Full Year Results to 28 January 2024

Results announcement




Results for announcement to the market
Name of issuer BRISCOE GROUP LIMITED
Reporting Period Full Year (52 weeks) – 30 January 2023 to 28 January 2024
Previous Reporting Period Full Year (52 weeks) – 31 January 2022 to 29 January 2023
Currency New Zealand Dollars
Amount (000s) Percentage change
Revenue from continuing operations $791,953 +0.8%
Total Revenue $791,953 +0.8%
Net profit/(loss) from continuing
operations
$ 84,221 -4.8%
Total net profit/(loss) $ 84,221 -4.8%
Final Dividend
Amount per Quoted Equity Security $ 0.16500000
Imputed amount per Quoted Equity
Security
$ 0.06416667
Record Date 20 March 2024
Dividend Payment Date 27 March 2024
Current period Prior comparable period
Net tangible assets per Quoted Equity
Security
$ 1.4086 $ 1.3768
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

13/03/2024

Audited financial statements accompany this announcement.

---

Briscoe Group Posts Record Sales

Briscoe Group Limited (NZX/ASX code: BGP)

Highlights for the full year ended 28 January 2024:
• Total record sales $792.0 million
• Both Homeware and Sporting Goods segments delivered positive growth, +0.54% and +1.17%
respectively
• Gross profit margin 42.40%, protecting 47% of the 633 gross profit margin points gained across
the two years impacted by Covid (years ended January 2021 and January 2022)
• Online sales as mix of total Group sales 18.72%, (LY 18.97%)
• Net profit after tax (NPAT) $84.2 million, 95% of last year’s record NPAT
• Final Dividend 16.5 cps
• Total Dividend for the year 29.0 cps, +3.57%

The directors of Briscoe Group Limited announce a net profit after tax (NPAT) of $84.2 million for the
year ending 28 January 2024, representing 95% of the record $88.4 million reported for the previous
year.

Board Chair, Dame Rosanne Meo announced that the directors have resolved to pay a final dividend of
16.5 cents per share (cps). The dividend is fully imputed and, when added to the interim dividend of
12.5cps, brings the total dividend for the year to 29.0 cps, an increase of 3.57% on the prior year. The
final dividend will be paid on 27 March 2024. The share register will close to determine entitlements to
the dividend at 5pm on 20 March 2024. The Company’s dividend policy is to pay out at least 60% of
NPAT when calculated on a full-year basis. “We are delighted to be able to reward our shareholders
with a record total dividend of 29.0 cents per share, achieved with an increased interim dividend earlier
this year now also with this final dividend announcement.

“The team’s ability to consistently produce quality results is notable and indeed extraordinary, given the
continued uncertainty and deterioration of the retail market during the twelve months to January 2024.”

Rod Duke, Group Managing Director, said: “We’re delighted to have produced another year of record
sales against a macro retail environment which has seen many retailers struggling to hold their ground.
It’s significant that the Group was able to grow sales across both the first and second halves as well as
across each of the trading segments, homeware and sporting goods.

“The combination of a strong core business and the execution of strategic initiatives by an extremely
talented team has again proved to be a great formula for success - delivering a bottom line equal to
95% of last year’s record NPAT.”

The earnings were generated on sales revenue of $792.0 million, an increase of 0.78% on the $785.9
million generated for the previous year.

As expected, gross margin percentage declined for the period from 44.02% to 42.40%. Rod Duke said,
“Like all retailers we faced margin pressure from a number of factors as the impacts of the ongoing
economic downturn were felt. However, the Group has differentiated itself by protecting a significant

portion of the margin percentage increase achieved during the Covid pandemic. I’m extremely proud to
report that this result will represent the protection of 47% of the 633 gross margin basis points gained
during that period. The Group’s full year gross profit margin immediately prior to Covid (Year ended
January 2021) was 39.43% compared to this year’s margin of 42.40% - a significant achievement which
we have worked hard to deliver.”

The Group’s online business continues to perform well and represented 18.72% of Group sales as at 28
January 2024. Rod Duke said, “We continue to invest in both the front and back-end platforms with a
number of initiatives designed to connect the online and physical store experiences including;
introduction of an omni-members voucher programme and also management of complete customer
experience through “My Account”. Complementing this our focus on frictionless customer experience
continued with the introduction of features such as; self-service returns and tools to help customers find
the right product based on individual needs. Additional payment and delivery options are also being
worked on which should enable these features to be expanded during 2024.”

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

The Group will benefit from $3.4 million of improved net interest position compared to the previous year
because of improved cash balances and higher interest rates.

Inventories totaled $104.9 million at year-end, including a new Rebel Sport store opened by the Group
in April 2023, $12.9 million below the $117.8 million reported for last year. Rod Duke said, “Inventory
improvements have been critical in enabling us to deliver sales growth and meet our gross profit goals.
As local and international supply chains have returned to more normal, reliable and cost-effective levels
of service compared to the disruption of recent years, the team has been able to tighten the levels of
inventory held by the Group. This has seen a rationalisation of inventory across most categories and we
continue to invest considerable energy into refining, how, when and what we purchase, to continually
improve our inventory measures.

The Group’s balance sheet remains strong, with cash and bank balances of $175.4 million as at 28
January 2024 and no term debt. Approximately $20 million of creditor payments included in the trade
payables balance were subsequently paid on or before 31 January 2024.

During the year $15.1 million of capital investment was made by the Group of which $4.3 million
represents expenditure on the fit-out of new and refurbished stores. $5.6 million was spent to purchase
the existing Briscoes Homeware site in Timaru and the balance of the capital investment was for online
platform improvements, enhancements to system software and hardware and the continuation of
security initiatives including ungraded alarm and camera systems, stronger roller shutters and concrete
bollards.

Despite the difficult trading conditions, the Group progressed a number of store development projects
during the year. As reported at half year, 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. In
addition, three full-store refurbishments were completed during the first six-month period at; Briscoes
Homeware Whangarei, Rebel Sport Taupo and Rebel Sport Manukau.

During the second half of this financial year refurbishments were also completed at Briscoes Homeware
Manukau and Wairau Park in Auckland, as well as Rebel Sport Invercargill. All 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.

A number of other projects also continue to grow and 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 and electronic shelf labeling to be introduced in both Briscoes Homeware
and Rebel Sport stores after completion of successful trials.

Rod Duke said, “Significant progress has also been made during the year in relation to establishing a
new distribution centre in South Auckland. We are well into the implementation at our existing
distribution centre, of a new Warehouse Management System (WMS). This will enable the current team
to upskill themselves before transitioning to the new facility when it eventually becomes operational. In
addition, we have selected our automation partner in relation to the significant improvement in
warehousing capability intended for the new facility. In February we also signed a Letter of Intent for the
purchase of land and the building of a new warehousing facility at Drury, South Auckland. We expect
the project to require expenditure, inclusive of land and building construction, of at least $100 million
across the next 3 financial years. This state-of-the-art facility will step-change our capability in
warehousing and distribution, enhance inventory management across the entire group network including
optimisation of the existing store footprint, to deliver significant performance and efficiency gains.

“Looking forward, we remain cautious as to the retail environment with ongoing uncertainty in relation to
economic conditions, customer sentiment and cost pressures. We do not underestimate just how
challenging trading could be but are very confident in relation to the Group’s ability to continue to
perform and deliver superior results.”

Group Chair Dame Rosanne Meo said, “On behalf of the Board I would like to acknowledge the
outstanding work done by the entire Briscoe Group team. We are thankful to our over 2,000 team
members from the distribution centre, across stores and to support office for their level of commitment,
teamwork and enthusiasm to produce the best shopping experience possible. This is at the core of the
impressive results which the company continues to deliver.”

Wednesday 13 March 2024

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).

---

Briscoe Group Limited
Directors' Approval of Consolidated Financial Statements
For the 52 week period ended 28 January 2024
Authorisation for Issue
The Board of Directors authorised the issue of these Consolidated Financial Statements on 12 March
2024.
Approval by Directors
The Directors are pleased to present the Consolidated Financial Statements for Briscoe Group Limited
for the 52 week period ended 28 January 2024. (Comparative period is for the 52 week period ended
29 January 2023).
Dame Rosanne Meo
CHAIR
12 March 2024
For and on behalf of the Board of Directors
Rod Duke
GROUP MANAGING DIRECTOR
4

Briscoe Group Limited
Consolidated Income Statement
For the 52 week period ended 28 January 2024
Sales revenue
Cost of goods sold
Gross profit
Other operating income
Store expenses
Administration ex12enses
Earnings before interest and tax
Finance income
Finance cost
Net finance cost
Profit before income tax
Income tax ex12ense
Net erofit attributable to shareholders
Earnings per share for profit attributable to
shareholders:
Basic earnings per share (cents)
Diluted earnings per share (cents)
Notes
2.2
5.1
2.3.1
2.4
2.4
Period ended
28 January 2024
$000
791,953
(456,191)
335,762
3,574
(123,899)
{
89
,
141
)
126,296
6,209
{15,224)
(9,015)
117,281
{
33
,
060)
84
1
221
37.8
37.8
The above consolidated income statement should be read in conjunction with the accompanying notes.
5
Period ended
29 January 2023
$000
785,854
(439,932)
345,922
3,292
(122,594)
{91,126)
135,494
2,495
{14,908)
{12,413)
123,081
(34,644)
88,437
39.7
39.7

Briscoe Group Limited
Consolidated Statement of Comprehensive Income
For the 52 week period ended 28 January 2024
Net Profit attributable to shareholders
Other comprehensive income:
Items that will not be subsequently reclassified to
profit or loss:
Change in value of investment in equity securities
Items that may be subsequently reclassified to profit
or loss:
Fair value gain recycled to income statement from
cashflow hedge reserve
Fair value gain taken to the cashflow hedge reserve
Deferred tax on fair value gain recycled to income
statement from cashflow hedge reserve
Deferred tax on fair value gain taken to cashflow hedge
reserve
Total other comprehensive income/(loss)
Total comprehensive income attributable to
shareholders
Notes
4.1
2.3.2
2.3.2
Period ended
28 January 2024
$000
84,221
(15,842)
(
3
,25
3
)
6,196
911
(1,73
5
)
(
1
3,7
2
3)
7
0,498
The above consolidated statement of comprehensive income should be read in conjunction with the accompanying notes.
6
Period ended
29 January 2023
$000
88,437
(1
3
,9
22
)
(8,983)
3,077
2,515
(862)
(
18,175)
70,262

Briscoe Group Limited
Consolidated Balance Sheet
As at 28 January 2024
ASSETS
Current assets
Cash and cash equivalents
Trade and other receivables
Inventories
Derivative financial instruments
Total current assets
Non-current assets
Property, plant and equipment
Intangible assets
Right-of-use assets
Deferred tax
Investment in eguit� securities
Total non-current assets
TOT AL ASSETS
LIABILITIES
Current liabilities
Trade and other payables
Lease liabilities
Taxation payable
Derivative financial instruments
Total current liabilities
Non-current liabilities
Trade and other payables
Lease liabilities
Total non-current liabilities
TOT AL LIABILITIES
NET ASSETS
EQUITY
Share capital
Cashflow hedge reserve
Equity-based remuneration reserve
Other reserves
Retained earnings
TOTAL EQUITY
28 January 2024
Notes
$000
3.1.1
175,441
3.1.2
7,738
3.1.3
104,868
5.2.5
548
288,595
3.2
132,810
3.3
2,078
3.4.1
245,318
2.3.2
17,309
4.1
35,046
432,561
721,156
3.1.4
106,292
3.4.3
19,850
2.3.2
8,316
5.2.5
259
134,717
3.1.4
1,241
3.4.3
269 330
270 571
405 288
315,868
5.3.2
62,344
5.2.5
250
6.2.2
701
5.3.4
(52,807)
305,380
315,868
The above consolidated balance sheet should be read in conjunction with the accompanying notes.
7
29 January 2023
$000
149,874
6,184
117,792
40
273,890
130,292
1,994
243,701
16,622
50,888
443,497
717,387
109,181
19,791
11,308
2,513
142,793
892
265,178
266,070
408,863
308,524
62,136
(
1
,
869
)
575
(36,965)
284,647
308,524

