Full Year Results to 25 January 2026
Results announcement
Results for announcement to the market
Name of issuer BRISCOE GROUP LIMITED
Reporting Period Full Year (52 weeks) – 27 January 2025 to 25 January 2026
Previous Reporting Period Full Year (52 weeks) – 29 January 2024 to 26 January 2025
Currency New Zealand Dollars
Amount (000s) Percentage change
Revenue from continuing operations $798,831 +0.9%
Total Revenue $798,831 +0.9%
Net profit/(loss) from continuing
operations
$ 59,217 -2.3%
Total net profit/(loss) $ 59,217 -2.3%
Final Dividend
Amount per Quoted Equity Security $ 0.10000000
Imputed amount per Quoted Equity
Security
$ 0.03888889
Record Date 20 March 2026
Dividend Payment Date 31 March 2026
Current period Prior comparable period
Net tangible assets per Quoted Equity
Security
$ 1.3622 $ 1.3352
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
11/03/2026
Audited financial statements accompany this announcement.
---
Briscoe Group Limited (NZX/ASX code: BGP)
Highlights for the full year ended 25 January 2026:
• Record total sales $798.8 million, +0.93% on last year
• Both Homeware and Sporting Goods segments delivered positive growth, +1.42% and +0.13%
respectively
• Gross profit margin 39.23%, -114 basis points
(Margin decline for 2
nd
half of 76 basis points vs 154 basis points for 1
st
half)
• Online sales as mix of total Group sales 20.04%, (LY 19.69%)
• Total costs only 1.19% increase on last year
• Net profit after tax (NPAT) $59.2 million
• Total inventory $8.9 million below last year
• $50.4 million capital expenditure made during the period
The directors of Briscoe Group Limited announce a net profit after tax (NPAT) of $59.2 million for the
year ending 25 January 2026, compared to $60.6 million reported for the previous year.
Group Chair Dame Rosanne Meo said, “Delivering record sales and a solid financial result reflects the
strength and resilience of the Briscoe Group business. The Group has continued to execute well,
maintaining strong inventory discipline and cost control while navigating a year that remained
challenging for many households and retailers. Looking forward the Board acknowledges that recent
global events are contributing to a more uncertain external outlook, which management continues to
actively monitor.”
Directors have resolved to pay a final dividend of 10.0 cents per share (cps). The dividend is fully
imputed and, when added to the interim dividend of 10.0cps, brings the total dividend for the year to
20.0 cps. The final dividend will be paid on 31 March 2026. The share register will close to determine
entitlements to the dividend at 5pm on 20 March 2026. The Company’s dividend policy is to pay out at
least 60% of NPAT when calculated on a full-year basis.
Dame Rosanne Meo said, “The Board is pleased to be able to maintain a fully imputed final dividend
while also ensuring the Group has the financial capacity to complete its major investment programme.
These investments are critical in positioning the business for the next phase of growth.”
Rod Duke, Group Managing Director, said: “To deliver record Group sales of $798.8 million in a year
marked by persistent pressure on consumer sentiment and discretionary spending is an outstanding
result. While gross margin remained under pressure due to a highly competitive retail environment, we
continued to focus on disciplined execution – balancing sales performance and gross profit margin,
controlling costs and maintaining excellent inventory outcomes.”
The earnings were generated on sales revenue of $798.8 million, an increase of 0.93% on the $791.5
million generated for the previous year. Both trading segments contributed to the growth, with
Homeware sales increasing by 1.42% to $496.8 million and Sporting Goods sales by 0.13% to $302.1
million. Rod Duke said, “To deliver positive full-year growth across both segments and achieve another
record sales outcome is a terrific result, reflecting the strength of our brands, their value proposition and
the quality of execution by our teams across stores, online and support functions.”
As expected, gross margin percentage declined for the period from 40.37% to 39.23%. Rod Duke said,
“Like all retailers we faced margin pressure through the first half of the year as competitive conditions
remained challenging in a highly value-driven market. Encouragingly, through targeted promotional
adjustments and a sharper focus on specific trading opportunities, we materially reduced the rate of
margin decline across the second half with a decline of 0.76% - significantly improved compared to the
first half’s decline of 1.54%. Our goal for the 2026/27 financial year is to see positive growth in gross
profit margin percentage.”
