Interim Report for period ended 30 July 2023

Interim Report
For the 26 week period ended 30 July 2023
RETAIL
IS OUR
WORLD.

Contents

04 Directors’ Report

08


F
irst Foundation Partnership


10
Sustainability


13
Directors’ Approval


14
C
onsolidated Income Statement

15 Consolidated Statement
of Comprehensive Income

16

C
onsolidated Balance Sheet


17
C
onsolidated Statement of Cash Flows

18 Consolidated Statement
of Changes in Equity

19 No
tes to Financial Statements

28 Independent Auditor’s Review Report

30 Directory

31 N
otes
2Briscoe Group Limited Interim Report 2023

3Briscoe Group Limited Interim Report 2023

Directors’
Report
The Group continued to
perform well during the latest
half-year, posting a very
solid earnings performance,
and making further progress
on strategic development
initiatives to drive future growth.
Briscoe Group Limited Interim Report 2023 | Directors Report4

Your Board considers that the Group’s senior management,
with the support of operational teams in every part of the
business, has adjusted well to this environment. It was a
notable performance to achieve record sales during the
half-year. At the same time a range of measures was taken
to limit the impact of cost and margin pressures on profit.

Conditions became progressively less favourable
throughout the half-year, with reduced consumer
confidence and spending across the retail sector. At the
same time there were additional cost pressures with general
cost inflation and through wage growth. The overall impact
is that retailers across the sector have struggled to maintain
profitability.
The Board has a deep appreciation of the performance of
the entire Briscoe Group team during what continues to
be a challenging and sometimes stressful era in retail. We
recognise that economic developments have imposed a
range of pressures on our people. We thank them for their
continued efforts and we will continue to invest in support
of their wellbeing, safety, performance, engagement,
education and training.
The Group continues to be guided by principles that have
served it well over a long timeframe – to offer a compelling
and enjoyable shopping experience, to provide customers
with access to trusted international brands and product
lines, and to provide options for customers to do business
with us in the way that suits the individual best in any
situation. Given the Group’s proven capability to perform
in both favourable and more difficult times, your Board
continues to look ahead with confidence.
Our Impressive People
The Briscoe Group team continues to take on the
challenges in our operating environment and thrive
among them. The strength of their satisfaction and their
commitment to producing superior results is demonstrated
by increasing scores on our team engagement survey,
reductions in labour turnover and the quality of the wider
business outcomes.
We are particularly mindful that the economic pressures
faced by customers are felt just as keenly by our team
members and their households. Following an increase of
7.0% on wage rates in 2022 a further increase at the same
level was provided to our frontline team from the end of
April 2023.

We are also conscious that pay equity is an integral
component of our people being and feeling valued.
We are pleased that our analysis demonstrates less than
1% variation in pay when assessed solely based on gender.
We remain committed to supporting the career progression
of our female team members, through preparing them for
the next steps in their careers and through ensuring that
opportunities for more senior roles are both visible
and attractive.
The Group continues to evolve its practices to balance the
needs of the team with the other needs of the business.
When the World Health Organisation determined in May
2023 that Covid-19 was no longer a global public health
emergency we decided that we would revert, from June
2023, to the historical norm of using individual team
members’ sick leave balances when they are unwell and
unable to attend work. This ended a period of more than
three years in which the Group bore the cost of Covid-
related illness to avoid imposition on team members.
Strong Trading Performance
The Group achieved an increase in revenue, with growth
in both the Homeware and Sporting Goods segments – a
strong performance in a difficult trading environment.
While net profit after tax (NPAT) was lower than that for the
previous comparable period, it was still the third-highest
half-year NPAT the Group has ever achieved and 51% higher
than that posted in 2019, before the Covid era.
Solid Financial Results
The Group generated record sales revenue of $369.24
million, an increase of 0.35% on the same period last year.
Homeware sales increased by 0.28% from $228.74 million
to $229.39 million, and Sporting Goods sales by 0.46% from
$139.21 million to $139.85 million.
NPAT was $42.75 million, compared to $45.62 million
achieved in last year’s first half.

Gross margin percentage declined from 45.64% to 43.73%.
Like all retailers, Briscoe Group continues to face margin
pressure from a number of factors as the effects of the
ongoing economic downturn are felt. As previously reported,
gross margin is a major focus for the Group and we continue
to see pressure as the effects of the economic downturn are
felt. Our goal for the full year remains to be able to protect
around half of the 633 basis points in gross profit margin
gained during the years ended January 2021 and January
2022.

The Group received a dividend of $1.44 million from its
investment in KMD Brands Limited, matching the amount
received for the same period last year.

Interest income increased by $2.0 million, predominantly as
a result of significantly increased interest rates.

Both the store network and the online platform performed
well. It was encouraging to see a return to physical stores
as the peak of the Covid era receded, producing a shift in
the balance between our bricks and mortar sales and online
sales, with the former showing slightly higher growth. The
online business produced 18.33% of Group sales for the half.

