be viewed in isolation, nor considered as a substitute for measures reported in accordance with NZ IFRS. This non-GAAP
financial measure may not be comparable to similarly titled amounts reported by other companies.
For the period ended 31 July 2022
Homeware
$000
Sporting
Goods
$000
Eliminations/
Unallocated
$000
Total Group
$000
INCOME STATEMENT
Total sales revenue
228,739139,207-367,946
Gross profit 103,818 64,119-167,937
Earnings before interest and tax38,685 28,5652,76670,016
Finance income 18050038718
Finance costs (4,846) (2,414)(48)(7,308)
Net finance income / (costs)(4,666) (1,914)(10)(6,590)
Income tax expense(9,674) (7,463)(669)(17,806)
Net profit after tax 24,345 19,1882,08745,620
BALANCE SHEET
Assets374,322 235,52251,676
1.
661,520
Liabilities248,418 128,141(12,727)363,832
OTHER SEGMENTAL ITEMS
Acquisitions of property, plant and
equipment, intangibles and investments
4,870 3,306-8,176
Depreciation and amortisation expense 11,016 5,869-16,885
$000
1. Investment in equity securities 55,111
Intercompany eliminations(19,249)
Other balances 15,814
51,676
Briscoe Group Limited Interim Report 2021
Briscoes Response to COVID-19
21
Notes to the Financial Statements
For the 26 week period ended 31 July 2022 (unaudited)
Briscoe Group Limited Interim Report 2022
Consolidated Financial Statements
21

Briscoe Group Limited Interim Report 2021
Director’s Report
2222
Briscoe Group Limited Interim Interim 2021
Briscoes Response to COVID-19
For the 26 week period ended 31 July 2022 (unaudited)
Notes to the Financial Statements
6. Expenses
Profit before income tax includes the following specific (income) and expenses:
26 Week Period
Ended 31 July 2022
$000
26 Week Period
Ended 1 August 2021
$000
Depreciation of property, plant and equipment 5,1714,514
Amortisation of software costs851624
Depreciation of right-of-use assets10,86311,072
Interest on leases7,2617,073
Operating lease rental expense14419
Wages, salaries and other short-term benefits45,14642,686
Equity-based remuneration107
84
For the period ended 1 August 2021
Homeware
$000
Sporting
Goods
$000
Eliminations/
Unallocated
$000
Total Group
$000
INCOME STATEMENT
Total sales revenue
222,628 135,793-358,421
Gross profit 102,800 63,863-166,663
Earnings before interest and tax41,447 29,4142,17973,040
Finance income 231284155
Finance costs (4,747) (2,336)(61)(7,144)
Net finance income / (costs)(4,724) (2,208)(57)(6,989)
Income tax expense(10,355) (7,618)(617)(18,590)
Net profit after tax 26,368 19,5881,50547,461
BALANCE SHEET
Assets377,713 220,82155,073
1.
653,607
Liabilities255,159 134,069(18,467)370,761
OTHER SEGMENTAL ITEMS
Acquisitions of property, plant and
equipment, intangibles and investments
10,657 1,663-12,320
Depreciation and amortisation expense 10,368 5,842-16,210
$000
1. Investment in equity securities 68,554
Intercompany eliminations(15,385)
Other balances 1,904
55,073
Briscoe Group Limited Interim Report 2022
Consolidated Financial Statements22

Briscoe Group Limited Interim Report 2021
Briscoes Response to COVID-19
23
Notes to the Financial Statements
For the 26 week period ended 31 July 2022 (unaudited)
7. Property, Plant and Equipment
Acquisitions and disposals
During the 26-week period ended 31 July 2022, the Group acquired property, plant and equipment with a total cost of
$7,652,352 (2021: $11,648,804). Property, plant and equipment with a net book value of $355,461 (2021: $197,320) were
disposed of during the 26-week period ended 31 July 2022.
8. Investment in Equity Securities
During 2015 and 2019 Briscoe Group Limited acquired 48,007,465 shares in KMD Brands Limited (previously Kathmandu
Holdings Limited) for a total cost of $87,853,048. This holding represented an 6.77% ownership in KMD Brands Limited as at 31
July 2022. (2021: 6.77%).
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 31 July 2022.
1.
$000
At 31 January 202161,930
Additions-
Change in value credited to other reserves
At 1 August 2021 65,770
Additions-
Change in value credited to other reserves
At 30 January 2022 64,810
Additions-
Change in value credited to other reserves
At 31 July 202252,328
1. Fair value determined to be $1.09 ($2021: $1.37) per share as per NZX closing price of KMD Brands Limited
(previously Kathmandu Holdings Limited) as at 29 July 2022 (2021: 30 July 2021), Level 1 in fair value hierarchy.
3,840
(960)
(12,482)
Briscoe Group Limited Interim Report 2022
Consolidated Financial Statements
23