The Group’s online business continued to strengthen during the year and represented 20.04% of Group
sales as at 25 January 2026. Rod Duke said, “We’re excited about reaching 20% of sales mix for the
first time. Our online teams delivered a number of key initiatives during the year including migration to
the new Adobe platform and the launch of the Direct-to-Customer platform, Marketplacer as well as,
further optimisation of our search engine producing faster updates to online pricing and product pages.
We remain excited about the potential to continue to grow the Group’s online business as we further
optimise these platforms and expand ranges and fulfilment options.
“Cost control continues to be an integral part of managing the business and the year has closed with
total store and overhead costs only 1.2% higher than the previous year. This is a significant
achievement given ongoing wage inflation and other operating cost pressures absorbed throughout the
business.
“Interest income for the year is $3.2 million less than last year due to lower interest rates and reduced
cash holdings, reflecting progress on the construction of our new Drury distribution centre, which
remains on schedule and within budget.”
Inventories totalled $90.8 million at year-end, $8.9 million below the $99.7 million reported for last year.
Rod Duke said, “Inventory discipline remains a key focus for us and this year the team has delivered
excellent improvements in both the quantum and quality of closing stock. These outcomes reduce
clearance pressure and position the Group strongly for the year ahead.”
The Group’s balance sheet remains strong, with cash and bank balances of $130.3 million as at 25
January 2026 and no term debt. Approximately $32 million of creditor payments included in the trade
payables balance were subsequently paid on or before 31 January 2026. With the significant investment
underway in establishing the new North Island distribution centre at Drury, combined with the
seasonality of the Group’s operational cashflow, the Group established funding facilities during the year
and expects to commence drawdown by early April 2026 to support planned timing of project
expenditure.
During the year $50.4 million of capital investment was made by the Group, supporting the new
distribution centre programme, ongoing store development activity and systems investment. This
compares with $58.2 million invested in the prior year and reflects the Group’s continued commitment to
a period of elevated capital investment, with a further $57 million capital expenditure anticipated in the
current financial year as the distribution centre project progresses toward completion.
The Group progressed a number of store development projects during the year including the opening of
its first flagship Rebel Sport store, Rebel X, in Mt Wellington in mid-November. Rebel X has received
exceptional feedback and sets a new benchmark for sports retail in New Zealand. In addition, Briscoes
Homeware Westgate and Rebel Sport Henderson were refurbished into next generation retail
environments and the Group also largely completed a redevelopment of the Rebel Sport CBD store in
Wellington into a contemporary high street concept with an expanded footprint on Cuba Street. Looking
ahead, the Group hopes to undertake at least five further store development projects during 2026.
Rod Duke said, “We remain very confident in the long-term benefits that will be delivered from the
Group’s major strategic initiatives. The year just commenced represents the final year in which the costs
of these investments will impact profit, ahead of the significant benefits expected to contribute more fully
from the following financial year. That confidence is underpinned by the strength, experience and focus
of our senior leadership team, who have consistently demonstrated their ability to deliver against
strategic priorities and execute at pace. The new distribution centre is a transformational investment
which will materially improve supply chain capability, inventory flow and efficiency. In parallel, the
continued roll-out of advanced merchandise planning and analytics tools, including Impact Analytics, is
expected to further improve stock management, sell-through and gross margin outcomes over time.
“We do not underestimate how challenging the retail environment is likely to remain in the near term.
Recent geopolitical disruption in the Middle East has the potential to place renewed pressure on fuel
prices, with flow-through impacts on inflation, operating costs and consumer sentiment across the New
Zealand economy. Notwithstanding these near-term headwinds, we are excited about the potential for
our initiatives to drive meaningful benefits over time. These initiatives are expected to support profit
growth over the next three to four years, targeting a return to record profit levels as these benefits flow.”
Dame Rosanne Meo said, “The Board is very encouraged by the progress the Group continues to
make. Our team’s commitment, capability and energy have again been evident throughout the year —
delivering strong outcomes in a demanding trading environment while also progressing a number of
important initiatives that will enhance the Group’s capability and performance. On behalf of the Board, I
sincerely thank our people across stores, distribution and support office for their outstanding effort and
teamwork. We are confident these investments position Briscoe Group extremely well for the future.”
Wednesday 11 March 2026
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).