The increase in retail crime continues to have a significant
operational and economic impact. Over the past two years
Briscoe Group Limited Interim Report 2023 | Directors Report5

the Group has suffered seven ram raid attacks and at least
12 other significant break-ins, causing substantial property
damage and stock loss.
Inventory at 30 July was $120.21 million, up from $113.00
million at the equivalent time last year. This included
inventory for the new Rebel Sport store opened in April and
additional inventory purchased ahead of major sporting
events taking place in 2023; however, most of the increase
reflects significant supply chain cost increases, with the
increase in actual volume held being less than 1%. We
consider that the current level of inventory has the business
in good shape to cater for the level of demand and trading
patterns anticipated during the current year.

Strong Financial Position

The Group’s balance sheet remains strong, with a cash
balance of $126.90 million at 30 July, compared to $97.58
million held at the same time last year. Approximately $18
million of creditor payments included in the trade payables
balance were paid subsequently (on 31 July).

Increased Dividend

The directors resolved to pay an interim dividend of
12.5 cents per share (cps), compared to the previous
interim dividend of 12.00 cps. Books closed to determine
entitlements at 5pm on 20 September 2023 and payment
will be made on 11 October 2023. The company’s dividend
policy is to pay out at least 60% of NPAT calculated on a
full-year basis.

Continued Investment In Store Network

Despite the difficult trading conditions, the Group
progressed a number of store establishment or development
projects during the first half.

A new Rebel Sport store was opened in Ashburton in April,
in conjunction with the relocation of the existing Briscoes
Homeware store. Both stores have been received extremely
well within the local catchment and we are very pleased
with their trading performance.

Three full-store refurbishments were completed – at
Briscoes Homeware Whangarei, Rebel Sport Taupo and
Rebel Sport Manukau. Refurbishments at Briscoes Manukau
and Rebel Sport Invercargill will be completed by the end of
the year.

The upgrade programme makes a dramatic difference to
the ‘look and feel’ of the stores, typically incorporating the
latest ideas from our new store design concepts including
LED lighting, enhanced fixtures, personalised counters,
click-and-collect storage zones, dramatic in-store signage,
updated backlit in-store graphics, exposed concrete floors
and accent hard floor areas in key departments.

Online Initiatives

A number of initiatives were completed during the half-year,
including:

• Implementation of a new product information system

• Introduction of enhanced online buying guides
connected through QR codes for in-store customers

• Improving the customer’s experience of the reviews
platform

• Integration of the ‘StarShipit’ shipping platform to
improve both courier and fulfilment productivity

• Development and introduction of a new order priority
flag to assist our internal web teams.

We will continue to invest in a wide range of initiatives
to improve both the customer-facing front end and the
administration and fulfilment focused back end of the online
platform.
Strategic Development Initiatives
The Group continued to invest in projects to build the
strength of what is becoming a truly integrated trading
platform. The opportunity to move seamlessly between
in-store, online and click-and-collect shopping is now an
embedded feature of our offering to customers and is
clearly valued by them. Meanwhile the infrastructure built to
support that capability has expanded the opportunities for
new services and enhanced customer interactions, and for
upgraded backroom functions. We are not at the end of this
process, but we have come a long way and the advances
made will be foundational for future growth.
Our strategy programme has been focused on three key
areas – enhancing the customer experience, improving our
supply chain and developing new revenue streams.

The introduction of new products online under the ‘Direct-
to-Customer’ (Dropship) model – with orders being shipped
direct from our suppliers to our customers – continued
successfully. We expect sales from this model to exceed $10
million during the current year and are excited about the
momentum it is generating.

A number of new quality brands were secured during the
first half. Varying product ranges from Dyson, Samsung and
Ecoya will be available from Briscoes Homeware by the end
of the year. The Huffer brand was launched into 11 Rebel
Sport stores and the rollout is continuing during the second
half.

Digital marketing screens were deployed across all Briscoes
Homeware and Rebel Sport stores as part of our programme
to leverage retail media across the store network and the
online platform. This initiative provides existing and new
supply partners with opportunities to showcase a range of
Briscoe Group Limited Interim Report 2023 | Directors Report6

product communications direct to our customers. We see
great opportunity in the online channel to enhance value
across our customer database and in web traffic.
Our electronic shelf label (ESL) programme progressed to
trial during the first half, with implementation in eight stores
across the Briscoes Homeware and Rebel Sport networks.
The programme is working towards replacement of in-store
price ticketing with centrally controlled electronic labels,
bringing efficiencies to pricing as well as cost savings in
labour and ticketing production. The trial will continue
throughout the second half of this year.

As we near the end of these strategic initiatives, we have
begun the planning phase to extend our strategic plan for
another three years.
Distribution Centre Project
Our project to establish a new distribution centre advanced
significantly through completion of the design stage, the
selection of a new warehouse management system provider,
selection of an automation provider, and the short-listing of
potential sites for a new build. The state-of-the-art facility
will step-change our capability in distribution and related
areas, enhancing inventory management across the entire
BGP network and thus delivering significant performance
and efficiency benefits.
Half-year Review
The interim financial statements for the 26-week
period ended 30 July 2023 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 28 and 29).

Corporate Governance

The Group has an explicit and ongoing commitment to the
highest standards in governance and management, based
on best practice structures and policies. We believe that
such standards are critical in meeting our responsibilities
to shareholders, our people, customers, suppliers and other
stakeholders.
It has always been a strong feature of our governance
programme that the Board and Executive teams work
effectively together and are aligned around the business
objectives.

