Full Year Results to 29 January 2023

Results announcement




Results for announcement to the market
Name of issuer BRISCOE GROUP LIMITED
Reporting Period Full Year (52 weeks) – 31 January 2022 to 29 January 2023
Previous Reporting Period Full Year (52 weeks) – 1 February 2021 to 30 January 2022
Currency New Zealand Dollars
Amount (000s) Percentage change
Revenue from continuing operations $785,854 +5.6%
Total Revenue $785,854 +5.6%
Net profit/(loss) from continuing
operations
$ 88,437 +0.6%
Total net profit/(loss) $ 88,437 +0.6%
Final Dividend
Amount per Quoted Equity Security $ 0.16000000
Imputed amount per Quoted Equity
Security
$ 0.06222222
Record Date 23 March 2023
Dividend Payment Date 30 March 2023
Current period Prior comparable period
Net tangible assets per Quoted Equity
Security
$ 1.3768 $ 1.3334
A brief explanation of any of the
figures above necessary to enable the
figures to be understood
Please refer to the Commentary and the audited financial
statements released in conjunction with this announcement.

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

15/03/2023

Audited financial statements accompany this announcement.

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Briscoe Group Posts Record Profit and Sales

Briscoe Group Limited (NZX/ASX code: BGP)

Highlights for the full year ended 29 January 2023:
• Total sales $785.9 million, +5.56%
• Gross profit $345.9 million, +1.55%
• Online sales as mix of total Group sales, 18.97%
• Net profit after tax (NPAT) $88.4 million, (LY $87.9M)
• Final Dividend 16.0 cps
• Total Dividend for the year 28.0 cps, +3.70%

The directors of Briscoe Group Limited announce a record net profit after tax (NPAT) of $88.4 million for the
year ending 29 January 2023, up on the $87.9 million reported for the previous year.

Board Chair, Dame Rosanne Meo announced that the directors have resolved to pay a final dividend of 16.0
cents per share (cps). The dividend is fully imputed and, when added to the interim dividend of 12.0cps,
brings the total dividend for the year to 28.0cps, an increase of 3.70% on the prior year. The final dividend will
be paid on 30 March 2023. The share register will close to determine entitlements to the dividend at 5pm on
23 March 2023. The Company’s dividend policy is to pay out at least 60% of NPAT when calculated on a full-
year basis. “We were delighted to be able to reward our shareholders by increasing our interim dividend
earlier this year and also now with this final dividend announcement.

“To produce results ahead of last year’s record benchmark is a significant achievement and reinforces the
team’s ability to adapt quickly to an everchanging retail environment and to continue to differentiate Briscoe
Group from other retailers.”

Rod Duke, Group Managing Director, said: “We’re delighted to have produced a second half performance
which has not only made up the narrow profit deficit from half year but also enabled us to post another full
year record sales and profit performance. To achieve this considering the continued deterioration in economic
factors impacting consumer confidence and subsequent retail spending, is an outstanding achievement.

“We have a very strong core business which continues to prove its resilience amidst the varied challenges
faced by the Group across recent years. Our incredibly talented team continues to exceed expectations to
allow these results to be produced.”

The earnings were generated on sales revenue of $785.9 million, an increase of 5.56% on the $744.4 million
generated for the previous year.

Gross Margin dollars increased by $5.3 million, +1.55%, for the period with gross margin percentage
decreasing from 45.76% to 44.02%. Rod Duke said, “We are seeing margin pressure as the impacts of the
economic downturn are felt and the tightening of the retail sector squeezes margins in order to be more
competitive. As previously reported, we have invested a considerable amount of energy to protect as much

as possible of the 633 basis points gained in gross profit margin across the previous 2 years ended January
2021 and January 2022. We continue to see benefits from these initiatives and to close this year only 174
basis points below last year is a very reasonable result. Margin pressure is however ongoing, and we do not
underestimate the challenge ahead in order to protect as much of the significant margin gains made during
2020 and 2021 as we can.”