10. Share Capital
Authorised Shares
No. of Shares
Share capital
$000
At 31 January 2021 222,466,000 61,839
Issue of ordinary shares during the period:
Exercise of performance rights 90,300153
1.
At 1 August 2021222,556,300 61,992
Issue of ordinary shares during the period:
Exercise of performance rights --
At 30 January 2022 222,556,300 61,992
Issue of ordinary shares during the period:
Vesting of performance rights 89,286144
1.
At 31 July 2022 222,645,586 62,136
1. When performance rights are exercised the amount in the equity-based remuneration reserve relating to those performance
rights exercised is recognised in share capital. The amount recognised for the 89,286 shares issued during the 26 week period
ended 31 July 2022 was $143,969 ($153,376 for the 90,300 shares issued during the 26 week period ended 1 August 2021).
9. Interest bearing liabilities
There were no interest bearing liabilities as at 31 July 2022 (2021: Nil). The unsecured facility with the Bank of New Zealand
for $30 million in place at the last year-end balance date of 30 January 2022, was determined to be surplus to business
requirements and was terminated on 8 June 2022.
For the 26 week period ended 31 July 2022 (unaudited)
Notes to the Financial Statements
Briscoe Group Limited Interim Report 2022
Consolidated Financial Statements24

11. Dividends

All dividends paid were fully imputed. Supplementary dividends of $234,354 (2021: $206,690) were provided to shareholders
not tax resident in New Zealand, for which the Group received a Foreign Investor Tax Credit entitlement.
On 13 September 2022 the Directors resolved to provide for an interim dividend to be paid in respect of the period ended 29
January 2023. The dividend will be paid at the rate of 12.00 cents per share for all shares on issue as at 21 September 2022, with
full imputation credits attached.

12. Fair Value Measurements of Financial Instruments
The Group’s activities expose it to a variety of financial risks, market risk (including currency and interest rate risk), credit risk
and liquidity risk. The Group’s overall risk management programme seeks to minimise potential adverse effects on the Group’s
financial performance. The Group uses certain derivative financial instruments to hedge certain risk exposures.
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 30 January 2022. 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.
Period ended
31 July 2022
Period ended
1 August 2021
Period ended
31 July 2022
Period ended
1 August 2021
Cents per share Cents per share $000$000
Final dividend for the period ended
30 January 2022
15.50- 34,510 -
Final dividend for the period ended
31 January 2021
- 13.50 -
15.50 13.50 34,510 30,045
30,045
Notes to the Financial Statements
For the 26 week period ended 31 July 2022 (unaudited)
Briscoe Group Limited Interim Report 2022
Consolidated Financial Statements
25

For the 26 week period ended 31 July 2022 (unaudited)
Notes to the Financial Statements
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 31 July 2022:
As at
31 July 2022
$000
As at
1 August 2021
$000
As at
30 January 2022
$000
Assets
Derivative financial instruments2,7327643,137
Investment in equity securities52,32865,77064,810
Total Assets55,06066,53467,947
Liabilities
Derivative financial instruments99619-
Total Liabilities99619-
Briscoe Group Limited Interim Report 2022
Consolidated Financial Statements26