As noted previously, we are committed to understand
and deliver on our obligations in regard to Environmental,
Social and Governance practices, which the Company has
embraced as part of its overall Sustainability programme.
Significant progress has been made across a broad
spectrum of initiatives established as part of this framework.
More detailed information is in the Sustainability section of
this report, beginning on page 10.

Outlook

The Group maintains a set of highly positive fundamentals
including the strength and resilience of its business model,
the strong fit of a ‘big box’ trading platform within the
modern retail environment, the market profile in Homeware
and Sporting Goods, and the ability to offer customers a
wide range of trusted international brands at great value.

We remain cautious on the retail environment as we see
ongoing uncertainty in relation to economic conditions,
consumer sentiment, cost pressures, higher interest rates
and political uncertainty given the upcoming election.

As previously reported, we expect it to be difficult to
replicate the previous full year’s record NPAT of $88.4
million. Nevertheless, given the level of performance in the
first half we are optimistic about producing a strong second-
half result.

On behalf of the Board
Dame Rosanne Meo (Chair)
Rod Duke
Tony Batterton
Andy Coupe
Mark Callaghan
From left: Andy Coupe, Rod Duke, Mark Callaghan, Dame Rosanne Meo (Chair) and Tony Batterton.
Briscoe Group Limited Interim Report 2023 | Directors Report7

Proud
Partner
of First
Foundation
Pictured, Henry Foubister
We’ve been a proud First
Foundation Partner since 2013
and have been a principal sponsor
for two years. We’re very proud to
support their mission of providing
students access to higher
education, and together we’ve
supported over 30 bright young
Kiwis whose circumstances made
it harder to attend university.
Briscoe Group Limited Interim Report 2023 | First Foundation8

Briscoe Group, with the generous support of the RA Duke
Trust, has been a proud partner of First Foundation since
2013. Together, our focus has been on helping members of
the Briscoe Group team or their immediate family members
take their first successful steps towards tertiary study. The
First Foundation programme supports gifted Kiwi students in
successfully transitioning from school into higher education
and from higher education into fulfilling careers. Our
scholars are commonly ‘first in family’ to participate in
tertiary education and the programme works to disrupt
disadvantage and overcome barriers to taking the step
towards higher education. The success of this partnership
has enhanced the prospects of our scholars, empowering
them to forge meaningful career paths supported by
financial assistance, mentorship, and the opportunity to work
for us alongside their studies.

All Briscoe Group First Foundation scholars receive:

• $12,000 towards university costs over their first three
years

• A dedicated mentor throughout their studies

• Access to First Foundation’s Student Support Team and
Leadership Programme

• Paid work experience with Briscoe Group.

The influence of our partnership with First Foundation
extends throughout the lives of our scholars, creating
a lasting impact that extends to their whānau, schools,
communities, and workplaces. Our efforts contribute to
the positive and inclusive transformation of Aotearoa New
Zealand, fostering an environment where every individual
has the opportunity to achieve, prosper, and lead - no matter
their circumstances.
Testimonies from our scholars

Henry Foubister
Solicitor, Mahony Horner Lawyers

“I graduated from the University of Canterbury in 2021
with a Bachelor of Laws and a Bachelor of Arts, majoring in
Political Science and International Relations, and History.

After university, I moved up to Wellington and was offered a
job in the Māori Legal Team at Mahony Horner Lawyers. The
work we do mainly revolves around progressing claims of
our Māori clients in the Waitangi Tribunal for breaches of Te
Tiriti o Waitangi.

The Briscoe Group First Foundation Scholarship was a key to
getting me through university. Of course, the financial aspect
of the scholarship is extremely valuable, but I’d also mention
the importance of consistent and flexible employment
provided by Briscoes that enabled me to support myself
while studying and was flexible come exam time.”

Elizabeth Fall
Experienced Retail Sales Assistant, Rebel Sport Hastings

“I am studying for a Bachelor of Business Studies and
looking to major in Management and Marketing at the
Eastern Institute of Technology (EIT). So far, I’ve found the
content really intriguing and applicable in my workplace.

My favourite thing about working at Briscoe Group is the
variety of skills I’m learning, as well as the opportunity to
meet new people. I have learned many useful skills that are
transferable to everyday life and will be a great foundation
for future roles. I can meet heaps of new people at work and
learn from their different areas of expertise. There is always
something new to learn in retail, a fast-paced industry that is
constantly evolving.

The Briscoe Group First Foundation Scholarship has
supported me in my studies through financial assistance,
work experience and mentorship. This has allowed me to
decide where and what to study, not based on money, but
on what would work best for me. The financial assistance
is something that I greatly appreciate. Working for Briscoe
Group while studying business has allowed me to see and
apply what I am learning in a hands-on way, while also
having other opportunities, such as an internship.

Rachelle, my mentor, has been able to introduce me to
people that I would not have otherwise had the opportunity
to meet. Our conversations have allowed me to think deeper
and explore ideas from a different perspective, which is
always beneficial.

The scholarship is creating a firm foundation to build upon
using the skills and knowledge I will gain from the degree,
and with the hands-on skills I will have learnt through work
experience with Briscoe Group.”
Elizabeth Fall receiving her
First Foundation Scholarship.
Briscoe Group Limited Interim Report 2023 | First Foundation9

Sustainability
Our Steps to a Better Tomorrow
During the first half we have made consistent progress
across all the sustainability pillars of our “Steps to a Better
Tomorrow” program.