The Group’s online business again performed exceptionally well, and we continue to invest in developing
both the front and back-end platforms. Online revenue represents 18.97% of total Group sales for the year
ended 29 January 2023 and while this is below what was achieved last year on the back of enforced store
shutdowns, it is a significant step-change from the pre-Covid sales mix of around 11%. During the year the
online team implemented a number of developments to enhance performance. These included: the
implementation of a new product embellishment system to ensure there is great product content displayed
online, the implementation of the global tool, Fit Analytics, to ensure customers can be assured of selecting
the right garment size across all our sports apparel brands, introduction of same-day Click & Collect. In
addition, enhanced fulfillment processes were introduced to increase the speed of picking online orders and
improved order routing logic optimised speed of order to customer.

This year’s result includes $2.1 million (after tax) of dividends from the Group’s investment in KMD Brands
Limited compared to $1.7 million for the same period last year.

Inventories totaled $117.8 million at year-end, $1.7 million below the $119.5 million reported for last year.
Rod Duke said, “Our focus on inventory is relentless given the pressure on costs during the previous year
and the possible impact on margins if not managed properly. While the value of inventory has decreased
around 1%, the volume of inventory we are holding has actually decreased by around 11%. This lower level
of inventory is a significant advantage for the business as we enter a more subdued retail cycle than we have
seen for a number of years. Initiatives in relation to our inventory ordering processes – refining how, when
and what we purchase, as well as improving other inventory measures such as in-store availability, slow
moving items and stock obsolescence are all critical to optimizing our inventory management as well as
protecting the gross margin.

The Group’s balance sheet remains strong, with cash and bank balances of $149.9 million as at 29 January
2023 and no term debt. Approximately $26 million of creditor payments included in the trade payables
balance were subsequently paid on or before 31 January 2023.

During the year $16.5 million of capital investment was made by the Group of which $8.99 million represents
expenditure on the fit-out of refurbished stores. The balance of the capital investment was for online platform
improvements, security system upgrades and enhancements to system software and hardware.

Despite the difficult trading conditions and constraints in relation to team availability the Group progressed a
significant number of store development projects during the year. As reported at half year, five full-store
refurbishments were completed during the first-half. During the second half of this financial year
refurbishments were also completed at Briscoes Homeware Te Rapa as well as both the Briscoes Homeware
and Rebel Sport stores at Dunedin and Whangarei. Upgrades to both Group stores at Manukau has
commenced and are on track to be completed during the second quarter of 2023. We’re also very excited
about the opening of a brand-new Rebel Sport store in Ashburton in conjunction with the relocation of the
existing Briscoes Homeware store. These stores are due to open for Easter 2023. All the store upgrades
result in a dramatic difference to the look and feel of the stores and include the latest ideas from the new-
store design concepts including LED lighting, redesigned fixtures, personalized counters, click & collect
storage zones and dramatic new in-store signage.

Rod Duke said, “We continue to focus on progressing our strategic initiatives, which we see as critical to
protecting the foundation for growth moving forward. Many of the initiatives are now embedded as ‘business
as usual’ contributing to sales, gross profit and the Group’s bottom line.

“An important piece of work undertaken during the second half, with external assistance, has been to
complete a review of the Group’s warehousing and distribution requirements for the next decade. Current and
future state scenarios, automation suitability, warehouse management system requirements and distribution
centre design have all been assessed in order to produce a business case for Board approval. Once finalised
this will represent a significant initiative for the Group across the next 2-3 years.

“A number of other initiatives also continue to benefit the Group’s profitability. Examples of these include; the
ongoing introduction of expanded ranges of new products online which are shipped direct from suppliers to
customers, continued development of our personalised database communication tool (Emarsys), the
introduction of Tableau business intelligence dashboards throughout the Group’s 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 and e-receipts being trialed at a small group of stores. We have also commenced in-
store trials in relation to electronic shelf labeling in both Briscoes Homeware and Rebel Sport.

“We expect New Zealand retail in general to remain highly sensitive to ongoing uncertainty in relation to
deteriorating economic conditions, customer sentiment, cost pressures, higher interest rates and political
uncertainty given the upcoming general election. We do not underestimate just how challenging trading could
be and currently expect it to be difficult for the Group to replicate this year’s record profit result. However,
what is certain is the talent and dedication across our entire team to offer New Zealanders the best shopping
experience possible and to deliver continued strong performance.”

Group Chair Dame Rosanne Meo said, “Briscoe Group has again risen brilliantly to the challenges faced
during this latest year and the results do highlight, yet again, the Group’s ability to perform and deliver strong
performance during difficult trading conditions. However, we are acutely aware that these challenges remain
ongoing and there continues to be a high level of uncertainty in the trading environment.