---
FY26 ADDENDUM
FullYear
Addendum
52 WEEK PERIOD ENDED 25 JANUARY 2026
FY26 ADDENDUM
Contents
3
4
5
6
7
8
9
10
11
12
13
14
15
17
18
Highlights
Sales
Gross Profit Margin %
Net Profit After Tax
Balance Sheet
Customer Satisfaction
Retail Experience
Online Platform
Club Programme
Our Team
Sustainability
Supply Chain
Strategy
Financial Summary
Brand Portfolio
FY26 ADDENDUM
Highlights
Full Year Ended
25 January 2026
Record sales and a
solid profit performance
reflects the strength
and resilience of the
Briscoe Group business.
Gross Profit Performance
•Gross Profit 39.23% down
from 40.37%.
•Impact of economic
downturnevident after protecting
solid portion of post-covid gains.
•Significant reduction in rate of
margin decline achieved in the
second half of the year to January
2026.
Sales
•Record Group sales $798.8m.
•Positive growth across both
segments.
•Homeware sales +1.42% up to
$496.8m.
•Sporting Goods sales +0.13% up to
$302.1m.
Strong Balance Sheet
•Net cash at period end $130.3m.
•Total inventories decreased by $8.9m
at year end to $90.8m.
•Capex spend of $50.4m.
•Total dividend 10.0 cps,
payout ratio 75%.
NPAT Performance
•Full Year NPAT $59.2m.
•Strong result in highly competitive
market.
•Includes strategic costs incurred
ahead of expected future benefits.
•Total store and overhead costs well
controlled at only +1.19% increase
over last year.
Solid Online Performance
•Online sales 20.04% of total
Group sales.
•Successful implementation of Adobe
and Marketplacerplatforms.
•Continued development ofCustomer
Club programmes.
Strategic Initiatives
contributing to increased
profitability
•Construction of new distribution
centrelargely completed.
•New online platforms.
•Enhancements to Electronic Shelf
Labels programmeprogressed.
•Launch of Rebel X flagship store.
•Integration of new Warehouse
Management System into existing
distribution centreahead of new DC
opening.
•Launch of first two modules of new
merchandise planning system,
Impact Analytics.
•Confirmed decision to migrate
existing SAP ERP to S/4HANA during
2026.
3
FY26 ADDENDUM
Record sales achieved for the Group and both
segments in a tough trading environment.
PERCENTAGE GROWTH
BRICKS & MORTAR VS ONLINE
Record Group Sales of $798.8
million, up 0.9% on last year.
Online sales exceeded 20%
of total Group sales for the
first time.
Growth across both
Homeware +1.4% and
Sporting Goods +0.1%
47 Briscoes Homeware
and 43 Rebel Sport stores.
4
Sales
FY26 ADDENDUM
5
Gross Profit Margin %
Margin performance reflects sustained
economic downturn and competitive intensity.
Decline in margin is reducing with goal to return
to positive growth for 2026/27.
FY26 ADDENDUM
Net Profit After Tax (NPAT)
6
Trading environment was
largest driver of decline,
significantly impacting gross
margin.
Strong cost discipline
maintained with total store
and overhead costs
increasing by only 1.2%.
$3.2 million of costs incurred
advancing strategic
initiatives ahead of
significant future benefits.
Lower interest income as a
result of lower interest rates
and reduced cash balances
as capital projects progress.
NET PROFIT AFTER TAX (NPAT)
Solid NPAT performance delivered alongside record
sales and continued investment.
FY26 ADDENDUM
Balance Sheet
INVENTORY ($M)
NET CASH ($M)
CAPEX ($M)
Inventory discipline delivers
improvedstock quality, flow
and higher stock-turn.
Healthy cash position at
year-end will be
progressively utilised as
major initiatives reach
finalisation.
Funding facility in place to
support cashflow flexibility
and strategic investment
programme.
Continued to invest with
capital expenditure of $50.4
millionon distribution centre,
stores refurbishments and
systems despitetough
ongoing market conditions.
7
Warehouse automation progress -February 2026
FY26 ADDENDUM
Record levels of satisfaction
achievedfor the past four
years in our NPS scores.
January NPS improved year-
on-year for Briscoes
Homeware to 78
andRebelSport to 71.
On anannual basis Briscoes
Homeware achieved
81andRebel Sport 74.
The team continue to deliver
Market leadingservice
levelsalongside excellent
costcontrol.
8
Customer Satisfaction
at ourHeart
BRISCOES HOMEWARE NPS
REBEL SPORT NPS
FY26 ADDENDUM
Delivering the best retail
experience in New Zealand
After a comprehensive refurbishment, Rebel
SportPanmurerelaunched as aflagship store.