Key progress made on initiatives includes:

• We have enhanced our sustainability governance
framework and Sustainability is now a standing agenda
item at the monthly board meetings, complemented by
sustainability focused supplementary board meetings

• We have performed an in-depth policy gap
analysis and identified a work stream of new
policies focused on sustainability, some of which
we have already put in place

• Working closely with Thinkstep-anz we have
completed a comprehensive Group Carbon
Inventory review and are now in the process of
conducting due diligence to establish our
inaugural climate targets

• We are collaborating with Verisio, to maintain our
commitment to training and assessing suppliers
in alignment with our code of conduct. So far, we
have directly interacted with around 200 of our
key suppliers

• We’ve conducted thorough site visits and audits
related to waste management, aiming to define
targets and gain the assurance needed to initiate
new pilot programs

• We converted three stores to electric forklifts
and installed cardboard balers in 4 stores. The
efficient use of balers helps us to improve our
waste diversion

Cardboard Baler
installed at our
Botany store
Briscoe Group Limited Interim Report 2023 | Sustainability10

• In collaboration with Downlights NZ we
released the Curo range of candles and diffusers
handcrafted by the team at Downlights NZ into our
Briscoes stores. Downlights is a NZ-owned luxury artisan
candle & fragranced products company that creates
accessible employment and skill growth opportunities for
young New Zealanders with Down Syndrome & cognitive
disabilities. A certified social enterprise, Downlights donates
$1 NZD from every Downlights candle sold via the
Downlights Charitable Trust

• Another strong start to the fundraising year for
Cure Kids with $415k raised in the first half of the
year to 30 July 2023

• In August we held our biggest ever Rebel Sport 24 Hour
Team Challenge seeing 18 teams come together to take
on an incredible physical challenge, in support of Kiwi kids
who face challenges every day, and raising a record $160k.
In the second half of the year we will be focusing on:

• Roll out of electric forklifts to a further four stores

• Setting our inaugural climate and waste targets with
credible roadmaps

• Embedding a pilot program in partnership with
“Eco Central” across nine stores in the Christchurch region.
This initiative aims to assess strategies for circular economy
thinking and reducing our landfill waste

• Our ongoing collaboration with suppliers as we
communicate our recently established policies. We are
actively exploring avenues for proactive collaboration to
address crucial concerns such as human rights, climate
change and waste

• Looking for ways to engage our suppliers on our journey to
reduce greenhouse gas emissions

• Building on the $415k raised for Cure Kids during the first
half to target another record year of over $1,000,000
in donations

• Refreshing our team wellbeing program which is due to be
launched by the end of the year.
Climate Related Disclosures

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.
We are well underway with our preparation towards our
first Climate statement to be issued for the full year ending
January 2024 in line with the Aotearoa New Zealand
Climate Standards.

In collaboration with other major Aotearoa New Zealand-
based retailers and KPMG we have now developed
Integrated Climate Change Scenarios for New Zealand’s
Retail Sector. KPMG has released a public version of this
report titled “The futures of retail” available on their website.
The climate scenarios shared in the report confront a new
reality and can be used by all retailers, as well as other
sectors, to inform them on how to prepare their businesses
for the impacts of climate change, and to collaboratively
meet the challenges and opportunities that lie ahead.

We are in the process of interrogating these scenarios
through the lens of our unique business model, strategy, and
value chain to assess our business specific climate related
risks and opportunities and their anticipated impacts.
Rebel Sport 24 Hour Challenge Participants
celebrating together at the end of the challenge.
The Downlights
NZ team with a
candle from the
Curo Range.
Briscoe Group Limited Interim Report 2023 | Sustainability11

RETAIL
IS OUR
WORLD.
Briscoe Group Limited Interim Report 2023 | Directors Report12

Authorisation for Issue
The Board of Directors authorised the issue of these Consolidated Interim Financial Statements
on 12 September 2023.
Approval by Directors
The Directors are pleased to present the Consolidated Interim Financial Statements for Briscoe Group Limited for
the 26 week period ended 30 July 2023. (Comparative period is for the 26 week period ended 31 July 2022).

For the 26 week period ended 30 July 2023
Directors’ Approval of Consolidated Financial Statements
Dame Rosanne Meo
CHAIRMAN

Rod Duke
GROUP MANAGING DIRECTOR
12 September 2023
For and on behalf of the Board of Directors
Briscoe Group Limited Interim Report 2023 | Consolidated Financial Statements13

Notes
$000

$000
Sales revenue369,237367,946
Cost of goods sold
(207,773) (200,009)
Gross profit
161,464167,937
Other income1,9631,680
Store expenses (60,329)(59,508)
Administration expenses
(38,881)(40,093)
Earnings before interest and tax
64,21770,016
Finance income 2,674 718
Finance costs
(7,493)(7,308)
Net finance income/(costs)(4,819) (6,590)
Profit before income tax59,398 63,426
Income tax expense
(16,648) (17,806)
Net profit attributable to shareholders
542,75045,620
Earnings per share for profit attributable to shareholders:
Basic earnings per share (cents)

19
.1920.49
Diluted earnings per share (cents)
19.1720.47
The above consolidated income statement should be read in conjunction with the accompanying notes.