Briscoe Group Limited
Consolidated Statement of Cash Flows
For the 52 week period ended 28 January 2024
Period ended
Period ended
28 January 2024
29 January 2023
Notes
$000
$000
OPERATING ACTIVITIES
Cash was provided from
Receipts from customers
792,313
784,747
Rent received
105
28
Dividends received
2,885
2,884
Interest received
5,484
1,833
Insurance recove�
110
154
800,897
789,646
Cash was applied to
Payments to suppliers
(492,773)
(457,553)
Payments to employees
(95,016)
(98,366
)
Interest paid
(15,224)
(14,893
)
Net GST paid
(36,958)
(31,932)
Income tax eaid
{
37
,
620
)
(42,486)
{
677,591) !645,230)
Net cash inflows from operating activities
123,306
144,416
INVESTING ACTIVITIES
Cash was provided from
Proceeds from sale of eroeert}'., Qlant and eguiement
16
23
16
23
Cash was applied to
Purchase of property, plant and equipment
3.2
(13
,
582)
(15,357)
Purchase of intangible assets
(1,477)
(1,098
)
Investment in eguity securities
4.1
{15
,
059)
(
16,455)
Net cash outflows from investing activities
(15,043)
(16,432)
FINANCING ACTIVITIES
Cash was provided from
Issue of new shares
5.3.2
Net eroceeds from borrowings
Cash was applied to
Dividends paid
5.3.3
(63,488)
(61,228)
Lease liabilit� pa�ments
(19,
389
)
{19,065)
{82,877}
(80,293)
Net cash outflows from financing activities
{82,877)
(80,293
)
Net increase in cash and cash equivalents
25,386
47,691
Cash and cash equivalents at beginning of period
149,874
102,481
Effect of exchange rate changes on cash and cash eguivalents
181
(
298
)
Cash and cash equivalents at period end
3.1.1
175 441
149,874
8

Briscoe Group Limited
Consolidated Statement of Cash Flows (continued)
For the 52 week period ended 28 January 2024
RECONCILIATION OF NET CASH FLOWS FROM
OPERATING ACTIVITIES TO REPORTED NET PROFIT
Reported net profit attributable to shareholders
Items not involving cash flows
Depreciation and amortisation expense
Bad debts and movement in doubtful debts
Inventory adjustments
Amortisation of equity-based remuneration
Loss on disposal/surrender of assets
Impact of changes in working capital items
Increase in trade and other receivables
Decrease in inventories
Decrease in taxation payable
(Decrease) increase in trade payables
Increase (decrease) in other payables and accruals
Net cash inflow from operating activities
NET DEBT RECONCILIATION
Cash and cash equivalents
Cash and cash equivalents at beginning of period
Net increase in cash and cash equivalents
Effect of exchange rate changes
Cash and cash equivalents at period end
Lease liabilities
Opening value
Cash flows
Lease acquisitions
Lease surrenders
Total lease liabilities at period end
Net debt reconciliation
Period ended
28 January 2024
$000
84,221
34,835
(44)
(1,342)
391
62
33 902
(1,510)
14,266
(2,992)
(4,767)
186
5,183
123,306
Period ended
28 January 2024
$000
149,874
25,386
181
175,441
(284,969)
19,389
(27,273)
3 673
(289,180)
(113,739)
The above consolidated statement of cash flows should be read in conjunction with the accompanying notes.
9
Period ended
29 January 2023
$000
88,437
34,292
(91)
16
276
669
35,162
(1,011)
1,706
(6,958)
27,124
(
44)
20,817
144,416
Period ended
29 January 2023
$000
102,481
47,691
(
298
)
149,874
(289,218)
19,065
(16,139)
1,323
(
284
,
969
)
(135,095)

Briscoe Group Limited
Consolidated Statement of Changes
in Equity
For the 52 week period ended 28 January 2024
Notes
Share
Cashflow Equity-Based
Other
Retained
Total
Capital
Hedge Remuneration
Reserves Earnings
Equity
Reserve
Reserve
$000
$000
$000 $000
$000
$000
Balance at 30 January 2022 61,992 2,384
566
(
23,043
)
257,414
299,313
Net profit attributable to shareholders for the period
88,437 88,437
Other comprehensive income:
Change in value of investment in equity securities
4.1
(13,922)
(13,922)
Net fair value loss taken through cashflow hedge reserve
(4,253)
(
4,253
)
Total comprehensive (loss)/income for the period
(4,253) (13,922)
88,437
70,262
Transactions with owners;
Dividends paid
5.3.3
(61,228) (61,228)
Perfonmance rights charged to income statement
6.2.1
276
276
Perfonmance rights vested
5.3.2/6.2
144
(144)
Perfonmance rights forfeited
6.2.2
(24)
24
Deferred tax on eQuitt-based remuneration
2.3.2/6.2.2
(99)
(99)
Balance at 29 January 2023
62,136 (1,869)
575
(36,965)
284,647
308,524
Net profit attributable to shareholders for the period
84,221
84,221
Other comprehensive income:
Change in value of investment in equity securities
4.1
(15,842)
(15,
842)
Net fair value loss taken throuoh cashflow hedge reserve
2,119
2,119
Total comprehensive (loss)/income for the period
2,119
(15,842)
84,221
70,498
Transactions with owners;
Dividends paid
5.3.3
(63,488)
(63,488)
Perfonmance rights charged to income statement
6.2.1
391
391
Perfonmance rights vested
5.3.2/6.2
208
(208)
Perfonmance rights forfeited
6.2.2
Deferred tax on equity-based remuneration
2.3.2/6.2.2
(57)
(57)
Balance at 28 January 2024
62,344
250
701
!52,807)
305,380 315,868
The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes.
10

Briscoe Group Limited
Notes to the Consolidated Financial Statements
For the 52 week period ended 28 January 2024
1. Basis of Preparation
This section presents a summary of information considered relevant and material to assist the
reader in understanding the foundations on which the financial statements as a whole have been
compiled. Accounting policies specific to notes shown in other sections are included as part of
that particular note.
1.1 General Information
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. 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).
The financial statements of the Group have been prepared in accordance with the requirements of Part 7 of the
Financial Markets Conduct Act 2013 and the NZX Main Board Listing Rules.
These audited consolidated financial statements have been approved for issue by the Board of Directors on 12
March 2024.
1.2 General Accounting Policies
These consolidated financial statements have been prepared in accordance with Generally Accepted Accounting
Practice (GAAP). They comply with New Zealand equivalents to International Financial Reporting Standards (NZ
IFRS) and other applicable Financial Reporting Standards, as appropriate for for-profit entities. The consolidated
financial statements also comply with International Financial Reporting Standards Accounting Standards (IFRS
Accounting Standards).
The consolidated financial statements are presented in New Zealand dollars which is the Company's functional
currency and the Group's presentation currency. All financial information has been presented in thousands, unless
otherwise stated.
The material accounting policies adopted in the preparation of the financial report are set out below. These policies
have been consistently applied to all the periods presented, unless otherwise stated.
Entities reporting
The
consolidated financial statements reported are for the consolidated Group which is the economic entity
comprising Briscoe Group Limited and its subsidiaries. The Group is designated as a for-profit entity for the
purposes of complying with GAAP.
Reporting period
These consolidated financial statements are in respect of the 52-week period 30 January 2023 to 28 January 2024
and provide a balance sheet as at 28 January 2024. The comparative period is in respect of the 52-week period 31
January 2022 to 29 January 2023. The Group operates on a weekly trading and reporting cycle resulting in 52
weeks for most years with a 53-week period occurring once every 5-6 years.
Principles of consolidation
Subsidiaries are all entities over which the Company has control. The Company controls an entity when the
Company is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to
affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which
control is transferred to the Company. They are deconsolidated from the date that control ceases.
11

Briscoe Group Limited
Notes to the Consolidated Financial Statements
For the 52 week period ended 28 January 2024
1. Basis of Preparation
lntercompany transactions, balances and unrealised gains or losses on transactions between Group companies are
eliminated. Accounting policies of subsidiaries are changed when necessary to ensure consistency with the policies
adopted by the Company.
Subsidiaries
Activit�
2024 Interest
2023 Interest
Briscoes (New Zealand) Limited
Homeware retail
100% 100%
The Sports Authority Limited (trading as Rebel Sport)
Sporting goods retail
100%
100%
Rebel Sport Limited
Name protection
100% 100%
Living and Giving Limited
Name protection
100%
100%
All companies above are incorporated in New Zealand and have a balance date consistent with that of the
Company as outlined in the accounting policies.
Historical cost convention
These financial statements have been prepared under the historical cost convention, as modified by the revaluation
of certain assets as identified in specific accounting policies detailed throughout these financial statements.
Critical accounting judgements and estimates
In the process of applying the Group's accounting policies and the application of accounting standards, a number of
estimates and judgements have been made. 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.
Further explanation as to estimates and assumptions made by the Group can be found in the notes to the financial
statements:
Areas of judgement and estimation
Inventories
Leases
Climate related risks
Note
3.1.3
3.4
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. During the year ended 28 January 2024 Briscoe Group
completed its first climate-related risk assessment which will be disclosed in this year's Annual report. As part of
this assessment, we have not identified any material impacts requiring specific disclosure in the financial
statements. The identified climate-related risks and opportunities including both physical and transitional impacts
have been considered as part of the above critical accounting judgements and estimates.
Foreign currency translation
Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the
dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions
and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign
currencies are recognised in the income statement, except when deferred in which case they are recognised in
other comprehensive income as qualifying cash flow hedges.
12

Briscoe Group Limited
Notes to the Consolidated Financial Statements
For the 52 week period ended 28 January 2024
2. Performance
This section reports on the results and performance of the Group, providing additional
information about individual items, including performance by operating segment, revenue,
expenses, taxation and earnings per share.
2.1 Segment Information
An operating segment is a component of an entity that engage� in business activities which earns revenue and
incurs expenses and for which the chief operating decision maker (CODM) reviews the operating results on a regular
basis and makes decisions on resource allocation. The Group has determined its CODM to be the group of
executives comprising the Managing Director, Chief Operating Officer, Chief Financial Officer and the Chief People
Officer.
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 (2023: Nil).
Information regarding 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 by CODM to assess the
performance of the operating segments. This measure should not be viewed in isolation, nor considered as a
substitute for measures reported in accordance with NZ IFRS. This non-GAAP financial measure may not be
comparable to similarly titled amounts reported by other companies.
For the period ended 28 January 2024
INCOME STATEMENT
Total sales revenue
Gross profit
Earnings before interest and tax
Finance income
Finance cost
Net finance costs
Income tax expense
Net profit after tax
BALANCE SHEET ITEMS:
Assets
Liabilities
13
Homeware
$000
490,116
211,082
75,267
1,418
(10,178)
(8,760)
(18,873)
47,634
379,270
256,861
Sporting
goods
$000
301,837
124,680
44,764
4,024
(5,043)
(1,019)
(12,254)
31,491
282,560
143,988
Eliminations/
Unallocated
$000
6,265
767
(3)
764
(1,933)
5,096
59,326
1
·
4,439
Total Group
$000
791 953
335,762
126,296
6,209
(15,224)
(9,015)
(33,060)
84,221
721,156
405,288

Briscoe Group Limited
Notes to the Consolidated Financial Statements
For the 52 week period ended 28 January 2024
2. Performance
OTHER SEGMENTAL ITEMS:
Acquisitions of property, plant and equipment,
intangibles and investments
Depreciation and amortisation expense
1. Investment in equity securities
lntercompany eliminations
Other balances
For the period ended 29 January 2023
INCOME STATEMENT
Total sales revenue
Gross profit
Earnings before interest and tax
Finance income
Finance cost
Net finance costs
Income tax expense
Net profit after tax
BALANCE SHEET ITEMS:
Assets
Liabilities
OTHER SEGMENTAL ITEMS:
Acquisitions of property, plant and equipment,
intangibles and investments
Depreciation and amortisation expense
1. Investment in equity securities
lntercompany eliminations
Other balances
$000
37,829
(7,432)
28,929
59,326
$000
53,671
(7,523)
22,304
68 452
14
10,826
22,386
4,233
12,449
Homeware
Sporting
goods
$000
$000
487,501
298,353
214,861
131,061
75,652
54,032
482
1,895
(9,913)
(4,945)
(9,431)
(3,050)
(18,772)
(14,280)
47,449
36,702
372,788
276,147
254,474
151,254
9,474
6,981
22,352
11,940
15,059
34,835
Eliminations/ Total Group
Unallocated
$000 $000
785 854
345,922
5,810
135,494
118
2,495
(50)
(14,908)
68
(12,413)
(1,592)
(34,644)
4,286
88,437
68,452
1
·
717,387
3,135 408,863
16,455
34,292