On behalf of the Board, I would like to acknowledge the great work done by the entire Briscoe Group team.”

Wednesday 15 March 2023

Contact for enquiries:

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


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

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PricewaterhouseCoopers, 15 Customs Street West, Private Bag 92162, Auckland 1142, New Zealand
T: +64 9 355 8000, F: +64 9 355 8001, pwc.co.nz

41
Independent auditor’s report
To the shareholders of Briscoe Group Limited
Our opinion
In our opinion, the accompanying consolidated financial statements of Briscoe Group Limited (the
Company), including its subsidiaries (the Group), present fairly, in all material respects, the financial position
of the Group as at 29 January 2023, its financial performance and its cash flows for the 52-week period then
ended in accordance with New Zealand Equivalents to International Financial Reporting Standards (NZ
IFRS) and International Financial Reporting Standards (IFRS).
What we have audited
The Group's consolidated financial statements comprise:
● the consolidated balance sheet as at 29 January 2023;
● the consolidated income statement for the 52-week period then ended;
● the consolidated statement of comprehensive income for the 52-week period then ended;
● the consolidated statement of changes in equity for the 52-week period then ended;
● the consolidated statement of cash flows for the 52-week period then ended; and
● the notes to the consolidated financial statements, which include significant accounting policies and
other explanatory information.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (New Zealand) (ISAs (NZ))
and International Standards on Auditing (ISAs). Our responsibilities under those standards are further
described in the Auditor’s responsibilities for the audit of the consolidated financial statements section of our
report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
opinion.
Independence
We are independent of the Group in accordance with Professional and Ethical Standard 1 International
Code of Ethics for Assurance Practitioners (including International Independence Standards) (New Zealand)
(PES 1) issued by the New Zealand Auditing and Assurance Standards Board and the International Code of
Ethics for Professional Accountants (including International Independence Standards) issued by the
International Ethics Standards Board for Accountants (IESBA Code), and we have fulfilled our other ethical
responsibilities in accordance with these requirements.
Other than in our capacity as auditor we have no relationship with, or interests in, the Group.
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our
audit of the consolidated financial statements of the current period. These matters were addressed in the
context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon,
and we do not provide a separate opinion on these matters.

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Description of the key audit matter How our audit addressed the key audit matter
Inventory existence and valuation
At 29 January 2023, the Group held
inventories of $117.8 million. Given the
value of inventories relative to the total
assets of the Group, and the judgments
applied in provisioning against inventory
shrinkage, slow moving and obsolete
inventory, this has been considered a key
audit matter.
As described in note 3.1.3 to the
consolidated financial statements,
inventories are stated at the lower of cost
and net realisable value.
The Group has sophisticated inventory
systems in place to accurately record and
report inventory movements and the value of
inventory on hand. Cyclical counts of
inventories are performed at various times
throughout the period which includes an
assessment of slow moving and obsolete
stock. The cyclical counts provide
management with evidence over quantity
and quality of inventory on hand.
Management applies judgement in
determining inventory valuation, in particular
the level of provisions for inventory which is
expected to sell for less than cost due to
obsolescence, and adjustments for
unearned rebate income and inventory
shrinkage since the last stock count.

Our audit procedures included:
● gaining an understanding of inventory processes
and assessing the design of certain inventory
controls, particularly controls over the cyclical
counting process;
● observing management’s stocktake process at
selected locations and undertaking our own test
counts. For those locations not visited, on a
sample basis, inspecting the results of stock
counts and confirming stock count variances
were appropriately adjusted;
● on a sample basis, testing the cost of inventory
to supplier invoices or contracts providing
evidence to support the accuracy of inventory
costing;
● corroborating specific elements of our
understanding of the inventory provisioning
process with merchandising personnel outside of
the finance function;
● testing that period-end inventory is carried at
lower of cost and net realisable value by testing
a sample of inventory items to the most recent
retail price less costs to sell;
● on a sample basis, testing unearned rebate
income to supplier contracts;
● assessing the shrinkage provision by testing the
shrinkage rate used to calculate the provision
since the last store stock counts. This includes
comparing the rate used to the actual shrinkage
rates previously observed and reviewing the
level of actual inventory shrinkage recorded
during the current period; and
● performing analytical procedures over material
inventory provisions to assess adequacy.

