Half Year Sales to 30 July 2023

Briscoe Group Sales to 30 July 2023


The directors of Briscoe Group Limited (NZX/ASX code: BGP) announce unaudited sales
for the 26-week half-year to 30 July 2023 of $369.2 million, an increase of 0.35% on the
$367.9 million reported for the same period ended 31 July 2022. The Group’s homeware
segment increased sales by 0.28% during this period and the sporting goods segment by
0.46%.

Group Managing Director Rod Duke said, “We’re pleased with the sales we’ve produced for
this first half. To achieve positive sales growth for both homeware and sporting goods given
the continued negative economic factors impacting consumer confidence and retail spending
is a solid first half performance for the Group. It’s encouraging to see a return to physical
stores with the Group’s bricks and mortar sales showing higher growth than online sales for
the half.

“Our online channel continues to perform well and represents 18.33% of Group sales for the
half as we continue to invest in both the front and back-end platforms.

“We were delighted to open a brand-new Rebel Sport store in Ashburton during April in
conjunction with the relocation of the existing Briscoes Homeware store. Both stores have
been received exceptionally well by the local catchment and we are very pleased with how
they are trading.

“Gross margin remains a major focus for the Group, and we continue to see pressure as the
impacts of the economic downturn are felt. Our goal for the full year remains to be able to
show that the Group can protect around half of the 633 basis gross profit margin points
gained during the 2 years ended January 2021 and January 2022. While we expect the gross
profit margin percentage for the first half to be around 200 basis points below last year, with
the plans we have in place we do not expect the same amount of decline for the second half.

“The retail environment continues to be difficult and unpredictable to navigate from an
economic perspective and the widely reported explosion in retail crime continues to have a
significant operational as well as economic impact. Over the last two years the Group has
suffered seven ram raid attacks and at least 12 other significant break-ins causing substantial
property damage and stock loss. Of even more concern, is the ever-increasing level of abuse
and aggressive behaviour our store teams have to endure. We have significantly increased
our capital investment in security initiatives to ensure our team feel as safe as possible when
they are working in our stores and I would like to once again, thank the entire team for their
continued commitment and outstanding efforts during this half. It is greatly appreciated and
acknowledged by all of the Group’s directors.

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


“We expect New Zealand retail to remain highly sensitive to ongoing uncertainty in relation to
economic conditions, customer sentiment, cost pressures, higher interest rates and political
uncertainty given the upcoming election. As previously reported, we expect it to be difficult for
the Group to replicate last year’s full-year record net profit after tax (NPAT) result of $88.4
million. In relation to the half-year ended 30 July 2023 we are confident of producing a half-
year net profit after tax (NPAT) in excess of $42 million, compared to the $45.6 million
reported for the first half of last year.”

Briscoe Group expects to release its half-year results on 13 September 2023, including
declaration of an interim dividend.


Wednesday 9 August 2023

Contact for enquiries:

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