Briscoe Group Limited
Notes to the Consolidated Financial Statements
For the 52 week period ended 28 January 2024
2. Performance
2.2 Income and Expenses
Revenue recognition
Revenue comprises the fair value of consideration received or receivable for the sale of goods and services, net of
Goods and Services Tax (GST), and discounts and after eliminating sales within the Group. Revenue is recognised
as follows:
Sales of goods -retail
For all sales, control is considered to pass to the customer at the point when the customer can use or otherwise
benefit from the goods and services. For in-store sales, control passes to the customer at point of sale. For
online sales, the order along with delivery to the customer are considered to comprise a single performance
obligation, therefore control is considered to pass to the customer on delivery of the goods. Retail sales are
predominantly by credit card, debit card or in cash.
Rental income
Rental income (net of any incentives given to lessees) is recognised on a straight-line basis over the period of
the lease.
Interest income
Interest income is recognised on a time-proportionate basis using the effective interest method.
Dividend income
Dividend income is recognised when the right to receive the dividend is established.
Profit before income tax includes the following specific income and expenses:
Income
Rental income
Dividends received
Insurance recovery
Gain on lease surrender
Expenses
Depreciation of property, plant and equipment
Amortisation of software costs
Depreciation of right-of-use assets
Interest on leases
Operating lease rental expense
Wages, salaries and other short-term benefits
Equity-based remuneration (refer also Note 6.2)
Amounts paid to auditors:
Statutory Audit
Half year review
Other services
15
Period ended Period ended
28 January 2024 29 January 2023
$000 $000
105
2,885
110
474
10,985
1,393
22,457
15,220
56
99,133
391
156
47
28
2,884
154
226
10,540
1,622
22,130
14,859
190
94,828
276
143
47

Briscoe Group Limited
Notes to the Consolidated Financial Statements
For the 52 week period ended 28 January 2024
2. Performance
2.3 Taxation
Current and deferred income tax
The income tax expense for the period is the tax payable on the current period's taxable income based on the
income tax rate adjusted by changes in deferred tax assets and liabilities attributable to temporary differences
between the tax bases of assets and liabilities and their carrying amounts in the financial statements.
The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the
balance sheet date in New Zealand, being the country where the Group operates and generates taxable income.
The Group periodically evaluates positions taken in tax returns with respect to situations in which applicable tax
regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected
to be paid to the tax authorities.
Deferred income tax is provided in full, using the liability method, on temporary differences arising between tax
bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred income
tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the balance sheet
date and are expected to apply when the related deferred income tax asset is realised or the deferred income tax
liability is settled.
Deferred income tax assets are recognised to the extent that it is probable that future taxable profit will be available
against which the temporary differences can be utilised.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and
liabilities and when the deferred tax balances relate to the same taxation authority. Current tax assets and liabilities
are offset when the entity has a legal enforceable right to offset and intends either to settle on a net basis or to
realise the asset and settle the liability simultaneously.
Goods and Services Tax (GST)
The
income statement, statement of comprehensive income and statement of cash flows have been prepared so
that all components are stated exclusive of GST. All items in the balance sheet are stated net of GST, with the
exception of trade receivables and trade payables, which include GST invoiced.
2.3.1 Taxation - Income statement
The total taxation charge in the income statement is analysed as follows:
(a) Income tax expense
Current tax expense:
Current tax
Adjustments
for prior periods
Deferred tax expense:
(lncrease)/decrease in future tax benefit current period
Adjustments
for prior periods
Total income tax expense
16
Period ended Period ended
28 January 2024 29 January 2023
$000
$000
33,383
34,585
1,245
943
34,628
35,528
(309)
67
(1
25
9)
(9
5
1)
(1,568)
(884
)
33,060
34,644

Briscoe Group Limited
Notes to the Consolidated Financial Statements
For the 52 week period ended 28 January 2024
2. Performance
Period ended Period ended
28 January 2024 29 January 2023
(b) Reconciliation of income tax expense to tax rate applicable to profits
Profit before income tax expense
Tax at the corporate rate of 28% (2023: 28%)
Tax effect of amounts which are either non-deductible or non­
assessable in calculating taxable income:
Prior period adjustments
Total income tax expense
$000
$000
117,281
32,839
235
(14)
33,060
1
23,08
1
34,463
189
(
8
)
34,644
The Group has no tax losses (2023: Nil) and no unrecognised temporary differences (2023: Nil).
2.3.2 Taxation -Balance sheet
(a) Deferred Taxation
The following are the major deferred taxation liabilities and assets recognised by the Group and movements
thereon during the current and prior period:
Derivative
financial
Right of use
Lease
Depreciation
Provisions
instruments
asset
liability
Total
$000
$000 $000
$000
$000
$000
At 30 January 2022
184
4,166
(926)
(70,221)
80,981 14,184
Recognised in the income
statement
7
82
1,985(1,190)
884
Recognised in equity
(99)
(99)
Recognised in other
comQrehensive income
1,653
1
·
1,653
At 29 January 2023
191
4,149
727
(68,236)
79,791
16,622
Recognised in the income
statement
181 661
(453)
1,179
1,568
Recognisd in equity
(57)
(57)
Recognised in other
comerehensive income
{824}
1
·
{824
)
At 28 Janua!l'. 2024
372
4,753
{971
{68,6891
80,970
17
1
309
1.
Net credited/(debited) to other comprehensive income comprises deferred tax on fair value gain taken to income
statement of $910,740 (2023: deferred tax on fair value gain of $2,515,053) and deferred tax on fair value gain taken
to cash flow hedge reserve of $1,734,795 (2023: deferred tax on fair value gain of $861,599).
(b) Taxation payable
The following is the analysis of the movements in the taxation payable balance during the current and prior period:
Movements:
Balance at beginning of period
Current tax
Tax paid
Foreign
investor tax credit (FITC)
Balance at end of period
Period ended Period ended
28 January 2024 29 January 2023
$000
$000
(11,308)
(34,628)
37,195
425
(8,316)
17
(18,266)
(35,528)
42,072
414
(11,308)

Briscoe Group Limited
Notes to the Consolidated Financial Statements
For the 52 week period ended 28 January 2024
2. Performance
2.3.3 Imputation credits
Imputation credits available for use in
subsequent accounting periods
Period ended
28 January 2024
$000
142,436
Period ended
29 January 2023
$000
138,029
The above amounts represent the balance of the imputation account as at the end of the reporting period, adjusted
for:
•
Imputation credits that will arise from the payment of the provision for income tax,
•
Imputation debits that will arise from the payment of dividends recognised as liabilities at the reporting date, and
•
Imputation credits that will arise from the receipt of dividends recognised as receivables at the reporting date.
The consolidated amounts include imputation credits that would be available to the Company if subsidiaries paid
dividends.
2.4 Earnings Per Share
Earnings per share (EPS) is the amount of post-tax profit attributable to each share.
Basic EPS is computed by dividing the net profit attributable to shareholders by the weighted average number of
ordinary shares on issue during the period.
Diluted EPS adjusts for any commitments the Group has to issue shares in the future that would decrease the Basic
EPS. These are in the form of performance rights. Diluted EPS is therefore computed by dividing the net profit
attributable to shareholders by the weighted average number of ordinary shares on issue during the period, adjusted
to include the potentially dilutive effect if performance rights to issue ordinary shares were exercised and converted
into shares.
Net profit attributable to shareholders
$000
Basic
Weighted average
number
of ordinary shares on issue (thousands)
Basic earnings per share
Diluted
Weighted average number of ordinary shares on issue adjusted for
performance rights
issued but not exercised (thousands)
Diluted earnings per share
18
Period ended
28 January 2024
84,221
222,756
37.8 cents
223,070
37.8 cents
Period ended
29 January 2023
88,437
222,638
39.7 cents
222,931
39.7 cents

Briscoe Group Limited
Notes to the Consolidated Financial Statements
For the 52 week period ended 28 January 2024
3. Operating Assets and Liabilities
This section reports the assets used to generate the Group's trading performance and the
liabilities incurred as a result. Liabilities relating to the Group's financing activities are addressed
in note 5. Assets and liabilities in relation to deferred taxation and taxation payable are shown in
note 2.3. The carrying amounts of financial assets and liabilities are equivalent to their fair value
unless otherwise stated.
3.1 Working Capital
Working capital represents the assets and liabilities the Group generates through its trading activity. The Group
therefore defines working capital as cash, trade and other receivables, inventories and trade and other payables.
3.1.1 Cash and cash equivalents
Cash and cash equivalents include cash on hand, deposits held at call with financial institutions and other short­
term, highly liquid investments with original maturities of three months or less, that are readily convertible to known
amounts of cash and that are subject to an insignificant risk of changes in value.
Cash at bank or on hand
Period ended
28 January 2024
$000
175,441
Period ended
29 January 2023
$000
149,874
As at 28 January 2024 the Group held foreign currency equivalent to NZ$1.820 million (2023: NZ$1.692 million)
which is included in the table above. The foreign currency in which the Group deals primarily is the US Dollar.
3.1.2 Trade and other receivables
Trade receivables arise from sales made to customers on credit or through the collection of purchasing rebates
from suppliers not otherwise deducted from suppliers' payable accounts. Trade receivables are recognised initially
at the value of the invoice sent to the customer (fair value) and subsequently at the amounts considered
recoverable (amortised cost). Trade receivable balances are reviewed on an on-going basis.
Trade receivables
Prepayments
Other receivables
Total trade and other receivables
No interest is charged on trade receivables.
Period ended
28 January 2024
$000
19
1,502
3,268
2,968
7,738
Period ended
29 January 2023
$000
1,573
2,177
2,434
6,184

Briscoe Group Limited
Notes to the Consolidated Financial Statements
For the 52 week period ended 28 January 2024
3. Operating Assets and Liabilities
3.1.3 Inventories
Inventories are stated at the lower of cost and net realisable value. Cost is determined using a weighted average
method and includes expenditure incurred in acquiring the inventories and bringing them to their existing location
and condition. Net realisable value is the estimated selling price in the ordinary course of business, less the
estimated costs necessary to make the sale.
The Group assesses the likely residual value of inventory. Stock provisions are recognised for inventory which is
expected to sell for less than cost and also for the value of inventory likely to have been lost to the business
through shrinkage between the date of the last applicable stocktake and balance date. In recognising the provision
for inventory, judgement has been applied by considering a range of factors including historical results, current
trends and specific product information from buyers.
Finished goods
Inventory provisions
and adjustments
Net inventories
Period ended Period ended
28 January 2024
29 January 2023
$000
$000
110,293
(
5
,
425)
104,868
123,045
(5,253)
117,792
During the period the Group recognised $445.9 million (2023: $431.0 million) of inventory as an
expense within cost of goods sold.
3.1.4 Trade and other payables
Trade and other payable amounts represent liabilities for goods and services provided to the Group prior to the
end of a financial period, which are unpaid.
Trade payables
Trade payables are recognised at the value of the invoice received from a supplier (fair value). The carrying value
of trade payables is considered to approximate fair value as the amounts are unsecured and are usually paid within
60 days of recognition.
Employee entitlements
Wages and salaries, annual leave and sick leave
Liabilities
for wages and salaries, including non-monetary benefits, annual leave and accumulating sick leave
expected to be settled within 12 months of the reporting date are recognised in other payables in respect of
employees' services up to the reporting date and are measured at the amounts expected to be paid when the
liabilities are settled. Liabilities for non-accumulating sick leave are recognised when the leave is taken and
measured at the rates paid or payable. The liability for employee entitlements is carried at the present value of the
estimated future cash flows.
Bonus plans
A liability is recognised for bonuses payable to employees where a contractual obligation arises for an agreed level
of payment dependent on both company and individual performance criteria.
20

Briscoe Group limited
Notes to the Consolidated Financial Statements
For the 52 week period ended 28 January 2024
3. Operating Assets and Liabilities
Long service leave
The liability for long service leave is recognised as a non-current liability and measured as the present value of
expected future payments to be made in respect of services provided by employees up to the reporting date using
the projected unit credit method. Consideration is given to expected future wage and salary levels, history of
employee departure rates and periods of service. Expected future payments are discounted using market yields at
the
reporting date on government bonds with terms to maturity that match, as closely as possible, the estimated
future cash outflows.
Provisions
A provision is recognised if, as a result of a past event, the Group has a present legal or constructive obligation that
can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the
obligation.
Provisions relate to returns in relation to sales of goods directly imported by the Group and are expected to be fully
utilised within the next twelve months. Provisions relating to inventory, receivables and employee benefits have
been treated as part of those specific balances. There are no other provisions relating to these financial statements.
Trade payables
Employee entitlements
Other payables and accruals
Provisions
Total trade and other payables
Shown in balance sheet as:
Current liabilities
Non-current liabilities
Total trade and other payables
21
Period ended
28 January 2024
$000
65,942
19,045
22,404
142
107,533
106,292
1,241
107,533
Period ended
29 January 2023
$000
70,709
14,928
24,326
110
110,073
109,181
892
110,073