For the 26 week period ended 30 July 2023 (unaudited)
26 Week Period
Ended 30 July 2023
Unaudited
26 Week Period
Ended 31 July 2022
Unaudited
Consolidated Income Statement
Briscoe Group Limited Interim Report 2023 | Consolidated Financial Statements14

Notes
















$000

















$000
Net Profit attributable to shareholders
42,75045,620
Other comprehensive income:
Items that will not be subsequently reclassified
to profit or loss:
Change in value of investment in equity securities8
(6,721)
(12,482)
Items that may be subsequently reclassified to
profit or loss:
Fair value loss/(gain) recycled to income statement 181 (3,873)
Fair value gain taken to the cashflow hedge reserve3,6533,490
Deferred tax on fair value (loss)/gain taken to
income statement
(51) 1,084
Deferred tax on fair value gain taken to cashflow
hedge reserve
(1,023)(977)
Total other comprehensive income(3,961)(12,758)
Total comprehensive income attributable to shareholders
38,78932,862
The above consolidated statement of comprehensive income should be read in conjunction with the accompanying notes.

For the 26 week period ended 30 July 2023 (unaudited)
26 Week Period
Ended 30 July 2023
Unaudited
26 Week Period
Ended 31 July 2022
Unaudited
Consolidated Statement of Comprehensive Income
Briscoe Group Limited Interim Report 2023 | Consolidated Financial Statements15

As at 30 July 2023 (unaudited)
Consolidated Balance Sheet
408,863
Notes
30 July 2023
Unaudited
$000
31 July 2022
Unaudited
$000
29 January 2023
Audited
$000
ASSETS
Current assets
Cash and cash equivalents126,89897,581149,874
Trade and other receivables3,7615,1936,184
Inventories120,211112,999117,792
Derivative financial instruments1,2192,73240
Total current assets
252,089218,505273,890
Non-current assets
Property, plant and equipment134,711128,023130,292
Intangible assets2,0592,2351,994
Right-of-use assets240,224246,127243,701
Deferred tax16,04414,30216,622
Investment in equity securities844,16752,32850,888
Total non-current assets437,205443,015443,497
TOTAL ASSETS
689,294661,520717,387
LIABILITIES
Current liabilities
Trade and other payables92,76271,685109,181
Lease liabilities19,51219,59919,791
Taxation payable1,3755,32011,308
Derivative financial instruments81992,513
Total current liabilities
113,73096,703142,793
Non-current liabilities
Trade and other payables859938892
Lease liabilities
263,000266,191265,178
Total non-current liabilities263,859267,129266,070
TOTAL LIABILITIES
377,589363,832
NET ASSETS
311,705297,688
308,524
EQUITY
Share capital1062,34462,13662,136
Cashflow hedge reserve8912,108(1,869)
Equity-based remuneration reserve402445575
Other reserves(43,686)(35,525)(36,965)
Retained earnings
291,754268,524284,647
TOTAL EQUITY311,705297,688308,524
The above consolidated balance sheet should be read in conjunction with the accompanying notes.
Briscoe Group Limited Interim Report 2023 | Consolidated Financial Statements16

Notes


$000


$000
OPERATING ACTIVITIES
Cash was provided from
Receipts from customers 370,498368,005
Rent received3211
Dividends received1,4401,440
Interest received 2,914495
Insurance recovery163
374,900369,954
Cash was applied to
Payments to suppliers (242,355) (217,729)
Payments to employees(48,079)(50,391)
Interest paid(7,494)(7,293)
Net GST paid (16,813) (16,647)
Income tax paid (27,183) (30,846)
(341,924) (322,906)
Net cash inflows from operating activities 32,97647,048
INVESTING ACTIVITIES
Cash was provided from
Proceeds from sale of property, plant and equipment
1020
1020
Cash was applied to
Purchase of property, plant and equipment (10,000) (7,652)
Purchase of intangible assets
(772)(524)
(10,772)(8,176)
Net cash outflows from investing activities(10,762)(8,156)
FINANCING ACTIVITIES
Cash was provided from
Net proceeds from borrowings
9--
--
Cash was applied to
Dividends paid11(35,643) (34,510)
Lease liability payments
(9,769)(9,403)
(45,412)(43,913)
Net cash outflows from financing activities(45,412)(43,913)
Net decrease in cash and cash equivalents(23,198) (5,021)
Cash and cash equivalents at beginning of period 149,874102,481
Foreign cash balance cash flow hedge adjustment 222121
Cash and cash equivalents at end of period 126,898 97,581
The above consolidated statement of cash flows should be read in conjunction with the accompanying notes.