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Description of the key audit matter How our audit addressed the key audit matter
Contingent liabilities
As disclosed in Note 6.3 of the consolidated
financial statements, proceedings were
served on 10 February 2023 against the
Group by a former supplier in relation to
representations allegedly made by the
Group concerning their trading relationship,
which the supplier claims contravened the
Fair Trading Act 1986 and the Contract and
Commercial Law Act 2017. The outcome of
the matter remains uncertain and the
damages sought by the former supplier have
not been quantified.
The Group has considered the claim and
disclosed the matter as a contingent liability
in the consolidated financial statements.
Due to the proceedings being at an early
stage and therefore, the judgements and
uncertainties involved, we have determined
that this is a key audit matter.



Our audit procedures included:
● reading the statement of claim that has been
served against the Group;
● discussing the matter with key management and
those charged with governance;
● reading the management paper on the matter;
● discussing the matter with the Group’s external
legal advisors;
● evaluating the Group’s assessment of the matter
as a contingent liability against the criteria
outlined in NZ IAS 37 Provisions, contingent
liabilities and contingent assets; and
● assessing the appropriateness of the associated
disclosure in the consolidated financial
statements.


Our audit approach
Overview

Overall group materiality: $6,150,000, which represents approximately
5% of profit before tax.
We chose profit before tax as the benchmark because, in our view, it is
the benchmark against which the performance of the Group is most
commonly measured by users, and is a generally accepted benchmark.
We selected transactions and balances to audit based on the overall
group materiality to Briscoe Group Limited at a consolidated level rather
than determining the scope of procedures to perform by auditing only
specific subsidiaries or entities.
As reported above, we have two key audit matters, being:
● Inventory existence and valuation
● Contingent liabilities

As part of designing our audit, we determined materiality and assessed the risks of material misstatement in
the consolidated financial statements. In particular, we considered where management made subjective
judgements; for example, in respect of significant accounting estimates that involved making assumptions
and considering future events that are inherently uncertain. As in all of our audits, we also addressed the

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risk of management override of internal controls, including among other matters, consideration of whether
there was evidence of bias that represented a risk of material misstatement due to fraud.
Materiality
The scope of our audit was influenced by our application of materiality. An audit is designed to obtain
reasonable assurance about whether the consolidated financial statements are free from material
misstatement. Misstatements may arise due to fraud or error. They are considered material if, individually or
in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the
basis of the consolidated financial statements.
Based on our professional judgement, we determined certain quantitative thresholds for materiality,
including the overall Group materiality for the consolidated financial statements as a whole as set out
above. These, together with qualitative considerations, helped us to determine the scope of our audit, the
nature, timing and extent of our audit procedures and to evaluate the effect of misstatements, both
individually and in aggregate, on the consolidated financial statements as a whole.
How we tailored our group audit scope
We tailored the scope of our audit in order to perform sufficient work to enable us to provide an opinion on
the consolidated financial statements as a whole, taking into account the structure of the Group, the
accounting processes and controls, and the industry in which the Group operates.
Other information
The Directors are responsible for the other information. The other information comprises the information
included in the Annual report and the final NZX announcement, but does not include the consolidated
financial statements and our auditor's report thereon. The Annual report and the final NZX announcement is
expected to be made available to us after the date of this auditor's report.
Our opinion on the consolidated financial statements does not cover the other information and we do not
and will not express any form of audit opinion or assurance conclusion thereon.
In connection with our audit of the consolidated financial statements, our responsibility is to read the other
information and, in doing so, consider whether the other information is materially inconsistent with the
consolidated financial statements or our knowledge obtained in the audit, or otherwise appears to be
materially misstated.
When we read the other information not yet received, if we conclude that there is a material misstatement
therein, we are required to communicate the matter to the Directors and use our professional judgement to
determine the appropriate action to take.
Responsibilities of the Directors for the consolidated financial statements
The Directors are responsible, on behalf of the Company, for the preparation and fair presentation of the
consolidated financial statements in accordance with NZ IFRS and IFRS, and for such internal control as
the Directors determine is necessary to enable the preparation of consolidated financial statements that are
free from material misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, the Directors are responsible for assessing the Group’s
ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using
the going concern basis of accounting unless the Directors either intend to liquidate the Group or to cease
operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the consolidated financial statements
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements, as
a whole, are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report
that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an
audit conducted in accordance with ISAs (NZ) and ISAs will always detect a material misstatement when it
exists. Misstatements can arise from fraud or error and are considered material if, individually or in the
aggregate, they could reasonably be expected to influence the economic decisions of users taken on the
basis of these consolidated financial statements.