Briscoe Group Limited
Notes to the Consolidated Financial Statements
For the 52 week period ended 28 January 2024
3. Operating Assets and Liabilities
3.2 Property, Plant and Equipment
All property, plant and equipment is stated at historical cost less depreciation and any impairment adjustments.
Historical cost includes expenditure that is directly attributable to the acquisition of property, plant and equipment.
Costs are included in an asset's carrying amount or recognised as a separate asset, as appropriate, only when it is
probable that future economic benefits associated with an item will flow to the Group and the cost of an item can be
measured reliably.
Assets' residual values and useful lives are reviewed, and adjusted if appropriate, at each balance date.
An asset's carrying amount is written down immediately to its recoverable amount if its carrying amount is greater
than its estimated recoverable amount.
Gains and losses on disposals of assets are determined by comparing proceeds with carrying amounts. These
gains and losses are included in the income statement.
Land is not depreciated. Depreciation on other assets is calculated using the straight-line method to allocate their
cost,
net of their estimated residual values, over their estimated useful lives, as follows:
- Freehold buildings
33 years
- Plant and equipment
3 - 15 years
Property, plant and equipment is reviewed whenever events or changes in circumstances indicate that the carrying
amount may not be recoverable. An impairment loss is recognised for the amount by which an asset's carrying
amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's fair value less costs to
sell, or value in use.
The Group assesses whether there are indications, for example loss-making stores, for certain trigger events which
may indicate that an impairment in property, plant and equipment values exist at balance date.
22

Briscoe Group Limited
Notes to the Consolidated Financial Statements
For the 52 week period ended 28 January 2024
3. Operating Assets and Liabilities
At 30 January 2022
Cost
Accumulated depreciation
Net book value
Period ended 29 January 2023
Opening net book value
Additions
Disposals
Depreciation charge
Closing
net book value
At 29 January 2023
Cost
Accumulated depreciation
Net book value
Period ended 28 January 2024
Opening net book value
Additions
Disposals
Depreciation charge
Closing
net book value
At 28 January 2024
Cost
Accumulated depreciation
Net book value
Capital commitments
Capital commitments in relation to property, plant and
equipment at balance date not provided for in the
financial statements
3.3 Intangible Assets
Land and Plant and
buildings
equipment
Total
$000
$000
$000
105,668
91,268
196,936
{9,275)
(61
,
764)
(71,039)
96,393
29,504
125,897
96,393 29,504
125,897
215
15,142
15,357
(
422
)
(
422
)
(2,886
)
(7
,654)
(10,540)
93,722
36,570
130,292
105,883
97,515
203,398
(
12,161)
(60,945)
(73,106)
93,722
36,570
130,292
93,722
36,570
130,292
5,613
7,969
13,582
(79)
(79)
(2,961)
(8,024)
(10,985)
96,374
36,436
132,810
111,497
101,076
212,573
{15,123)
(64,640)
(79,763)
96,374
36,436
132,810
Period ended
Period ended
28 January 2024
29 January 2023
$000
$000
11,419 2,370
Intangible assets are non-physical assets used by the Group to operate the business. Software costs have a finite
useful life. Software costs which can be capitalised are amortised on a straight-line basis over the estimated useful
economic life of 2 to 5 years. Software-as-a-service costs are expensed when they are incurred.
Software is the only intangible asset recorded in the financial statements. All software has been acquired externally.
23

Briscoe Group Limited
Notes to the Consolidated Financial Statements
For the 52 week period ended 28 January 2024
3. Operating Assets and Liabilities
3.4 Leases
Right-of-use assets and lease liabilities arising from a lease are initially measured on a present value basis. Lease
liabilities include the net present value of the remaining lease payments. Lease payments to be made under
reasonably certain extension options are also included in the measurement of the liabilities.
Right-of-use assets are initially recognised on commencement of lease at cost, comprising the initial amount of the
lease liabilities less any lease incentives received. Right-of-use assets are subsequently depreciated using the
straight-line method from the commencement date to the end of the lease term. In considering the lease term, the
Group applies judgement in determining whether it is reasonably certain that an extension or termination option will
be exercised.
Both right-of-use assets and lease liabilities are discounted applying interest rate implicit in the lease, or if this
cannot be determined, the incremental borrowing rate at the commencement of the lease. To determine the
incremental borrowing rate the Group have applied a blended secured and unsecured borrowing rate. For the
secured rate the Group have utilised third party financing options and adjusted for an appropriate credit spread.
Extension options are included in a number of property leases across the Group. These are used to maximise
operational flexibility in terms of managing the assets used in the Group's operation. Extension options held are
exercisable only by the Group and not by the respective lessor. During the period the Group recognised all
extension options (2023: all recognised).
The following tables show the movements and analysis in relation to the right-of-use assets and lease liabilities,
created on the adoption of NZ IFRS 16:
3.4.1 Right-of-use assets:
Period ended 29 January 2023
Opening carrying amount
Additions
Surrender
Depreciation
for the period
Closing carrying amount
At 2
9
January 2023
Cost
Accumulated depreciation
Carrying
amount
Period ended 28 January 2024
Opening carrying amount
Additions
Surrender
Depreciation
for the period
Closing carrying
amount
At 28 January 2024
Cost
Accumulated depreciation
Carrying
amount
24
Land and Buildings
$000
250,789
16,139
(
1,097)
(22,130}
243,701
328,643
(84,942}
243,701
243,701
27,273
(3,199)
(22,457)
245,318
351,412
(
10
6,
094)
245,318

Briscoe Group Limited
Notes to the Consolidated Financial Statements
For the 52 week period ended 28 January 2024
3. Operating Assets and Liabilities
3.4.2 Lease liabilities:
Opening value
Additions
Surrender
Interest for the period
Lease payments made
Total lease liabilities
3.4.3 Lease liabilities maturity analysis:
Within one year
One to five years
Beyond
five years
Total
Current
Non-current
Total
Minimum lease payments
$000
35,142
135,170
245,337
415,649
As at
28 January 2024
$000
284,969
27,273
(3,673)
15,220
(34,609)
289,180
Interest
$000
(15,292)
(50,602)
(60,575)
(126,469
)
3.4.4 Lease related expenses included in the income statement:
Period ended
28 January 2024
$000
Depreciation
22,457
Short-term leases
56
Interest on leases
15 220
Total
37,733
3.4.5 Lease payments included in the cashflow statement:
Total cash outflow in relation to leases
25
Period ended
28 January 2024
$000
34,609
As at
29 January 2023
$000
289,218
16,139
(1,323)
14,859
(33,924)
284,969
Present value
$000
19,850
84,568
184,762
289,180
19,850
269,330
289,180
Period ended
29 January 2023
$000
22,130
190
14,859
37,179
Period ended
29 January 2023
$000
33,924

Briscoe Group Limited
Notes to the Consolidated Financial Statements
For the 52 week period ended 28 January 2024
4. Investments
This section explains how the Group records investments made in listed securities.
4.1 Investment in Equity Securities
During 2015, 2018 and 2019 Briscoe Group Limited acquired a total of 48,007,465 shares in KMD Brands
Limited for a cost of $87,853,048. This holding represented a 6.75% ownership in KMD Brands Limited as at 28
January 2024.
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 28 January 2024
1
·.
At 30 January 2022
Additions
Change
in fair value credited to other reserves
At 29 January 2023
Additions
Change
in fair value credited to other reserves
At 28 January 2024
1. Fair value determined to be $0. 73 per share as per NZX closing price of KMD Brands Limited as
at 26 January 2024 (2023: $1.06) (Level 1 in the fair value hierarchy).
26
$000
64,810
(13,922)
50,888
{1
5
,
842
)
35,046

Briscoe Group Limited
Notes to the Consolidated Financial Statements
For the 52 week period ended 28 January 2024
5. Financing and Capital Structure
This section reports on the Group's funding sources and capital structure, including its balance
sheet liquidity and access to capital markets.
5.1 Interest Bearing Liabilities
Borrowings
are initially recognised at fair value, net of transaction costs incurred. Borrowings are subsequently
measured at amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption
amount is recognised in the income statement over the period of the borrowings using the effective interest method.
Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the
liability for at least 12 months after the balance sheet date.
There were no interest bearing liabilities as at 28 January 2024 (2023: Nil).
Net finance cost
Interest income
Interest expense - leases
Interest expense - other
Other finance cost
Net finance cost
5.2 Financial Risk Management
Period ended
28 January 2024
$000
6,209
(15,220)
(4)
(9,015)
Period ended
29 January 2023
$000
2,495
(14,859)
(49)
(12,413)
The Group's activities expose it to various financial risks including credit risk, liquidity risk and market risk (such as
currency risk and equity price 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.
5.2.1 Derivative financial instruments
Derivatives are recognised initially at fair value on the date a derivative contract is entered into and are
subsequently re-measured to their fair value. The method of recognising the resulting gain or loss depends on
whether the derivative is designated as a hedging instrument, and if so, the nature of the item being hedged. The
Group designates certain derivatives as hedges of highly probable forecast transactions (cash flow hedges).
At the inception of a transaction the economic relationship between hedging instruments and hedged items, and the
risk management objective and strategy for undertaking various hedge transactions, are documented. An
assessment is also documented, both at hedge inception and on an on-going basis, of whether the derivatives that
are
used in hedging transactions have been and will continue to be effective in offsetting changes in fair values or
cash flows of hedged items.
27

Briscoe Group Limited
Notes to the Consolidated Financial Statements
For the 52 week period ended 28 January 2024
5. Financing and Capital Structure
Cash flow hedge
The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges,
is recognised in other comprehensive income. The gain or loss relating to the ineffective portion is recognised
immediately in the income statement within cost of goods sold.
Amounts accumulated in other comprehensive income are recycled in the income statement in the periods when
the hedged item will affect profit or loss (for instance when the forecast purchase that is hedged takes place).
However, when a forecast transaction that is hedged results in the recognition of a non-financial asset (for example,
inventory) or a non-financial liability, the gains and losses previously deferred in other comprehensive income are
transferred from other comprehensive income and included in the measurement of the initial cost
or carrying
amount of the asset or liability.
When a hedging instrument expires or is sold or terminated, or when a hedge no longer meets the criteria for hedge
accounting, any cumulative gain or loss existing in other comprehensive income at that time remains in other
comprehensive income and is recognised when the forecast transaction is ultimately recognised in the income
statement. When a forecast transaction is no longer expected to occur, the cumulative gain or loss that was
reported in other comprehensive income is immediately transferred to the income statement within cost of goods
sold.
Derivatives that do not qualify for hedge accounting
Certain derivative instruments do not qualify for hedge accounting. Changes in the fair value of these derivative
instruments are recognised immediately in the income statement within administration expenses.
5.2.2 Credit risk
Credit risk refers to the risk of a counterparty failing to discharge an obligation. In the normal course of its business,
Briscoe Group incurs credit risk from trade receivables and transactions with financial institutions. The Group
places its cash, short-term investments and derivative financial instruments with only high-credit-rated, Board­
approved financial institutions. Sales to retail customers are settled predominantly in cash or by using major credit
cards. Less than 1% of reported sales give rise to trade receivables. The Group holds no collateral over its trade
receivables.
5.2.3 Interest rate risk
The Group has no long-term interest-bearing liabilities but does have interest rate risk exposure from periodic short­
term drawdowns of established funding facilities and placements of short-term deposits, as operating cash flows
necessitate. The Group's short to medium term liquidity position is monitored daily and reported to the Board
monthly.
5.2.4 Liquidity risk
Liquidity risk is the risk that an unforeseen event or miscalculation in the required liquidity level will result in the
Group foregoing investment opportunities or not being able to meet its obligations in a timely manner, and therefore
gives
rise to lower investment income or to higher borrowing costs than otherwise. Prudent liquidity risk
management includes maintaining sufficient cash, and ensuring the availability of adequate amounts of funding
from credit facilities.
The Group's liquidity exposure is managed by ensuring sufficient levels of liquid assets and committed facilities are
maintained based on regular monitoring of a rolling 3-month daily cash requirement forecast. The Group's liquidity
position fluctuates throughout the period, being strongest immediately after the end of the period. The months
leading up to Christmas trading put the greatest strain on Group cash flows due to the build-up of inventory as well
as the interim dividend payment. The Group operates well within its available funding facilities.
28