13. Related Party Transactions
During the 26-week period the Company advanced and repaid loans to its subsidiaries by way of internal transfers between
current accounts. In presenting the financial statements of the Group, the effect of transactions and balances between fellow
subsidiaries and those with the Parent have been eliminated.
Material transactions between the Company and its subsidiaries were:
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 $337,442 (2021: $337,442) from the Group, under an agreement to lease premises to
The Sports Authority Limited (trading as Rebel Sport). The remaining non-cancellable term of this lease is 0.7 years (2021: 1.7
years) with a payment commitment of $449,923 (2021: $1,124,807).
• Kein Geld (NZ) Limited, an entity associated with RA Duke, received rental payments (net of rental relief) of $283,637
(2021: $283,637) as owner of the Briscoes Homeware premises at Wairau Park, Auckland, under an agreement to lease
premises to Briscoes (NZ) Limited. During the half-year ended 31 July 2022 a new agreement to lease was negotiated. The
remaining non-cancellable term of this lease is 10.1 years (2021: 0.6 years) with a payment commitment of $6,546,259 (2021:
$330,910).
• RA Duke Trust (including RA Duke Limited) received dividends of $26,592,789 (2021: $23,161,462).
• P Duke, spouse of RA Duke, received payments of $32,500 (2021: $32,500) in relation to her employment as an overseas
buying specialist with Briscoe Group Limited and rental payments (net of rental relief) of $472,726 (2021: $461,196) as owner
of the Briscoes Homeware premises at Panmure, Auckland under an agreement to lease premises to Briscoes (NZ) Limited.
The remaining non-cancellable term of this lease is 8.8 years (9.8 years) with a payment commitment of $8,765,030 (2021:
$9,698,952).
26 Week Period
Ended 31 July 2022
$00
26 Week Period
Ended 1 August 2021
$000
Management fees charged by the Company to:
Briscoes (NZ) Limited9,0278,299
The Sports Authority Limited (trading as Rebel Sport)5,5635,108
Total management fees charged 14,59013,407
Dividends received by the Company from:
Briscoes (NZ) Limited 17,248 15,017
The Sports Authority Limited (trading as Rebel Sport) 17,248 15,016
Total dividends received 34,49630,033
Notes to the Financial Statements
For the 26 week period ended 31 July 2022 (unaudited)
Briscoe Group Limited Interim Report 2022
Consolidated Financial Statements
27

Directors received directors’ fees and dividends in relation to their personally-held shares as detailed below:
26 Week
Period Ended 31 July 2022
26 Week
Period Ended 1 August 2021
Directors’ FeesDividendsDirectors’ Fees
$000$000$000$000
Executive Director
RA Duke----
Non-Executive Directors
RPO’L Meo77-72-
AD Batterton41-40-
RAB Coupe432411
HJM Callaghan39-38-
20021911
Directors received dividends in relation to their non-beneficially held shares as detailed below:
26 Week Period
Ended 31 July 2022
26 Week Period









Ended 1 August 2021
$000$000
Executive Director
RA Duke 26,59323,161
Non-Executive Directors
RPO’L Meo1614
AD Batterton33
RAB Coupe--
HJM Callaghan--
26,61223,178
Notes to the Financial Statements
For the 26 week period ended 31 July 2022 (unaudited)
Dividends
Briscoe Group Limited Interim Report 2022
Consolidated Financial Statements28

14. Contingent liabilities
There were no contingent liabilities as at 31 July 2022 (2021: Nil).
15. Climate change related risks
As part of its risk management framework the Group continues to monitor its exposure to risk, including climate related risk and
related regulatory reporting requirements. Briscoe Group intends to review and report on exposure to climate related risk in line
with legislative requirements currently under development. Emissions measurement systems are currently being implemented
with a view to commence reporting for the financial year ended January 2024.

16. Events after balance date
On 5 August 2022 137,842 performance rights were issued to key senior executive under the Briscoe Group Senior Executive
Incentive Plan. The plan was established in 2019 and this is the 5th tranche of performance rights to have been issued under the
plan. The performance rights are subject to two growth hurdles in relation to absolute Total Shareholder Return and Earnings Per
Share, both of which are measured over a three year period.
On 13 September 2022 the directors resolved to provide for an interim dividend to be paid in respect of the 52-week period
ending 29 January 2023. The dividend will be paid at a rate of 12.00 cents per share on issue as at 21 September 2022, with full
imputation credits attached.
17. Accounting standards
The accounting policies applied are consistent with those of the annual financial statements for the period ended 30 January
2022, as described in those annual financial statements.
For the 26 week period ended 31 July 2022 (unaudited)
Notes to the Financial Statements
Briscoe Group Limited Interim Report 2022
Consolidated Financial Statements
29

