Full Year Sales to 28 January 2024

Sales to 28 January 2024
Record Full-Year Sales

Briscoe Group Limited (NZX/ASX code: BGP)

Highlights:
• Record full-year (52 weeks) Group sales $792.0 million, beating last year by +0.78%
• Full year Homeware sales growth, also ahead of last year, by+0.54%
• Full year Sporting goods sales growth, +1.17% improvement on last year
• Full year Online sales as mix of total Group sales, 18.72%
• Full Year gross profit margin to be at least 42.30%
• Closing inventories to be at least $10 million below last year
• Expected full-year net profit after tax (NPAT) to be in excess of $83 million which will
represent at least 94% of last year’s record NPAT
• Announcement of full year results including final dividend - 13 March 2024

Full year: 30 January 2023 – 28 January 2024 (52 weeks):
The directors of Briscoe Group Limited announce unaudited sales for the full-year, 52-week
period to 28 January 2024 of $792.0 million, an increase of 0.78% on the $785.9 million
reported for last year.

Both segments delivered sales growth - the homeware segment increased sales by 0.54%
during the full year and the sporting goods segment increased by 1.17% for the full year.

2
nd
Half: 31 July 2023 – 28 January 2024 (26 weeks):
Unaudited sales for the 2
nd
half, 26-week period ended 28 January 2024 were $422.7 million,
1.15% ahead of the $417.9 million for the 26-week 2
nd
half period of last year.

For the 2
nd
half, the homeware segment sales increased on last year by 0.76% with the
sporting goods segment increasing by 1.79%.

Commentary
Group Managing Director, Rod Duke said: “I’m excited and delighted to announce another
year of record sales. To post positive sales growth across both trading segments in a year
widely regarded as extremely difficult for retail trade, is an outstanding achievement.

“Our business model has again demonstrated how relevant and flexible it is irrespective of
existing economic conditions. The team’s focus on improving critical performance measures
through enhanced process and technology continues to translate into improved sales, gross
profit, inventories and ultimately, customer experience.

“We’re again pleased with our online performance which has held up well during the year and
will represent 18.72% of total Group sales for the year ended 28 January 2024, virtually
unchanged from last year’s 18.97%. Developments and enhancements have driven both
functionality and productivity improvements across the E-Commerce platform during the year.

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).


“Gross margin remains an important focus for the Group and despite increasing margin
pressure from the impacts of weaker economic conditions, I’m extremely proud that we will
meet our goal to protect around half of the 633 gross profit basis points gained during the 2
years ended January 2021 and January 2022. We expect the Group’s final reported full-year
margin to be at least 42.30% which would result in 287 basis points (45%) of the 633 points
being maintained since January 2022.

“Inventory has been another area which has enabled us to deliver sales growth and meet our
gross profit margin goals. We have invested considerable energy into refining how, when and
what we purchase, as well as improving a number of other inventory measures. Whilst there
are still some year-end procedures to be completed to determine the final inventory value, the
Group will close our financial year at least $10 million under last year’s closing value of
$117.8 million.”

The Group will benefit from around $3.2 million of improved net interest income compared to
the previous year as a result of improved cash balances and higher interest rates.

Rod Duke said, “As previously reported the Group will not match last year’s net profit after tax
(NPAT) of $88.4 million but we do now expect the result to be in excess of $83 million. This
represents the achievement of at least 94% of last year’s record NPAT - a remarkable
performance given the difficult trading conditions experienced across the retail market.

“We believe the challenging retail environment will continue into the 2024 calendar year and
do not underestimate how difficult trading will be. However, we have a very strong core
business which has proven to be very resilient, exciting initiatives to drive growth and an
incredibly talented team which positions the Group to continue to outperform most other
retailers in New Zealand.”

The Group is due to report its full year result, including announcement of final dividend, on
Wednesday 13 March 2024.


Friday 2 February 2024

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