Briscoe Group Limited
Notes to the Consolidated Financial Statements
For the 52 week period ended 28 January 2024
5. Financing and Capital Structure
The table below analyses the Group's financial liabilities and gross-settled forward foreign exchange contracts into
relevant maturity groupings based on the remaining period from the balance sheet date to the contractual maturity
date. The cash flow hedge 'outflow' amounts disclosed in the table are the contractual undiscounted cash flows
liable for payment by the Group in relation to all forward foreign exchange contracts in place at balance date. The
cash flow hedge 'inflow' amounts represent the corresponding injection of foreign currency back to the Group as a
result of the gross settlement on those contracts, converted using the forward rate at balance date. The carrying
value shown is the net amount of derivative financial liabilities and assets as shown in the balance sheet. Changes
in the carrying value affect profit when the underlying inventory to which the derivatives relate, is sold.
Trade and other payables are shown at carrying value in the table. No discounting has been applied as the impact
of discounting is not significant.
An analysis detailing remaining contractual maturities for lease liabilities is shown in Note 3.4.3.
As at 28 January 2024
3 months
3-6
6-9
9-12
or less
months months
months
Total
$000
$000
$000
$000
$000
Trade and other payables
(84,516)
(84,516)
Forward foreign exchange contracts
Cash flow hedges:
-outflow
(14,724)
(17,474)
(12,540)
(401)
(45,139)
-inflow14,732
17,597
12 690
409
45 428
-Net
8
123 150
8 289
As at 29 January 2023
3 months
3-
6
6-9
9
-12
or less months months
months
Total
$000
$000
$000
$000
$000
Trade and other payables
(90,869)
(90,869)
Forward foreign exchange contracts
Cash flow hedges:
-outflow
(23,273)
(20,786) (16,926)
(1,166)
(62,151)
-inflow
21,940
20,020
16,562
1,156
59,678
- Net
(1,333)
(766)
(364)
(10)
(2,473)
The cash flow hedges inflow amounts use the forward rate at balance date.
29
Carrying
Value
$000
(84,516)
289
Carrying
Value
$000
(90,869)
(2,473)

Briscoe Group Limited
Notes to the Consolidated Financial Statements
For the 52 week period ended 28 January 2024
5. Financing and Capital Structure
5.2.5 Market risk
Equity price risk
The Group is exposed to equity price risk arising from the investment held in KMD Brands Limited, classified in the
balance sheet as investment in equity securities. (Refer note 4.1 ).
Foreign exchange risk
The Group is exposed to foreign exchange risk arising from currency exposures primarily to the US dollar, in
respect of purchases of inventory directly from overseas suppliers.
The Group's foreign exchange risk is managed in accordance with Board-approved Group Treasury Risk
Management Policies. The current policy requires hedging of both committed and forecasted foreign currency
payment levels across the current and subsequent three calendar quarters. The policy is to cover 100% of
committed purchases and lower levels of forecasted purchases depending on which quarter the forecasted
exposure relates to. Hedging is reviewed regularly and reported to the Board monthly.
The Group uses forward foreign exchange contracts and maintains short-term holdings of foreign currencies in
foreign denominated currency bank accounts, with major financial institutions only, to hedge its foreign exchange
risk in anticipation of future purchases.
The following table shows the fair value of forward foreign exchange contracts held by the Group as derivative
financial instruments at balance date:
Current assets
Forward foreign exchange contracts
Total current derivative financial instrument assets
Current liabilities
Forward foreign exchange contracts
Total current derivative financial instrument
liabilities
Period ended
Period ended
28 January 2024
29 January 2023
$000
$000
548
40
548
40
259
2,513
259
2,513
The contracts are subject to an enforceable master netting arrangement, which allows for net settlement of the
relevant assets and liabilities. For financial reporting purposes these are not offset.
Forward foreign exchange contracts - cash flow hedges
Where forward foreign exchange contracts have been designated and tested as an effective hedge the portion of
the gain or loss on the hedging instrument that is determined to be an effective hedge is recognised directly in other
comprehensive income. These gains or losses are released to the income statement at various dates over the
subsequent financial period as the inventory for which the hedge exists, is sold.
The
fair value of these contracts is determined by using valuation techniques as they are not traded in an active
market. The valuation techniques maximise the use of observable market data where it is available and rely as little
as possible on entity specific estimates. The fair value is determined
by mark-to-market valuations using forward
exchange. These derivatives have been determined to be within level 2 of the fair value
hierarchy as all significant
inputs required to ascertain their fair value are observable.
Forward foreign exchange contracts are used for hedging committed or highly probable forecast purchases of
inventory for the ensuing financial period. The contracts are timed to mature when major shipments of inventory are
scheduled to be dispatched and the liability settled. The cash flows are expected to occur at various dates within
one year from balance date.
30

Briscoe Group Limited
Notes to the Consolidated Financial Statements
For the 52 week period ended 28 January 2024
5. Financing and Capital Structure
At balance date these contracts are represented by assets of $548,213 (2023: $40,140) and liabilities of $259,377
(2023: $2,513,078) and together are included in equity as part of the cash flow hedge reserve, net of deferred tax,
as a net gain of $207,962 (2023: net loss $1,780,515). The cash flow hedge reserve also consists of gains and
losses,
net of deferred tax, from foreign currencies used as hedges, as a net gain of $41,557 (2023: net loss of
$88,964). The total of these net gains and losses amount to a net gain of $249,519 (2023: net loss of $1,869,479).
When forward foreign exchange contracts are not designated and tested as an effective hedge, the gain or loss on
the forward foreign exchange contract is recognised in the income statement.
At balance date there are no such contracts in place (2023: Nil).
5.2.6 Sensitivity analysis
Based on historical movements and volatilities and review of current economic commentary the following
movements are considered reasonably possible over the next 12 month period:
•
A shift of -5% / + 10% (2023: -10% / + 10%) in the NZD against the USO, from the period-end rate of 0.6106
(2023: 0.6506),
•
A shift of -0.25% / +0.25% (2023: -0.25% / +0.75%) in market interest rates from the period-end weighted
average deposit rate of 5.73% (2023: 4.54%),
•
A shift of -30% / +10% (2023: -10% / +20%) in the NZX share price of KMD Brands Limited (formerly
Kathmandu Holdings Ltd) from the period-end closing share price of $0. 73 (2023: $1.06).
If these movements were to occur, the positive/ (negative) impact on consolidated profit after tax and consolidated
equity for each category of financial instrument held at balance date is presented below:
As at 28 January 2024
Interest rate
Foreign exchange rate
Equity price
Carrying
-0.25%
+0.25%
-
5
%
+10%
-30% +10%
amount
Profit
Equity Profit
Equity
Equity
Equity
Equity
Equity
$000
$000
$000 $000
$000
$000
$000
$000
$000
Financial Assets:
Cash and cash
175,441
(313)
(313)
313
313
69
(11
9)
equivalents'
Derivatives - designated
as cashflow hedges
(Forward foreign
exchange contracts)
2
· 548
1,846
(991)
Investment in equity
securities
3
·
35,046
(
10,514)
3,505
Financial Liabilities:
Derivatives - designated
as cashflow hedges
(Forward foreign
exchange contractsJ2
259
313
(
1
,549)
Total increase/
(313)
(313)
313
313
2,228
(2,659)
(10,514)
3,505
decrease
Receivables and payables have not been included above as they are denominated in NZD and are non-interest
bearing and therefore not subject to market risk.
31

Briscoe Group Limited
Notes to the Consolidated Financial Statements
For the 52 week period ended 28 January 2024
5. Financing and Capital Structure
As at 29 January 2023
Interest rate
Foreign exchange rate
Equity price
Carrying
-
0.25%
+0.75%
-10%+10%
-10%
amount Profit
Equity
Profit
Equity Equity
Equity
Equity
$000 $000
$000
$000
$000
$000
$000
$000
Financial Assets:
Cash and cash
149,874
(267)
(267) 800 800
135
(111)
equivalents
Derivatives - designated
as cashflow hedges
(Forward foreign
exchange contracts )
2
40
162 (121)
Investment in equity
securities
3
50,888
(5,089)
Financial Liabilities:
Derivatives - designated
as cashflow hedges
(Forward foreign
exchange contractsf 2,513
4,619
(3,786)
Total increase/
{267)
(267)
800800
4,916
(4,018)
(5,089)
decrease
Receivables and payables have not been included above as they are denominated in NZD and are non-interest
bearing and therefore not subject to market risk.
1.
Cash and cash equivalents include deposits at call which are at floating interest rates.
2.
Derivatives designated as cashflow hedges are foreign exchange contracts used to hedge against the NZD:USD foreign
exchange risk arising from foreign denominated future purchases. There is no profit or loss sensitivity as the hedges are
100% effective.
3.
Investment in equity securities represents shares held in KMD Brands Limited. There is no profit or loss sensitivity as
impacts from changes in KMD Brands Limited's share price are accounted for through equity.
5.3 Equity
5.3.1 Capital risk management
The Group's capital comprises contributed equity, reserves and retained earnings.
The Group's objective when managing capital is to achieve a balance between maximising shareholder wealth and
ensuring the Group is able to operate competitively with the flexibility to take advantage of growth opportunities as
they arise. In order to meet these objectives the Group may adjust the amount of dividend payments made to
shareholders and/or seek to raise capital through debt and/or equity. There are no specific banking or other
arrangements which require the Group to maintain specified equity levels.
32
+20%
Equity
$000
10,178
10,178

Briscoe Group Limited
Notes to the Consolidated Financial Statements
For the 52 week period ended 28 January 2024
5. Financing and Capital Structure
5.3.2 Share capital
Share capital comprises ordinary shares only. Incremental costs directly attributable to the issue of new shares or
options are shown in equity as a deduction, net of tax, from the proceeds.
All shares on issue are fully paid. All ordinary shares rank equally with one vote attached to each fully paid ordinary
share and have equal dividend rights and no par value.
Contributed equity - ordinary shares
No. of authorised shares
Share capital
Period ended Period ended Period ended Period ended
28 January 2024 29 January 2023 28 January 2024 29 January 2023
Opening ordinary
shares
Issue of ordinary shares arising from the
vesting
of performance rights
Balance at end of period
Shares
Shares
$000
$000
222,645,586
222,556,300
62,136
61,992
120,192
89,286
208
1
·
144
1
·
222,765,778
222,645,586
62,344
62,136
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 period
ended 28 January 2024 was $207,634 (2023: $143,969 for the 89,286 shares issued).
5.3.3 Dividends
Provision is made for the amount of any dividend declared on or before the balance date but not distributed at
balance date.
Interim dividend for the period ended 28 January 2024
Final dividend for the period ended 29 January 2023
Interim dividend for the period ended 29 January 2023
Final dividend for the period ended 30 January 2022
Period ended Period ended Period ended Period ended
28 January 2024 29 January 2023 28 January 2024 29 January 2023
Cents per share Cents per share
$000
$000
12.50
16.00
28.50
12.00
15.50
27.50
27,846
35,642
63,488
26,718
34,510
61,228
All dividends paid were fully imputed (refer also to Note 2.3.3 for imputation credits available for use in subsequent
periods). Supplementary dividends of
$
424,981 (2023:
$
413,716) were provided to shareholders not tax resident in
New Zealand, for which the Group received a Foreign Investor Tax Credit entitlement.
On 12 March 2024 the Directors resolved to provide for a final dividend to be paid in respect of the period ended 28
January 2024. The dividend will be paid at a rate of 16.50 cents per share for all shares on issue as at 20 March
2024, with full imputation credits attached.
33

Briscoe Group Limited
Notes to the Consolidated Financial Statements
For the 52 week period ended 28 January 2024
5. Financing and Capital Structure
5.3.4 Reserves and retained earnings
Cashflow hedge reserve
The hedging reserve is used to record gains and losses on a hedging instrument in a cash flow hedge that are
recognised directly in other comprehensive income, as described in the accounting policy in section 5.2. The
amounts are recognised as profit or loss when the associated hedged transaction affects profit or loss. (Refer also
to the consolidated statement of changes in equity).
Equity-based remuneration reserve
The equity-based remuneration reserve is used to recognise the fair value of performance rights granted but not
exercised, lapsed or forfeited. Amounts are transferred to share capital when vested performance rights are
exercised. (Refer also to the consolidated statement of changes in equity and note 6.2).
Other reserves
Other reserves represents the adjustment made at balance date to reflect the fair value of the investment in KMD
Brands Limited. (Refer also to the consolidated statement of changes in equity and note 4.1 ).
34