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A further description of our responsibilities for the audit of the consolidated financial statements is located at
the External Reporting Board’s website at:
https://www.xrb.govt.nz/assurance-standards/auditors-responsibilities/audit-report-1/

This description forms part of our auditor’s report.
Who we report to
This report is made solely to the Company’s shareholders, as a body. Our audit work has been undertaken
so that we might state those matters which we are required to state to them in an auditor’s report and for no
other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone
other than the Company and the Company’s shareholders, as a body, for our audit work, for this report or
for the opinions we have formed.

The engagement partner on the audit resulting in this independent auditor’s report is Indumin Senaratne
(Indy Sena).
For and on behalf of:
Chartered Accountants
14 March 2023
Auckland

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Full Year
52 week period ended 29 January 2023

2.
Contents
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
Highlights
Sales
Gross Profit Margin %
Net Profit After Tax
Customer Satisfaction
Online Share of Sales
Online Experience
Introduction of VIP Clubs
Team
Sustainability
Strategy
Driving to Win
Financial Summary

3.
HighlightsYear ended29 January 2023
Record Sales
•Group sales +5.56% to $785.9m.
•Homeware sales +5.77% to $487.5m.
•Sporting goods sales +5.22% to $298.4m.
Online Performance
•Online sales 18.97% of total Group sales.
•Significantly enhanced development speed
with new strategic partner.
•Personalisation program delivering
increased customer life time value.
•Back-end fulfilment productivity and
process improvements driving industry
leading despatchspeed.
Record NPAT
•NPAT up 0.60% to $88.4m.
Strong Balance Sheet
•Net cash at period end$149.9m
(Excludes $26 million of creditors payments made
on 31 January 2023).
•Inventory level beginning to normaliseas
the global supply chain returns to normality.
•16 cents per share final dividend to be paid
30 March 2023.
Solid Gross Profit Performance
•Gross Profit 44.02%.
•Gross Profit $ +1.55% to $345.9m.
•Gross profit over 450 basis points higher
than pre covid levels.
Strategic Initiatives contributing to
increased profitability
•Record level of customer satisfaction
through Net Promoter Score (NPS) across
both stores and online.
•Inventory optimisationthrough enhanced
allocation and replenishment tools.
•Extended range delivering incremental
sales.

4.
Sales
Consistent Year-on-
year sales increases.
Continued strong
growth across
segments.
Core business, new stores,
online and strategic
initiatives driving growth.
48 Homeware and
42 Rebel Sport
stores.
Homeware
Rebel Sport
785.9

5.
Gross Profit Margin %
5.
•Continued strong margin
performance across both
Homewares and Sporting
Goods.
•Step-change vs Pre covid
(FY20) increase in Group GP%
driven by:
॰Detailed promotional
analysis and optimisationof
promotional activity.
॰Significant improvement in
seasonal product
availability.
॰Enhanced replenishment
algorithms for core products.
Increased Premium product
brand offering.
44.0%
॰

6.
Net Profit After Tax
(NPAT)
6.
Record NPAT driven by:
●Growth in Gross Profit dollars due to increased
sales.
●Record growth in VIP club members and
increasing life time value.
●Relentless focus on cost and inventory control.
●Supply chain initiatives delivering incremental
profitability.
●New revenue stream of direct to customer product
range extension now significant.
1. Includes $2.4M negative impact from adoption of NZ IFRS 16: Leases
88.4
1

7.
Customer Satisfaction -NPS
Record levels ofsatisfactionachieved
consistently for the past two years.
Online NPS launched in FY23 and the new
insights being used to target online user
experience improvements.

8.
Online Share of Sales
8.
Online mix remains strong however normalisingdue to
customers being able to shop in store this year.
Highlights:
●Increased digital media investment to capture more
digital media consumption by customers.
●Personalisationprogrammenow fully optimised,
automating over 200 million emails sent inFY23.
●New promotional cadence and merchandising strategy
embedded.
●Enhanced online order fulfilment routing implemented.