For the 26 week period ended 30 July 2023 (unaudited)
26 Week Period
Ended 30 July 2023
Unaudited
26 Week Period
Ended 31 July 2022
Unaudited
Consolidated Statement of Cash Flows
Briscoe Group Limited Interim Report 2023 | Consolidated Financial Statements17

For the 26 week period ended 30 July 2023 (unaudited)
Consolidated Statement of Changes in Equity
Balance at 29 January 202362,136 (1,869)575(36,965) 284,647308,524
Net profit attributable to shareholders for the period---- 42,750 42,750
Other comprehensive income:
Change in value of investment in equity
securities
8---(6,721)-(6,721)
Net fair value gain taken through cashflow
hedge reserve
-2,760---2,760
Total comprehensive income for the period-2,760- (6,721)42,75038,789
Transactions with owners:
Dividends paid11----(35,643)(35,643)
Performance rights charged to income
statement
-- 142-- 142
Performance rights vested10208-(208)---
Deferred tax on equity-based remuneration--(107)--(107)
Balance at 30 July 202362,344891402(43,686)291,754311,705
The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes.
Notes
Share
Capital
Unaudited
















$000
Cas
hflow
Hedge
Reserve
Unaudited
Equity-Based
Remuneration
Reserve
Unaudited





Other
R
eserves
Unaudited















$000
R
etained
Earnings
Unaudited















$000
T
otal
Equity
Unaudited















$000



$000



$000
Balance at 30 January 202261,9922,384566(23,043) 257,414299,313
Net profit attributable to shareholders for the period---- 45,620 45,620
Other comprehensive income:
Change in value of investment in equity
securities
8---(12,482)-(12,482)
Net fair value gain taken through cashflow
hedge reserve
-(276)---(276)
Total comprehensive income for the period-(276)-

45,62032,862
Transactions with owners:
Dividends paid11----(34,510)(34,510)
Performance rights charged to income
statement
-- 107-- 107
Performance rights vested10144-(144)---
Deferred tax on equity-based remuneration--(84)--(84)
Balance at 31 July 202262,1362,108445(35,525)268,524297,688
Net profit attributable to shareholders for the period---- 42,81742,817
Other comprehensive income:
Change in value of investment in equity
securities
8---(1,440)-(1,440)
Net fair value gain taken through cashflow
hedge reserve
- (3,977)--- (3,977)
Total comprehensive income for the period- (3,977)-(1,440) 42,817 37,400
Transactions with owners:
Dividends paid---- (26,718) (26,718)
Performance rights charged to income
statement
--169--169
Performance rights vested-- --- -
Performance rights forfeited-- (24)-24 -
Deferred tax on equity-based remuneration--(15)--(15)
(12,482)
Briscoe Group Limited Interim Report 2023 | Consolidated Financial Statements18

Briscoe Group Limited Interim Report 2023 | Consolidated Financial Statements19
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 29 January 2023 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 from 30 January 2023 to 30 July 2023. The comparative
period is in respect of the 26-week period from 31 January 2022 to 31 July 2022. The year-end balance date will be 28 January
2024 and full financial statements will cover the 52-week period from 30 January 2023 to 28 January 2024. 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 29 January 2023 have been
applied to these interim financial statements.
3. Accounting Policies
The interim financial statements of the Group for the 26-week period ended 30 July 2023 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 29 January 2023.
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.
For the 26 week period ended 30 July 2023 (unaudited)
Notes to the Financial Statements

Briscoe Group Limited Interim Report 2023 | 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 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 (2022: 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 26 week period ended 30 July 2023 (unaudited)
Notes to the Financial Statements
For the period ended 30 July 2023
Homeware
Sporting
goods
Eliminations/
UnallocatedTotal Group
$000$000$000$000
INCOME STATEMENT
Total sales revenue 229,391 139,846- 369,237
Gross profit 100,900 60,564- 161,464
Earnings before interest and tax37,948 23,304 2,965 64,217
Finance income5701,870 234 2,674
Finance costs(5,023)(2,469) (1)(7,493)
Net finance income/(costs) (4,453) (599) 233 (4,819)
Income tax expense (9,503) (6,358) (787) (16,648)
Net profit after tax 23,992 16,347 2,411 42,750
BALANCE SHEET ITEMS:
Assets 386,519 259,936 42,839
1.
689,294
Liabilities 259,265 136,507 (18,183) 377,589
OTHER SEGMENTAL ITEMS:
Acquisitions of property, plant and
equipment, intangibles and investments
8,722 2,050- 10,772
Depreciation and amortisation expense 11,276 6,215- 17,491
$000
1. Investment in equity securities46,950
Intercompany eliminations(22,330)
Other balances18,219
42,839

Briscoe Group Limited Interim Report 2023 | Consolidated Financial Statements21
For the period ended 31 July 2022
Homeware
Sporting
goods
Eliminations/
UnallocatedTotal Group
$000$000$000$000
INCOME STATEMENT
Total sales revenue228,739 139,207- 367,946
Gross profit103,81864,119-167,937
Earnings before interest and tax38,68528,5652,76670,016
Finance income18050038718
Finance cost(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 tax24,34519,1882,08745,620
BALANCE SHEET ITEMS:
Assets 374,322 235,52251,676
1.
661,520
Liabilities 248,418 128,141 (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 11,0165,869- 16,885
$000
1. Investment in equity securities55,111
Intercompany eliminations(19,249)
Other balances15,814
51,676
For the 26 week period ended 30 July 2023 (unaudited)
Notes to the Financial Statements

Briscoe Group Limited Interim Report 2023 | Consolidated Financial Statements22
6. Expenses
Profit before income tax includes the following specific expenses:
26 Week Period
Ended 30 July 2023
26 Week Period
Ended 31 July 2022
$000$000
Depreciation of property, plant and equipment5,5215,171
Amortisation of software costs707851
Depreciation of right-of-use assets11,26310,863
Interest on leases7,4927,261
Operating lease rental expense38144
Wages, salaries and other short-term benefits46,41845,146
Equity-based remuneration
142107
7. Property, Plant and Equipment
Acquisitions and disposals
During the 26-week period ended 30 July 2023, the Group acquired property, plant and equipment with a total cost of $9,999,800
(2022: $7,652,352). Property, plant and equipment with a net book value of $60,212 (2022: $355,461) were disposed of during
the 26-week period ended 30 July 2023.
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 a 6.75% ownership in KMD Brands Limited as at 30 July 2023.
(2022: 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 30 July 2023
1.
.