Briscoe Group Limited
Notes to the Consolidated Financial Statements
For the 52 week period ended 28 January 2024
6. Other Notes
6.1 Related Party Transactions
6.1.1 Parent and ultimate controlling party
Briscoe Group Limited is the immediate parent, ultimate parent and controlling party for all companies in the
Group.
During the period the Company advanced and repaid loans to its subsidiaries by way of internal current
accounts. In presenting the financial statements of the Group, the effect of transactions and balances
between fellow subsidiaries and those with the Company have been eliminated. No interest is charged on
internal current accounts.
The Group undertook transactions with the following related parties as detailed below:
•
The RA Duke Trust, of which RA Duke is a trustee, as owner of the Rebel Sport premises at Panmure,
Auckland, received rental payments of $722,897 (2023: $674,884) from the Group, under an
agreement to lease premises to The Sports Authority Limited (trading as Rebel Sport). During the
period the final right of renewal was exercised under the lease agreement. The remaining non­
cancellable term of this lease is 2.2 years (2023: 0.2 years) with a payment commitment of $1,587,083
(2023: $112,481).
•
Kein Geld (NZ) Limited, an entity associated with RA Duke, received rental payments of $600,634
(2023: $596,803) 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 8.6 years (2023: 9.6 years) with a payment commitment of $5,633,930 (2023: $6,234,564).
•
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. The 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
$423,858 (2023: 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 1.3 years (2023: Not
applicable) with a payment commitment of $706,431 (2023: Not applicable). The joint venture also
received rental payments of $225,939 (2023: Not applicable) under the pre-existing agreement to
lease premises to The Sports Authority Limited. The remaining non-cancellable term of this lease is
1.3 years (2023: Not applicable) with a payment commitment of $376,566 (2023: Not applicable).
•
The RA Duke Trust (including RA Duke Limited) received dividends of $48,896,419 (2023:
$47,180,755).
•
P Duke, spouse of RA Duke, received payments of $65,000 (2023: $65,000) in relation to her
employment as an overseas buying specialist with Briscoe Group Limited, and rental payments of
$968,512 (2023: $956,982) 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 7.3 years (2023: 8.3 years) with a payment commitment of $7,312,263 (2023:
$8,280,775).
35

Briscoe Group Limited
Notes to the Consolidated Financial Statements
For the 52 week period ended 28 January 2024
6. Other Notes
6.1.2 Key management personnel
Key management includes the Directors of the Company and those employees who the Company has
deemed to have disclosure obligations under subpart 6 of the Financial Markets Conduct Act 2013, namely
the Chief Financial Officer, the Chief Operating Officer and the Chief People Officer.
Key management compensation was as follows:
Salaries and other short-term employee benefits
Equity-based remuneration
Directors' fees
Total benefits
Period ended Period ended
28 January 2024
29 January 2023
$000 $000
4,852
240
400
5,492
3,810
183
400
4,393
Key management did not receive any termination benefits during the period (2023: Nil).
Key management did not receive and are not entitled to receive any post-employment or long-term benefits
(2023: Nil).
Executives (excluding directors) included in key management received dividends of $304,524 (2023:
$282,486) in relation to Briscoe Group shares held.
6.1.3 Directors' fees and dividends
Directors received directors' fees and dividends in relation to their personally held shares as detailed below:
Period ended Period ended
28 January 2024
29 January 2023
Directors' fees
Dividends
Directors' fees
Dividends
$000
$000 $000
$000
Executive Director
RA Duke
Non-Executive Directors
RPO'L Meo
154
154
AD Batterton
82
82
RAB Coupe
87
3
87
3
HJM Callaghan
77
77
400
3
400
3
The following Directors received dividends in relation to their non-beneficially held shares as detailed below:
Executive Director
RA Duke
Non-Executive Directors
RPO'L Meo
AD Batterton
RAB Coupe
HJM Callaghan
36
Period ended
Period ended
28 January 2024
29 January 2023
$000 $000
48,896
29
6
47,181
28
6

Briscoe Group Limited
Notes to the Consolidated Financial Statements
For the 52 week period ended 28 January 2024
6. Other Notes
6.2 Employee Equity-Based Remuneration
6.2.1 Equity settled performance rights
The Senior Executive Incentive Plan grants Group employees performance rights subject to performance
hurdles being met. The fair value of rights granted is recognised as an employee expense in the income
statement with a corresponding increase in the employee share-based payment reserve. The fair value is
measured at grant date and amortised over the vesting periods. When performance rights vest, the amount in
the share-based payments reserve relating to those rights are transferred to share capital. There is no
exercise price for these performance rights and there is no right to dividends during the vesting periods.
On 26 March 2019 the Board approved the Briscoe Group Senior Executive Incentive Plan to grant
performance rights to key senior management personnel as a long-term incentive programme. The fifth
tranche of performance rights were issued under this programme during the period.
Performance rights granted are summarised below:
Balance at
Granted
Vested
Lapsed I
Balance at
start
during
during
forfeited
the end
Tranche
Grant Date of period
the period
the period
during
of period
the period
(number} (number) {number)
{number)
(number)
3
30 Jul 2020
120,192
(120,192)
4
15 Jun 2021
74,562
74,562
5
5 Aug 2022
125,977
125,977
6
3 Aug 2023
206,445
206,445
320,731
206,445
{120,192}
406,984
In each tranche the performance rights are subject to a combination of an absolute Total Shareholder Return
(TSR) growth hurdle and/or an EPS growth hurdle. EPS growth hurdle is considered a non-market condition.
The relative hurdle weighting for unvested tranches is shown in the table below:
Tranche
4
5
6
Grant Date
15 Jun 2021
5 Aug 2022
3 Aug 2023
TSR Weighting
EPS Weighting
50%
50%
50%
The proportion of performance rights subject to the absolute TSR growth hurdle which may vest is dependent
on
Briscoe Group Limited's TSR compound annual growth rate (CAGR) across a 3-year measurement
period. For each tranche that vests the rights are awarded on a straight-line basis dependent on the TSR
CAGR achieved. The percentage of TSR related performance rights vest according to the following
performance criteria for each unvested tranche:
% Vesting
0%
50%
51 % - 99% (Straight­
line prorata)
100%
Tranche 4
< 5.0% CAGR
= 5.0% CAGR
> 5.0%, < 5.5% CAGR
=> 5.5% CAGR
Tranche 5
<
5.7% CAGR
= 5.7% CAGR
> 5.7%, < 6.7% CAGR
=> 6.7% CAGR
37
Tranche 6
< 10.8% CAGR
= 10.8% CAGR
>
10.8%, < 11.8% CAGR
=> 11.8% CAGR

Briscoe Group Limited
Notes to the Consolidated Financial Statements
For the 52 week period ended 28 January 2024
6. Other Notes
The TSR performance is calculated across the following periods:
Tranche Performance Period
4
5
6
Announcement date of FY 2020/21 Result to announcement date of FY 2023/24 Result
Announcement date of FY 2021/22 Result to announcement date of FY 2024/25 Result
Announcement date of FY 2022/23 Result to announcement date of FY 2025/26 Result
The
fair value of the TSR performance rights have been valued under a variant of the dividend adjusted
Binomial Options Pricing Model (BOPM). The fair value of TSR performance rights, along with the
assumptions used to simulate the future share prices are shown below:
Fair value of TSR performance rights
Current price at grant date
Risk free interest rate
Expected life (years)
Expected
share volatility1·
Tranche 4
Tranche
5
$97,501
$143,287
$5.75
$5.56
0.60%
3.54%
2.75
2.75
24%
1
·
24%
2
·
Tranche 6
$144,305
$4.68
5.22%
2.62
22%
3
·
1.
Volatility represents the volatility of the Briscoe Group (BGP) NZD share price based on the average 90
day volatility for the past 3 years (measured on a daily basis).
2.
Volatility represents the volatility of the Briscoe Group (BGP) NZD share price based on the average
weekly volatility over the last year (weekly data).
3.
Volatility represents the volatility of the Briscoe Group (BGP) NZO share price based on the average
weekly volatility over the last year (weekly data).
The estimated fair value for each tranche of performance rights issued is amortised over the vesting period
from the grant date.
The proportion of performance rights subject to the EPS growth hurdle which may vest is dependent on
Briscoe Group Limited's EPS compound annual growth rate (CAGR) across a 3-year measurement period.
For each tranche that vests the rights are awarded on a straight-line basis dependent on the EPS CAGR
achieved. The percentage of EPS related performance rights vest according to the following performance
criteria:
% Vesting Tranche 4
Tranche 5
Tranche 6
0%
50%
51 % -99% (Straight-line prorata)
100%
< 2.5% CAGR
=
2.5% CAGR
>
2.5%, < 4.6% CAGR
=> 4.6% CAGR
< 1.1% CAGR
= 1.1% CAGR
> 1.1%, < 2.6% CAGR
=> 2.6% CAGR
<
-1.9% CAGR
= -1 .9% CAGR
>-1.9%, < 0.4% CAGR
=> 0.4% CAGR
The EPS performance is calculated across the following periods:
Tranche
4
5
6
Performance period
FY 2023/24 EPS relative to FY 2020/21 EPS
FY 2024/25 EPS relative to FY 2021/22 EPS
FY 2025/26 EPS relative to FY 2022/23 EPS
The fair value of the EPS performance rights have been assessed as the Briscoe Group Limited's share price
as at grant date less the present value of the dividends forecast to be paid prior to each vesting date. The fair
value of each EPS unvested performance right has been calculated to be $5.17, $4.89 and $4.00 for tranche
4, tranche 5 and tranche 6, respectively.
38

Briscoe Group Limited
Notes to the Consolidated Financial Statements
For the 52 week period ended 28 January 2024
6. Other Notes
The estimated fair value for each tranche of performance rights issued is amortised over the vesting period
from grant date.
Vesting of performance rights also requires the employee to remain in employment with the Company during
the performance period. The Company has expensed in the income statement $390,873 (2023: $275,642) in
relation to performance rights.
6.2.2 Equity-based remuneration reserve
Balance at beginning of period
Current period amortisation
Performance rights vested transferred to share capital
Performance rights forfeited and amortised in previous years
Deferred tax on performance rights
Balance at end of period
6.3 Contingent Liabilities
Period ended
28 January 2024
$000
575
391
(208)
(57)
701
Period ended
29 January 2023
$000
566
276
(144)
(24)
(99)
575
A proceeding for unspecified damages by a former supplier against Briscoes (New Zealand) Limited and
Briscoe Group Limited was served on 1 O February 2023. It relates to representations allegedly made by the
Group concerning their trading relationship, which the supplier claims contravened the Fair Trading Act 1986
and the Contracts and Commercial Law Act 2017. 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 ongoing and the damages sought are currently unquantified.
6.4 Events After Balance Date
On 12 March 2024 the Directors resolved to provide for a final dividend to be paid in respect of the period
ended 28 January 2024. The dividend will be paid at a rate of 16.50 cents per share for all shares on issue as
at 20 March 2024, with full imputation credits attached (Note 5.3.3).
6.5 New Accounting Standards
There were no new standards applied during the period.
Certain new accounting standards, amendments to accounting standards and interpretations have been
published that are not mandatory for the 28 January 2024 reporting period and have not been early adopted
by
the Group. These standards, amendments or interpretations are not expected to have a material impact
on the entity in the current or future reporting periods and on foreseeable future transactions.
39

Independentauditor’sreport
TotheshareholdersofBriscoeGroupLimited
Ouropinion
Inouropinion,theaccompanyingconsolidatedfinancialstatementsofBriscoeGroupLimited(the
Company),includingitssubsidiaries(theGroup),presentfairly,inallmaterialrespects,thefinancialposition
oftheGroupasat28January2024,itsfinancialperformanceanditscashflowsforthe52-weekperiodthen
endedinaccordancewithNewZealandEquivalentstoInternationalFinancialReportingStandards(NZ
IFRS)andInternationalFinancialReportingStandardsAccountingStandards(IFRSAccountingStandards).
Whatwehaveaudited
TheGroup'sconsolidatedfinancialstatementscomprise:
●theconsolidatedbalancesheetasat28January2024;
●theconsolidatedincomestatementforthe52-weekperiodthenended;
●theconsolidatedstatementofcomprehensiveincomeforthe52-weekperiodthenended;
●theconsolidatedstatementofchangesinequityforthe52-weekperiodthenended;
●theconsolidatedstatementofcashflowsforthe52-weekperiodthenended;and
●thenotestotheconsolidatedfinancialstatements,whichincludematerialaccountingpolicy
informationandotherexplanatoryinformation.