The Rebel X concept delivers the best sportsretail
experience in New Zealand.
Immersiveshopping experience designed to
engage and inspire customers.
Expanded full-service footwear department,
featuring a 36% larger footprint delivering
increased range and accessibility.
Product customization services to deliver a
more personalised customer offering.
Enhanced visual merchandising to elevate
product presentation and brand storytelling.
Strategic use of digital technology to create a
dynamic and engaging in-store shopping
environment.
9
FY26 ADDENDUM
We delivered two new best-in-breedeCommerce and
Direct-to-Customer platforms, enhancing our online
experience for our customers and unlocking supplier
growth potential.
Post go-live we expanded our suite of promotional
mechanismsand enabled club pricing online.
We dispatched 4,300,000 units!
ONLINE SALES
GROWTH UP 2.3%
Improvements
in online fulfillment
10
Online Platform Investment
Simeennew
image for this
please –this
one we used LY
–Ally to send.
We continue to invest in ouronline and store fulfilment
technology, to bring our customers the best experience.
ADDITIONAL $2.9M SALES
ACHIEVED WITH 1.5% LOWER
WAGE SPEND
CLICK & COLLECT
SALES GROWTH UP
4.1%
1.4M TOTAL ONLINE
ORDERS
FY26 ADDENDUM
Club Programme
11
FY26
TOTAL DATABASE
1.2m +6.8%
MEMBER FREQUENCY
+41.9% v non-
members
MEMBER ANNUAL SPEND
+39.3% v non-
members
FY26
TOTAL DATABASE
1.08m+4.7%
MEMBER FREQUENCY
+40.9% v non-
members
MEMBER ANNUAL SPEND
+42.7% v non-
members
Linking the instore point
of sale with online
customer data to make a
fully transparent
omnichannel shopping
experience.
The launch of a new reward
proposition for the Rebel Club
encouraging increased
frequency and spend all year
round.
Building on the continued
success of our Club Programmes,
we have some exciting
developments planned for 2026
to further strengthen ourvalue
proposition:
FY26 ADDENDUM
PAID PARENTAL LEAVE
23 Team Members
In April 2025, we launched an
enhanced Parental Leave Policy to
further support our people and their
families. Since launch, 23 team
members have accessed a range of
new benefits, including income
top-ups, continued KiwiSaver
contributions, and paid partner leave
A range of investments in our
people, systems and processes
are enhancing our capabilities,
competence and confidence.
Our team is well placed to drive
the business forward.
12
Our World
Class Team
FIRST FOUNDATION
44 Scholarships
This year we awarded three First
Foundation Scholarships, contributing
to the 44 scholarships granted since
2013 to our team and their direct family
members. The programme supports
scholars through financial assistance,
mentoring, and work experience.
INNOVATIVE APPLIED LEARNING
3,126 VR Sessions
During the year, 3,126 VR sessions were
delivered, reinforcing safe manual
handling practices while complementing
existing digital learning.Following a
successful pilot and trial phase, 2025
marked the transition to the roll out of
VR-enabled manual handling training
across our teams.
HEALTH & SAFETY
>30% Improvement
Over the past two years, we have
achieved:
•A sustained reduction of
approximately 20% in ACC claims,
and
•More than 30% improvement in the
total time team members required to
recover from injury.
CONTINUED IMPROVEMENT
38 Modules
A continued focus on improving and
refining the learning experience for our
team has included the creation and
enhancement of 38 e-learning
modules andfull redevelopment
of our Management and Leadership
programme. Together, these
improvements have strengthened
product knowledge and customer
service capability, refined learning
outcomes, and ensured we continue
to deliver high-quality learning that
supports our people to perform at
their best.
FY26 ADDENDUM
Every day we take one more
step towards creating
abetter tomorrowfor New
Zealanders through
ourSteps to a Better
TomorrowProgramme.
This year we completed our
Materiality Assessment and
refined our Sustainability Strategy
to ensure it focuses on our most
material issues, strengthens risk
management, and supports
long-term value creation.
The updated strategy sharpens
our priorities across Community,
Environment and Our People, all
supported by strong governance.
13
Community
•55 sporting groups supported across the country through our Grassroot grants for
the year. A total of$365k delivered infunding and in-kind equipment
sinceinception.