9.9.
Continuous improvement in
online customer experience
Fulfilled
1,747,717
ORDERS THIS YEAR
1.9
YE JAN 2022
AVG DAYS
TO PICK &
DESPATCH
0.8
YE JAN 2023
AVG DAYS
TO PICK &
DESPATCH
OVER 55% INCREASE IN SPEED TO DISPATCH
90
ALL
STORES
Launch of Same
Day C&C
70%
INCREASE IN ONLINE AVAILABILITY

10.10.
Introduction of omnichannel
VIP club
Increased Focus on
Customer Lifetime Value
Briscoes: Target >$450
Rebel Sport: Target >$350
%
Stores signing up to
10%
of all transactions
>830,000
Briscoes Club
UP 8.0%
Launchof store club sign up:
Club Rebel
>780,000
UP 3.3%
Significant growth in database size
Club revenue growth
•Total email revenue delivered(online
only) +15% increase on FY22.
•Automated lifecycle email programme
delivered +37.8% increase on FY22.
•Introduced 6 new email automations to
the Groupprogramme.

11.
82%
11.
Introducing PeakOnenabled us to run two successful rounds of
team member surveys with aggregate participation rate of 82%.
Employee engagement and identifying what is important to
team members enables targeted initiatives helping make
Briscoe Group a great place to work.
SCHOLARSHIPS
Team
Our focus on investing
in our people, systems and
processes enabled us to
increase team member
capabilities, competence
and confidence. Our team is
well positioned as we head
into the new year.
“
”
TEAM ENGAGEMENT
FIRST FOUNDATION
SCHOLARSHIPS
34
Briscoe Group, in partnership with the RA Duke Trust has
provided 34 scholarships through First Foundation since 2013.
Our relationship with First Foundation continues to deepen with
involvement in mentoring of scholars and leveraging Briscoe
Group’s development activities for First Foundation staff.
>17,500
RECRUITMENT &
RESOURCING
Despite a shortage of talent in the marketplace our refreshed
recruitment system and processes resulted in improved
candidate and manager experiences while enabling us to
effectively deal with over 17,500 job applications.
100%
During the year we introduced Mariner7 as our companywide
performance management and talent tracking system, and
implemented OneTrustto support our privacy programme.
All of these tools enable our managers and leaders to do
“more on the floor”.
NEW & IMPROVED
SYSTEMS & PROCESSES
59%
LEARNING &
DEVELOPMENT
With 59% of our Retail Management team having completed or
underway in our Management and Leadership program, we
have widened participation to leaders from our support
functions.
1
We facilitated the first round of our Wellbeing Focus Groups,
learning directly from our team what wellbeing means to them
and what support would be most valued.
HEALTH, SAFETY
& WELLBEING

12.
•Good progress has been made on our
commitments to increasing our positive
impact.
•Record breaking year for our fundraising
for Cure Kids at $1.05m and
surpassing$10m in donations since we
formed the partnership.
•Well advanced on the preparation for
Climate Related Disclosures (CRD)
requirements and collaborating closely
with other like-minded retailers to build
common solutions.
•Working closely with global
industryexperts to implement ethical
supplier policies and
conductrobustaudits across our
international supply chain.
Sustainability -
Our steps to a better tomorrow
•Set the policies, targets,
governance and reporting.
•Define our climate and waste
targets with programs of work
to support their achievement.
•More deliberate with our social
and community programs
ensuring we maximisepositive
impact.
•Embedding internal
governance including Climate
Related Disclosures.
2023 -2025
•Delivering on our
commitments toward zero
waste and emissions.
•Maximising our social impact
for a better New Zealand.
•Improving our status as an
employer of choice for our
people.
2025 -2030
•Zero emissions and waste
across our operations.
•Positive contributor to thriving
communities across all of New
Zealand.
BY 2050
12.
Electrificationof our forklifts.
Bringing our electrification
program forward to have a
full electric fleet by 2025.
Donated over 10,500ballsto
schools across New Zealand
this year,with nearly 60,000
balls donated since the
launch of our Pass It
Forwardpartnership.
Provided mental health
training for our team. Our
Employee Assistance
Program is used for
non-work-related support.
Engaged with several
external experts to help in
setting our Sustainability
and ESGstrategy
andunderstanding our
emissions profile.
Joined the Sustainable
Business Council and are a
member of the New Zealand
Retail Climate Scenario
Sector Group facilitated by
KPMG.