Basisforopinion
WeconductedourauditinaccordancewithInternationalStandardsonAuditing(NewZealand)(ISAs(NZ))
andInternationalStandardsonAuditing(ISAs).Ourresponsibilitiesunderthosestandardsarefurther
describedintheAuditor’sresponsibilitiesfortheauditoftheconsolidatedfinancialstatementssectionofour
report.
Webelievethattheauditevidencewehaveobtainedissufficientandappropriatetoprovideabasisforour
opinion.
Independence
WeareindependentoftheGroupinaccordancewithProfessionalandEthicalStandard1International
CodeofEthicsforAssurancePractitioners(includingInternationalIndependenceStandards)(NewZealand)
(PES1)issuedbytheNewZealandAuditingandAssuranceStandardsBoardandtheInternationalCodeof
EthicsforProfessionalAccountants(includingInternationalIndependenceStandards)issuedbythe
InternationalEthicsStandardsBoardforAccountants(IESBACode),andwehavefulfilledourotherethical
responsibilitiesinaccordancewiththeserequirements.
Otherthaninourcapacityasauditorwehavenorelationshipwith,orinterestsin,theGroup.
Keyauditmatters
Keyauditmattersarethosemattersthat,inourprofessionaljudgement,wereofmostsignificanceinour
auditoftheconsolidatedfinancialstatementsofthecurrent52-weekperiod.Thesematterswereaddressed
inthecontextofourauditoftheconsolidatedfinancialstatementsasawhole,andinformingouropinion
thereon,andwedonotprovideaseparateopiniononthesematters.

PricewaterhouseCoopers,15CustomsStreetWest,PrivateBag92162,Auckland1142,NewZealand
T:+6493558000,F:+6493558001,pwc.co.nz
40

DescriptionofthekeyauditmatterHowourauditaddressedthekeyauditmatter
Inventoryexistenceandvaluation
Asat28January2024,theGroupheld
inventoriesof$104.9million.Giventhe
valueofinventoriesrelativetothetotal
assetsoftheGroup,andthejudgements
appliedinprovisioningagainstinventory
shrinkage,slowmoving,andobsolete
inventory,thishasbeenconsideredasa
keyauditmatter.
Asdescribedinnote3.1.3tothe
consolidatedfinancialstatements,
inventoriesarestatedatthelowerofcost
andnetrealisablevalue.
TheGrouphasinventorysystemsinplace
toaccuratelyrecordandreportinventory
movementsandthevalueofinventoryon
hand.Cyclicalcountsofinventoriesare
performedatvarioustimesthroughoutthe
periodwhichincludesanassessmentof
slowmovingandobsoletestock.The
cyclicalcountsprovidemanagementwith
evidenceoverquantityandqualityof
inventoryonhand.
Managementappliesjudgementin
determininginventoryvaluation,inparticular
thelevelofprovisionsforinventorywhichis
expectedtosellforlessthancostdueto
obsolescence,adjustmentsforunearned
rebateincome,andinventoryshrinkage
sincethelaststockcount.
Ourauditproceduresincluded:
•gaininganunderstandingofinventory
processesandassessingthedesignof
certaininventorycontrols,particularly
controlsoverthecyclicalcountingprocess;
•observingmanagement’scyclicalstocktake
processatselectedlocationsand
undertakingourowntestcounts.Forthose
locationsnotvisited,onasamplebasis,
inspectingtheresultsofstockcountsand
confirmingstockcountvarianceswere
appropriatelyadjusted;
•onasamplebasis,testingthecostof
inventorytosupplierinvoicesorcontracts
providingevidencetosupporttheaccuracy
ofinventorycosting;
•testingthatperiod-endinventoryiscarriedat
lowerofcostandnetrealisablevalueby
comparingasampleofinventoryitemsto
theexpectedsellingprice;
•
helddiscussionswithmanagement,
includingmerchandisingpersonnel,to
understandandcorroboratethe
assumptionsappliedinestimatinginventory
provisions;
•onasamplebasis,testingunearnedrebate
incometosuppliercontracts;
•assessingtheadequacyoftheprovisionfor
slow-movinginventorybycomparing
historicalwrite-offsagainstthelevelof
provision,andassessingprovisionratesfor
variousstockcategories;and
•assessingtheshrinkageprovisionby
performinganalyticalproceduresoverthe
shrinkagerateusedtocalculatethe
provisionsincethelaststorestockcounts.
Thisincludescomparingtherateusedtothe
actualshrinkageratespreviouslyobserved
andreviewingthelevelofactualinventory
shrinkagerecordedduringthecurrent
period.

PwC
41

Ourauditapproach

Overview
Overallgroupmateriality:$5,800,000,whichrepresentsapproximately
5%ofprofitbeforetax.
Wechoseprofitbeforetaxasthebenchmarkbecause,inourview,itis
thebenchmarkagainstwhichtheperformanceoftheGroupismost
commonlymeasuredbyusers,andisagenerallyacceptedbenchmark.
Weselectedtransactionsandbalancestoauditbasedontheoverall
groupmaterialitytoBriscoeGroupLimitedataconsolidatedlevelrather
thandeterminingthescopeofprocedurestoperformbyauditingonly
specificsubsidiariesorentities.
Asreportedabove,wehaveonekeyauditmatter,beinginventory
existenceandvaluation.

Aspartofdesigningouraudit,wedeterminedmaterialityandassessedtherisksofmaterialmisstatementin
theconsolidatedfinancialstatements.Inparticular,weconsideredwheremanagementmadesubjective
judgements;forexample,inrespectofsignificantaccountingestimatesthatinvolvedmakingassumptions
andconsideringfutureeventsthatareinherentlyuncertain.Asinallofouraudits,wealsoaddressedthe
riskofmanagementoverrideofinternalcontrols,includingamongothermatters,considerationofwhether
therewasevidenceofbiasthatrepresentedariskofmaterialmisstatementduetofraud.
Materiality
Thescopeofourauditwasinfluencedbyourapplicationofmateriality.Anauditisdesignedtoobtain
reasonableassuranceaboutwhethertheconsolidatedfinancialstatementsarefreefrommaterial
misstatement.Misstatementsmayariseduetofraudorerror.Theyareconsideredmaterialif,individuallyor
inaggregate,theycouldreasonablybeexpectedtoinfluencetheeconomicdecisionsofuserstakenonthe
basisoftheconsolidatedfinancialstatements.
Basedonourprofessionaljudgement,wedeterminedcertainquantitativethresholdsformateriality,
includingtheoverallGroupmaterialityfortheconsolidatedfinancialstatementsasawholeassetout
above.These,togetherwithqualitativeconsiderations,helpedustodeterminethescopeofouraudit,the
nature,timingandextentofourauditproceduresandtoevaluatetheeffectofmisstatements,both
individuallyandinaggregate,ontheconsolidatedfinancialstatementsasawhole.
Howwetailoredourgroupauditscope
Wetailoredthescopeofourauditinordertoperformsufficientworktoenableustoprovideanopinionon
theconsolidatedfinancialstatementsasawhole,takingintoaccountthestructureoftheGroup,the
accountingprocessesandcontrols,andtheindustryinwhichtheGroupoperates.
Otherinformation
TheDirectorsareresponsiblefortheotherinformation.Theotherinformationcomprisestheinformation
includedintheAnnualreport,butdoesnotincludetheconsolidatedfinancialstatementsandourauditor's
reportthereon.TheAnnualreportisexpectedtobemadeavailabletousafterthedateofthisauditor's
report.
Ouropinionontheconsolidatedfinancialstatementsdoesnotcovertheotherinformationandwewillnot
expressanyformofauditopinionorassuranceconclusionthereon.
PwC
42

Inconnectionwithourauditoftheconsolidatedfinancialstatements,ourresponsibilityistoreadtheother
informationand,indoingso,considerwhethertheotherinformationismateriallyinconsistentwiththe
consolidatedfinancialstatementsorourknowledgeobtainedintheaudit,orotherwiseappearstobe
materiallymisstated.
Whenwereadtheotherinformationnotyetreceived,ifweconcludethatthereisamaterialmisstatement
therein,wearerequiredtocommunicatethemattertotheDirectorsanduseourprofessionaljudgementto
determinetheappropriateactiontotake.
ResponsibilitiesoftheDirectorsfortheconsolidatedfinancialstatements
TheDirectorsareresponsible,onbehalfoftheCompany,forthepreparationandfairpresentationofthe
consolidatedfinancialstatementsinaccordancewithNZIFRSandIFRSAccountingStandards,andfor
suchinternalcontrolastheDirectorsdetermineisnecessarytoenablethepreparationofconsolidated
financialstatementsthatarefreefrommaterialmisstatement,whetherduetofraudorerror.
Inpreparingtheconsolidatedfinancialstatements,theDirectorsareresponsibleforassessingtheGroup’s
abilitytocontinueasagoingconcern,disclosing,asapplicable,mattersrelatedtogoingconcernandusing
thegoingconcernbasisofaccountingunlesstheDirectorseitherintendtoliquidatetheGrouportocease
operations,orhavenorealisticalternativebuttodoso.
Auditor’sresponsibilitiesfortheauditoftheconsolidatedfinancialstatements
Ourobjectivesaretoobtainreasonableassuranceaboutwhethertheconsolidatedfinancialstatements,as
awhole,arefreefrommaterialmisstatement,whetherduetofraudorerror,andtoissueanauditor’sreport
thatincludesouropinion.Reasonableassuranceisahighlevelofassurance,butisnotaguaranteethatan
auditconductedinaccordancewithISAs(NZ)andISAswillalwaysdetectamaterialmisstatementwhenit
exists.Misstatementscanarisefromfraudorerrorandareconsideredmaterialif,individuallyorinthe
aggregate,theycouldreasonablybeexpectedtoinfluencetheeconomicdecisionsofuserstakenonthe
basisoftheseconsolidatedfinancialstatements.
Afurtherdescriptionofourresponsibilitiesfortheauditoftheconsolidatedfinancialstatementsislocatedat
theExternalReportingBoard’swebsiteat:
https://www.xrb.govt.nz/assurance-standards/auditors-responsibilities/audit-report-1/
Thisdescriptionformspartofourauditor’sreport.
Whowereportto
ThisreportismadesolelytotheCompany’sshareholders,asabody.Ourauditworkhasbeenundertaken
sothatwemightstatethosematterswhichwearerequiredtostatetotheminanauditor’sreportandforno
otherpurpose.Tothefullestextentpermittedbylaw,wedonotacceptorassumeresponsibilitytoanyone
otherthantheCompanyandtheCompany’sshareholders,asabody,forourauditwork,forthisreportor
fortheopinionswehaveformed.

Theengagementpartnerontheauditresultinginthisindependentauditor’sreportisInduminSenaratne
(IndySena).
Forandonbehalfof:
CharteredAccountants
12March2024
Auckland

PwC
43

---

FY24 ADDENDUM
1
Full Year
Addendum
52 WEEK PERIOD ENDED 28 JANUARY 2024

FY24 ADDENDUM
2
Contents
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
Highlights
Sales
Gross Profit Margin %
Net Profit After Tax
Balance Sheet
Customer Satisfaction
Online Share of Sales
Online Experience
VIP Membership Club
Team
Sustainability
Supply Chain
Strategy
Market Share
Financial Summary

FY24 ADDENDUM
3
Highlights
Very strong trading performance in
achallenging economic climate. Sales
growth in both Homewares and
Sporting Goods. Margin in line with
expectation delivering a market leading
NPAT performance.
•Gross Profit 42.40%.
•Gross Profit $335.8m.
•Protection of 47% of margin
gained across 2 Covid years.
Solid Gross Profit
Performance
•Online sales 18.72% of total
Group sales.
•Personalisation program
delivering increased customer
lifetime value.
•Back-end fulfilment
productivity and process
improvements driving industry
leading dispatch speed.
Online Performance
•NPAT $84.2m.
•95% of last year's record
NPAT.
•16.5 cents per sharefinal
dividend to bepaid 27
March 2024.
Strong NPAT
•Net cash at period end
$175.4m(Includes $20m of creditors
payments made by 31 January 2024).
•Inventory now returned tonormal levels
-$12.9m below last year.
-Increased stockturn.
Strong Balance Sheet
•Group sales +0.78% to $792.0m.
•Homeware sales +0.54% to
$490.1m.
•Sporting Goods sales +1.17% to
$301.9m.
Record Sales
•Record level of customer satisfaction
through Net Promoter Score (NPS) across
both stores and online.
•Strategic plan2020 to 2023now
completed delivering over 120 projects.
•Extended rangenow delivering significant
incremental sales.
•Strategic planning for 2024 to 2026well
advanced.
•Supply chain transformation commenced.
Strategic Initiatives contributing
to increased profitability

FY24 ADDENDUM
4
Sales
Sales growth in both Homewares and Sporting
Goods in a very challenging retail environment. Likely
to be delivering market share gains in both
segments.
PERCENTAGE GROWTH
SALES GROWTH BY SEGMENT
Growthslowed due to
externalfactors.
Continued growth across
bothsegments in a difficult
market.
Core business, new stores,
online and strategic initiatives
driving growth.
47 Briscoes Homeware and
43 Rebel Sport stores.