PricewaterhouseCoopers, PwC Tower, 15 Customs Street West, Private Bag 92162, Auckland 1142 New Zealand
T: +64 9 355 8000, www.pwc.co.nz
Independent
To the shareholders of Briscoe Group Limited
Report on the consolidated interim financial statements
Our conclusion
We have reviewed the consolidated interim financial statements (interim financial statements) of
Briscoe Group Limited (the Company) and its controlled entities (the Group), which comprise the
consolidated balance sheet as at 31 July 2022, and the consolidated income statement, consolidated
statement of comprehensive income, the consolidated statement of changes in equity and the
consolidated statement of cash flows for the 26 week period ended on that date, and significant
accounting policies and other explanatory information.
Based on our review, nothing has come to our attention that causes us to believe that the
accompanying consolidated interim financial statements of the Group do not present fairly, in all
material respects, the financial position of the Group as at 31 July 2022, and its financial performance
and cash flows for the 26 week period then ended, 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).
Basis for conclusion
We conducted our review in accordance with the New Zealand Standard on Review Engagements
2410 (Revised) Review of Financial Statements Performed by the Independent Auditor of the Entity
(NZ SRE 2410 (Revised)). Our responsibilities are further described in the
ies for
the review of the interimfinancial statementssection of our report.
We are independent of the Group in accordance with the relevant ethical requirements in New
Zealand relating to the audit of the annual financial statements, and we have fulfilled our other ethical
responsibilities in accordance with these ethical requirements. Other than in our capacity as auditor we
have no relationship with, or interests in, the Group.
Responsibilities of Directors for theinterimfinancial statements
The Directors of the Group are responsible on behalf of the Group for the preparation and fair
presentation of these interim financial statements in accordance with IAS 34 and NZ IAS 34 and for
such internal control as the Directors determine is necessary to enable the preparation and fair
presentation of the interim financial statements that are free from material misstatement, whether due
to fraud or error.
interim financial statements
Our responsibility is to express a conclusion on the interim financial statements based on our review.
NZ SRE 2410 (Revised) requires us to conclude whether anything has come to our attention that
causes us to believe that the interim financial statements, taken as a whole, are not prepared in all
material respects, in accordance with IAS 34 and NZ IAS 34.
A review of interim financial statements in accordance with NZ SRE 2410 (Revised) is a limited
assurance engagement. We perform 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 and International Standards on
Auditing (New Zealand) and consequently does not enable us to obtain assurance that we might
30
Briscoe Group Limited Interim Report 2022
Independent Auditor’s Report
30

31
Briscoe Group Limited Interim Report 2022
Independent Auditor’s Report
31
PwC2
identify in an audit. Accordingly, we do not express an audit opinion on these interim financial
statements.
Who we report to
This report is made solely to the Group
Shareholders, as a body. Our review work has been
undertaken so that we might state 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.
Indumin
Senaratne (Indy Sena).
For and on behalf of:
Chartered AccountantsAuckland
13 September 2022

Directors
Dame Rosanne PO’L Meo (Chairman)
Rodney A. Duke
Anthony (Tony) D. Batterton
Richard A. (Andy) Coupe
Hugh J. M. (Mark) Callaghan
Registered Office
1 Taylors Road,
Morningside
Auckland
Telephone (09) 815 3737
Postal Address
PO Box 884
Auckland Mail Centre
Auckland
Solicitors
Simpson Grierson
Directory
Bankers
Bank of New Zealand

Auditors
PwC
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
Briscoe Group Limited Interim Report 2022
Supply Chain32
Briscoe Group Limited Interim Report 2022
Directory32

Notes
33
Briscoe Group Limited Interim Report 2022
Notes
33

Notes
Briscoe Group Limited Interim Report 2022
Supply Chain34
Briscoe Group Limited Interim Report 2022
Notes34

Notes
35
Briscoe Group Limited Interim Report 2022
Notes
35

briscoegroup.co.nz