13.
Strategic initiatives delivering ahead of plan
2022
Step change in Online user
experienceenhancements
VIP Club for Briscoes and Rebel
Sportlaunched successfully
In store digital price and
promotionlabelling pilot live in 8 stores
Future supply chain network design
completed
Same day Click and Collect now live in
Briscoes and Rebel
Significantly increased North and South
Island distribution capability
Automated personalisationplatform
driving increased customer LTV
Over45 drop ship suppliers live –including
new product categories
2023 and Beyond
Customer Data platform implementation
New Product information management
suite launch
Roll out of digital price and promotion
labelling to all stores
Warehouse management
systemimplementation
North Island Distribution capacity
enhanced
Premium delivery options embedded for
online deliveries and returns
Accelerated new store concept
refurbishment plan
Target over 100 drop ship suppliers live –
including new international suppliers
FUTURE
SUPPLY CHAIN
NEW
REVENUES
Attract
Retain
Grow
CUSTOMER

14.14.
Drivingto win in a
challenging environment:
●Excellent trading performance in both Homewares and
Sporting goods.
●Strategic initiatives nearing completion and the program is
delivering ahead of expectations and now contributing
significant incremental profit.
●Record levels of growth in customer database, driven from
increasing levels of customer service.
●Relentless focus on Inventory has driven controlled levels of
inventory to minimiseimpact on margin.
●Continued investment in key Internal resources, such as
digital, planning and supply chain.
●Extremely strong balance sheet provides financial protection
and ability to fund strategic investment such as Supply
chain infrastructure.
●World class team.
●Business has proven again the agility to navigate uncertain
economic conditions.

15.
Financial Summary
1. Includes impact of adoption of NZ IFRS 16: Leases
2. Final dividend of 12.5cps cancelled as a result of COVID-19 pandemic
3. Includes special dividend of 6cps paid December 2020
4. Excludes $26 million of creditors payments made on 31 January 2023
FY Jan 19FY Jan 20FY Jan 21FY Jan 22FY Jan 23
HomewareRevenue -$000403,159410,908439,234460,887487,501
Sporting GoodsRevenue-$000228,760242,109262,563283,563298,353
Group TotalRevenue-$000631,919653,017701,797744,450785,854
OnlineMixofSales-%10.0%11.3%18.8%21.5%19.0%
Group Gross Margin -$000253,355257,502307,116340,642345,922
Group Gross Margin -%40.1%39.4%43.8%45.8%44.0%
Group EBIT -$00085,99597,223
1
115,886136,468135,494
Group EBIT -%toSales13.6%14.9%16.5%18.3%17.2%
Group NPAT -$00063,39362,58373,19987,90988,437
Group NPAT -%toSales10.0%9.6%10.4%11.8%11.3%
FreeCashFlow -$M (OperatingCash FlowlessCapex)49.060.381.176.6128.0
4
DividendsPerShare-cps20.08.5
2
28.5
3
27.028.0
EarningsPerShare-cps28.728.232.939.539.7
NetCashPosition-$M80.867.4100.4102.5149.9
4
InventoryTurnover -Xp.a.(COGS dividedbyaverage inventory)
4.94.74.43.8
3.7

16.
These MARKET LEADING brands continue to be relevant to our shoppers
in a very testing, yet dynamic marketplace. Wechallenge ourselves to
test and trial better ways of operating our business, to ensure these
Brands will continue to be successful and loved, now andLONG into the
future!

---

Distribution Notice




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 X Quarterly
Half Year Special
DRP applies
Record date 23/03/2023
Ex-Date (one business day before the
Record Date)
22/03/2023
Payment date (and allotment date for
DRP)
30/03/2023
Total monies associated with the
distribution
1

$ 35,623,293.76000000
Source of distribution (for example,
retained earnings)
Retained Earnings
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution
2
$0.22222222
Gross taxable amount
3
$0.22222222
Total cash distribution
4
$0.16000000
Excluded amount (applicable to listed
PIEs)
$-
Supplementary distribution amount $0.02823529
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
$0.06222222
Resident Withholding Tax per
financial product
$0.01111111
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 275633167
Contact email address geoff@briscoes.co.nz
Date of release through MAP

15/03/2023





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