$000
At 30 January 202264,810
Additions-
Change in fair value credited to other reserves(12,482)
At 31 July 2022 52,328
Additions-
Change in fair value credited to other reserves (1,440)
At 29 January 2023 50,888
Additions-
Change in fair value credited to other reserves (6,721)
At 30 July 202344,167
1. Fair value determined to be $0.92 ($2022: $1.09) per share as per NZX closing price of KMD Brands Limited (previously Kathmandu Holdings
Limited) as at 28 July 2023 (2022: 29 July 2022), Level 1 in fair value hierarchy.
For the 26 week period ended 30 July 2023 (unaudited)
Notes to the Financial Statements

Authorised Shares
No. of Shares
Share capital
$000
At 30 January 2022
222,556,30061,992
Issue of ordinary shares during the period:
Vesting of performance rights 89,286 144
1.

At 31 July 2022
222,645,58662,136
Issue of ordinary shares during the period:
Vesting of performance rights--
At 29 January 2023
222,645,58662,136
Issue of ordinary shares during the period:
Vesting of performance rights120,192208
1.
At 30 July 202362,344
1. When performance rights vest, the amount in the equity-based remuneration reserve relating to those performance rights vested is transferred to
share capital. The amount transferred for the 120,192 shares issued during the 26 week period ended 30 July 2023 was $207,634 ($143,969 for the
89,286 shares issued during the 26 week period ended 31 July 2022).
222,765,778
Briscoe Group Limited Interim Report 2023 | Consolidated Financial Statements23
For the 26 week period ended 30 July 2023 (unaudited)
Notes to the Financial Statements
9. Interest Bearing Liabilities
There were no interest bearing liabilities as at 30 July 2023 (2022: Nil).
All dividends paid were fully imputed. Supplementary dividends of $238,534 (2022: $234,354) were provided to shareholders
not tax resident in New Zealand, for which the Group received a Foreign Investor Tax Credit entitlement.

On 12 September 2023 the Directors resolved to provide for an interim dividend to be paid in respect of the period ended
28 January 2024. The dividend will be paid at the rate of 12.50 cents per share for all shares on issue as at 20 September 2023,
with full imputation credits attached.
10. Share Capital
11. Dividends
Period ended
30 July 2023
Period ended
31 July 2022
Period ended
30 July 2023
Period ended
31 July 2022
Cents per shareCents per share$000$000
Final dividend for the period ended 29 January 202316.00-35,643-
Final dividend for the period ended 30 January 2022-15.50-34,510
16.0015.5035,64334,510

The following table presents the Group’s assets and liabilities that are measured at fair value at 30 July 2023:
As at
30 July 2023
$000
As at
31 July 2022
$000
As at
29 January 2023
$000
ASSETS
Derivative financial instruments1,2192,73240
Investment in equity securities44,16752,32850,888
TOTAL ASSETS
45,38655,06050,928
LIABILITIES
Derivative financial instruments
81992,513
TOTAL LIABILITIES
81992,513
Briscoe Group Limited Interim Report 2023 | Consolidated Financial Statements24
For the 26 week period ended 30 July 2023 (unaudited)
Notes to the Financial Statements
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 29 January 2023. 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.

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.