FY24 ADDENDUM
5
Gross Profit Margin %
Margin delivered, protected nearly half of the significant gains since pre-Covid.
Continued strong margin
performance across both
Homewares and Sporting
Goods.
Protected 47% of the
grossmarginstep-change
through the following
initiatives:
Targeted clearance
ofseasonal inventory.
Significant improvement
toallocation algorithms.
Enhanced South Island
inventory flow.
Improvement in seasonal
product availability.
Improvements to promotional
programme.
MARGIN GROWTH PROTECTION

FY24 ADDENDUM
6
Net Profit After
Tax (NPAT)
Targetedpromotional activity.
Record growth in VIP club
members and increasing lifetime
value.
Relentless focus on large cost
centres todeliver significant
efficiencies.
Supply chain initiatives delivering
incremental profitability.
Direct To Customer product range
extension now significant. Over90
suppliers live and growing.
Ongoing focus on robust cost
control.
Strong NPAT driven by:

FY24 ADDENDUM
7
Strong Balance Sheet
Inventory returning to efficient
levels now that global supply
chains have stabilised.
Four new stores added since
year ended January
2020totalling approximately
$5 million in inventory holding.
Excellent cash positionprovides
the ability to continue to invest
in growth opportunities such as
the project to establish a new
distribution centre in
SouthAuckland.

FY24 ADDENDUM
8
Record levels of satisfaction
achieved consistently for the
past three years in our NPS
scores –Briscoes Homeware
at 78 and Rebel Sport at 70.
Market leadingservice
levelsdeliveredin conjunction
withtight costcontrol.
Online NPS average
forBriscoes Homeware is 70
andRebel Sport 67.
Customer
Satisfaction –Net
Promoter Score (NPS)
BRISCOES HOMEWARE NPS
REBEL SPORT NPS

FY24 ADDENDUM
9
Total Group online sales of$148
million.
59 million sessions on our
websites.
Online Share
Of Sales
Online mix remains level with last year. Whilst there has
been a shift back to stores globally, the growth of Direct
To Customer (DTC) has offset this.
DTC revenue growth in
excessof100%.
Total share of business for
online at 18.7%.

FY24 ADDENDUM
10
Online Customer
Experience
improvements
This year we continued to invest in ouronline and
store fulfilment technology, to bring our customers
the best online experience.
We fulfilled 1,700,000
onlineorders this year
OMNICHANNEL MEMBERS
AREA + VOUCHERS
Continuing to linkonline
and instore experience.
FAST & TRANSPARENT
DELIVERY EXPERIENCE
Introduced a range of
optimisations with the
return's portal and new
order fulfilment software.
FRICTIONLESS USER
EXPERIENCE (UX)
Monthly releases of UX
improvements to help
make shopping easier for
our customers.
FOCUS ON PRODUCT
DATAFINDERS
Introduced new product
finder quizzes + continual
optimisation of our new
Product Information
System.
SIGNIFICANT
GROWTH IN
CLICKCOLLECT
20%
YOY
AVERAGE SPEED TO
DISPATCH
UNDER 1 DAY
15%
YOY
STRONG COST
CONTROL IN
FULFILMENT

FY24 ADDENDUM
11
VIP Membership Club
We have a large, growing and loyal customer membership
programme with over 1.8 million club members.

FY24 ADDENDUM
12
Our Team
TEAM ENGAGEMENT
84%
We've successfully conducted two more
rounds of team member surveys on
Peakon, achieving an 84% aggregated
participation rate. Understanding team
member engagement and identifying
their priorities, allows us to implement
targeted initiatives, helping make Briscoe
Group a great place to work.
FIRST FOUNDATION SCHOLARSHIPS
34
Briscoe Group, in partnership with the RA
Duke Trust, has been a First Foundation
Partner since 2013 and a principal sponsor
for two years. We're proud to support their
mission of providing students access to
higher education and together, we've
supported 34 bright young Kiwis on their
education journey.
FUTURE SKILLS PROGRAMME
2
During the year, we introduced a Skills for
Life programme at our Distribution
Centre, in partnership with Aspire2. We
delivered two cohorts aimed at
enhancing the capabilities of our team
for both professional and personal
development.
RECRUITMENT & RESOURCING
>19,000
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 19,000 job
applications.
LEARNING & DEVELOPMENT
68%
With 68% of our Retail Management team
having completed or underway in our
Management and Leadership program,
we have widened participation to leaders
from our Distribution Centre andSupport
functions.
WELLBEING
7.8
Our team scored their satisfaction as 7.8 on
our last Peakon employee engagement
survey in relation to wellbeing. We launched
the Wellbeing at Briscoe Group initiative
which includes partnering with external
organisationsto run a series of wellbeing
workshops and panel discussions.
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.

FY24 ADDENDUM
13
Sustainability
Our Steps To A Better Tomorrow
Set our first climate targets in line with science for our scope 1 and
2 emissions and willrelease our first Climate Related Disclosure
Report as part of our annual report.
Record breaking year for our fundraising for Cure Kids at $1.15m
and surpassing $11m in donations since we formed the
partnership.
We've completed our Sustainability Strategy, offering clear
guidance and governance on our objectives.
Working closely with global industry experts to implement ethical
supplier policies and conduct robust audits across our
international supply chain.
Set our scope 1 and 2 emissions
targets of 50% reduction by 2030
and net zero by 2050.Working
towards setting a scope 3 target
during 2024.
Successful Pilot program with Eco
Central in Christchurch region resulted in
diverting productfrom landfill.
Through support from third party
Verisiowe have conducted ethical
audits of over 30% of alltrade
suppliers.The remaining 70% are
expected to be completed by the end
of 2024.
Provided mental health training
for our team. Our Employee
Assistance Program is used
for both work andnon-work-
related support.
Increased our positive impacton our
local communities, including
enhanced support of the Pass It
Forwardprogramme and a
collaboration withDownlights
organisation.

FY24 ADDENDUM
14
Supply Chain
Transformation
Significant progress has been made in establishing a new
distributioncentre in South Auckland. We expect the project to
requireexpenditure, inclusive of land purchase and building
construction, ofat least $100 million across the next 3 financial years.
We haveselected the warehouse management system to drive our
futuresupply chain.Implementationin our current operation is
underwayand will be completed by July 2024.
The warehouse automation system and vendor havebeenselected.
This automated storage and retrieval system will provide space
efficient storage and the goods to person pick stations will enable
cost-effective handling of less-than-carton quantities.This is a key
enabler to improving stock flow to our stores and supporting fulfilment
of orders to our online customers.
We have chosen the site for our new North Island Distribution Centre
(DC),and construction will begin this year.The DC is sized to meet
ourneeds for 20 years and provides a step change in storage
capacity,anothercritical enabler to improved stock flow.
Some of the
benefits our
Supply Chain
transformation
will deliver.
Improved on shelf availabilityReduced days of cover in-storeKey suppliers shipping via our DCsSustainable supply chain
Optimisedallocation of stock to stores by
implementing a model that uses additional data
points to provide better results.
Reducing excess stock in-store allows us
to bring new products and ranges into
our stores improving choice for our
customers.
Key local supplier volume can be
consolidated with our imported goods and
shipped to our stores in quantities matched
to sales.
Reducing inter-island transport
moves,transport legs from individual
suppliers to our stores andlocal transport
and handling upstream in our supply chain.

FY24 ADDENDUM
15
2020 –2023 Strategic
Initiatives delivered
incremental profit
CUSTOMER CYCLE
Attract–Retain–Grow
FUTURE SUPPLY CHAIN
NEW REVENUES
•Customer data platform implementation.
•Successful pilot of digital price and promotion –now commencing
roll out to all stores.
•Record Net Promoter Score (NPS) achieved in both Briscoes
Homeware and Rebel Sport.
•Contact centre chatbot implemented and delivering excellent
automated service levels.
2023 Key improvements
•Warehouse management system implementation on track and due to
be implemented in existing Auckland DC by July 2024.
•New Auckland DC site selected, and commercial agreementreached
with developmentpartner.
•Automation tender complete and partner selected.
•South Island third party logistics partner deliveringexcellent service
levels.
•7 stores completed refurbishments.
•Direct To Customer sales now significant and over 90 suppliers now
live, including International suppliers.
•New Rebel flagship design underway for Rebel Panmure.

FY24 ADDENDUM
16
Well placed to
increase market
share in a
challenging market
Proven ability to navigate tough
trading conditions and deliver ahead
of the wider market.
World class team of over 2300 people.
All areas of the business are in great
shape with record levels
ofcustomerand team satisfaction
achieved.
Record number of customers on our
VIP club database.
Continued investment in key internal
resources, such as digital, planning
and supply chain.
Excellent trading performance in both
Homewares and Sporting Goods.
Strategic initiatives now embedded inthe
business.
Strategic planning for 2024 to 2026 well
advanced.
Strong balance sheet provides financial
protection and ability to fund strategic
investment such as supply chain
infrastructure.
Current business model iswell suited to
succeed in the tougher economic
climate.

FY24 ADDENDUM
17
Financial Summary
FY Jan 20FY Jan 21FY Jan 22FY Jan 23FY Jan 24
HomewareRevenue -$000
410,908439,234460,887487,501
490,116
Sporting GoodsRevenue-$000
242,109262,563283,563298,353
301,837
Group TotalRevenue-$000
653,017701,797744,450785,854
791,953
OnlineMixofSales-%
11.3%18.8%21.5%19.0%
18.7%
Group Gross Margin -$000
257,502307,116340,642345,922
335,762
Group Gross Margin -%
39.4%43.8%45.8%44.0%
42.4%
Group EBIT -$000
97,223
1
115,886136,468135,494
126,296
Group EBIT -%toSales
14.9%16.5%18.3%17.2%
15.9%
Group NPAT -$000
62,58373,19987,90988,437
84,221
Group NPAT -%toSales
9.6%10.4%11.8%11.3%
10.6%
FreeCashFlow -$M (OperatingCash FlowlessCapex)
60.381.176.6128.0
108.3
DividendsPerShare-cps
8.5
2
28.5
3
27.028.0
29.0
EarningsPerShare-cps
28.232.939.539.7
37.8
NetCashPosition-$M
67.4100.4102.5149.9
4
175.4
5
InventoryTurnover -Xp.a.(COGS dividedbyaverage inventory)
4.74.43.83.7
4.1
1.Includes impact of adoption of NZ IFRS Leases.
2.Final dividend of 12.5cps cancelled as a result of Covid-19 pandemic.
3.Includes special dividends of 6cps paid December 2020.
4.Includes $26 million of creditors payments made on 31 January 2023.
5.Includes $20 million of creditors payments made by 31 January 2024.

---

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 20/03/2024
Ex-Date (one business day before the
Record Date)
19/03/2024
Payment date (and allotment date for
DRP)
27/03/2024
Total monies associated with the
distribution
1

$ 36,756,353.37000000
Source of distribution (for example,
retained earnings)
Retained Earnings
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution
2
$0.22916667
Gross taxable amount
3
$0.22916667
Total cash distribution
4
$0.16500000
Excluded amount (applicable to listed
PIEs)
$-
Supplementary distribution amount $0.02911765
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
$0.06416667
Resident Withholding Tax per
financial product
$0.01145833
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

13/03/2024





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