Briscoe Group Limited Interim Report 2023 | Consolidated Financial Statements25
For the 26 week period ended 30 July 2023 (unaudited)
Notes to the Financial Statements
Material transactions between the Company and its subsidiaries were:
26 Week Period
Ended 30 July 2023
26 Week Period
Ended 31 July 2022
$000$000
Management fees charged by the Company to:
Briscoes (NZ) Limited10,2249,027
The Sports Authority Limited (trading as Rebel Sport)6,2725,563
Total management fees charged16,49614,590
Dividends received by the Company from:
Briscoes (NZ) Limited17,81217,248
The Sports Authority Limited (trading as Rebel Sport)17,81217,248
Total dividends received35,62434,496
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 Company have been eliminated.
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 of $356,647 (2022: $337,442) from the Group, under an agreement to lease premises to The Sports Authority
Limited (trading as Rebel Sport). During the half-year ended 30 July 2023 the final right of renewal was exercised under the
lease agreement. The remaining non-cancellable term of this lease is 2.7 years (2022: 0.7 years) with a payment commitment
of $1,953,333 (2022: $449,923)
• Kein Geld (NZ) Limited, an entity associated with RA Duke, received rental payments of $300,317 (2022: $283,637) as owner
of the Briscoes Homeware premises at Wairau Park, Auckland, under an agreement to lease premises to Briscoes (NZ) Limited.
The remaining non-cancellable term of this lease is 9.1 years (2022: 10.1 years) with a payment commitment of $5,934,247
(2022: $6,546,259)
• During the period, Kein Geld Westgate Limited, an entity associated with RA Duke formed an unincorporated joint venture
known as Westgate Lifestyle Centre Joint Venture. This joint venture purchased the Westgate Lifestyle Shopping Centre at
Westgate, Auckland, which included the Briscoes Homeware and Rebel Sport premises. As a result, from 1 May 2023 rental
payments of $141,286 (2022: Not applicable) were received under the pre-existing agreement to lease premises to Briscoes
(NZ) Limited. The remaining non-cancellable term of this lease is 1.8 years (2022: Not applicable) with a payment commitment
of $989,003 (2022: Not applicable). The joint venture also received rental payments of $75,313 (2022: Not applicable) under
the pre-existing agreement to lease premises to The Sports Authority Limited. The remaining non-cancellable term of this lease
is 1.8 years (2022: Not applicable) with a payment commitment of $527,192 (2022: Not applicable)
• RA Duke Trust (including RA Duke Limited) received dividends of $27,450,621 (2022: $26,592,789)
• P Duke, spouse of RA Duke, received payments of $32,500 (2022: $32,500) in relation to her employment as an overseas
buying specialist with Briscoe Group Limited and rental payments of $484,256 (2022: $472,726) 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 7.8 years (2022: 8.8 years) with a payment commitment of $7,796,519 (2022: $8,765,030).

Briscoe Group Limited Interim Report 2023 | Consolidated Financial Statements26
Directors received directors’ fees and dividends in relation to their personally-held shares as detailed below:
26 Week Period
Ended 30 July 2023
Directors’ Fees
26 Week Period
Ended 30 July 2023
Dividends
26 Week Period
Ended 31 July 2022
Directors’ Fees
26 Week Period
Ended 31 July 2022
Dividends
$000$000$000$000
Executive Director
RA Duke----
Non-Executive Directors
RPO’L Meo77-77-
AD Batterton41-41-
RAB Coupe432432
HJM Callaghan39-39-
20022002
For the 26 week period ended 30 July 2023 (unaudited)
Notes to the Financial Statements
14. Contingent Liabilities
A proceeding for unspecified damages by a former supplier against Briscoes (New Zealand) Limited and Briscoe Group was
served on 10 February 2023. It relates to representations allegedly made by the Group concerning their trading relationship,
which the supplier claims contravened the Fair Trading Act and the Contracts and Commercial Law Act. The Group firmly
denies the allegations and is actively defending the claim. It is not practical to estimate the potential effect or the timing of
the claim as the proceeding is at an early stage and the damages sought are currently unquantified. (2022: Nil).
Directors received dividends in relation to their non-beneficially held shares as detailed below:
26 Week Period
Ended 30 July 2023
26 Week Period
Ended 31 July 2022
$000$000
Executive Director
RA Duke27,45126,593
Non-Executive Directors
RPO’L Meo1616
AD Batterton33
RAB Coupe--
HJM Callaghan--
27,47026,612

Briscoe Group Limited Interim Report 2023 | Consolidated Financial Statements27
15. Climate 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 will commence reporting on exposure to climate related risk in line with
the Aotearoa New Zealand Climate Standards for the financial year ended 28 January 2024. Assessment of the financial impacts
of climate related risks and opportunities has not yet been completed but as at the date of these financial statements the Group
has not identified any material impacts to disclose. Emissions measurement systems are now in place and will be reported on for
the financial year ended 28 January 2024.
16. Events After Balance Date
On 3 August 2023 206,445 performance rights were issued to key senior executives under the Briscoe Group Senior Executive
Incentive Plan. The plan was established in 2019 and this is the 6th 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 12 September 2023 the Directors resolved to provide for an interim dividend to be paid in respect of the 52-week period
ending 28 January 2024. The dividend will be paid at a rate of 12.50 cents per share on issue as at 20 September 2023,
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 29 January 2023,
as described in those annual financial statements.

There were no new standards applied during the period ended 30 July 2023.
For the 26 week period ended 30 July 2023 (unaudited)
Notes to the Financial Statements

Briscoe Group Limited Interim Report 2023 | Independent Auditor’s Report28

Briscoe Group Limited Interim Report 2023 | Independent Auditor’s Report29

Briscoe Group Limited Interim Report 2023 | Directory30
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 1025
New Zealand
Telephone +64 9 815 3737
Postal Address
PO Box 884
Auckland Mail Centre
Auckland
New Zealand

Websites
www.briscoegroup.co.nz
www.briscoes.co.nz
www.rebelsport.co.nz
Solicitors
Simpson Grierson
Bankers
Bank of New Zealand
Auditors
PwC
Share Registrar
Link Market Services Limited
Level 30
PwC Tower
15 Customs Street West
Auckland 1010
New Zealand
Telephone +64 9 375 5998
Directory

Briscoe Group Limited Interim Report 2023 | Notes31
Notes

Briscoe Group Limited Interim Report 2023 | Notes32
Notes

Briscoe Group Limited Interim Report 2023 | Notes33
Notes

34Briscoe Group Limited Interim Report 2023

35Briscoe Group Limited Interim Report 2023

briscoegroup.co.nz