•Our 24Hr Challenge delivered the biggestsinglefundraising eventforCurekids, with
over $250k raised.
•16,725 Pass it Forward balls through the programmefor the year, getting essential
sporting equipment to schools and clubs that need it the most.
•Three new scholarships awarded to young female athletes through our partnership
with Tanya Dalton, supporting the next generation of role models in sport.
Environment
•3.39% increasein the diversion of operational waste away from landfill (Full year
Diversion rate: 79.67%).
•50,656 kg increase (YoY)in product returns diverted from landfill, being refurbished
and sold as seconds or donated to communities in need.
•Completion of our store network forklift electrification programme.
•Strong engagement in our Store Network Waste Sorting Competition, driving
goodwastepractices in our storerooms.
Key highlights for the year include:
Sustainability
FY26 ADDENDUM
14
Phase 2
Our Supply Chain
Transformation remains on
track and under budget.
Construction of our new
Distribution Centre (DC) in
Drury will be completed in April
2026, and the transition to the
new site will complete in May
2026.
The build of the automation
system began in December
2025 and is scheduled for
completion by September 2026.
PHASE 1:
Recap
•We deployed a new Warehouse
Management System (WMS) in our
old DC in July 2024. Learnings from its
use in supporting our operational
flows has informed the configuration
we are using in our new Drury DC.
•Construction of the new DC
commenced in February 2025.
PHASE 2:
Completed to date
•Our warehouse systems design was
completed in 2025, then built
andnow beingtested.
•We will go live with manual
operations from the Drury DC at the
end of April 2026.
•The design to support our
automation has been agreed, built,
and will be tested prior to
deployment in September 2026.
PHASE 2:
In Progress 2026
•Once manual operations are live at the end of April 2026 our team will begin
settling into their new facility and stabilisingthe operation.
•The automation system is moving from build into the commissioning stage.
•The Briscoe Group team will work in parallel with KNAPP in the testing and
commissioning, with a target completion of end of September 2026.
•We will scale up the volume through automation during Q4 of 2026, and then
bring our key sports brand suppliers' seasonal inventory drops early in 2027.
•A state-of-the-art facility and equipment providing efficiency in our operations.
•Reduced stock levels in stores by holding more in the DC and regularly replenishing our stores in line with demand.
•Sales growth will follow as a result of the improvement in on-shelf availability in store.
•Improved range of products and potential for newproduct categories in our stores.
Benefits for our Team
and Customers
Supply Chain Transformation
FY26 ADDENDUM
15
Record Levels
of Investment
into Strategic
Growth
LONG TERM GROWTH
ACCELERATION
Explore new business
opportunities to drive
meaningful growth.
Accelerate Direct-To-
Customer (DTC) sales.
Online platform upgrade.
Optimisationof store
space.
RETAIL EXPERIENCE
EVOLUTION
Flagship store concepts.
Electronic Shelf Labels
(ESL).
Rebel Sport & Briscoes
Homeware product
range refinement.
Strongercross-sell &up-
sell focus.
Loyalty evolution.
SUPPLY CHAIN
TRANSFORMATION
New Auckland
Distribution Centre (DC).
Improved inventory
allocation and
replenishment.
Enhance Rebel Sport
inventory efficiency.
BUILDING BLOCKS
Scalable technology
architecture.
Strengthened people
capability and capacity.
Automation and use of
AI to simplify processes.
Increase positive impact
through sustainability.
•Adobe online platform
fully implemented.
•New DTC platform fully
implemented.
GROUP STRATEGY 2024 –2026
•ESL functionality further
tested to enhance
customer experience.
•REBEL X flagship store
completed and opened
November 2025.
•Successfully integration
ofnew Warehouse
management system into
existing DC.
•First two Impact Analytics
modules launched to
supportinventory
decisions.
•ERP upgrade decision to
movetoSAP/4HANA
confirmed
•Over 50 team members
completed Leadership
Development Programme.
•Increasing use of AI
technology across the
business.
Delivered
in year end
Jan 2026:
GOAL:
Deliver the
best retail
experience in
New Zealand
•Further range expansion
with new brands
andcategories being
piloted.
•Exploration of new
partnershipsto
optimisereturn on store
space.
•Rebel Sport loyalty
program tech build
completed; pilot
launchQ2 2026.
•Completion of Briscoes
flagship store design.
•Practical completion for
new DC end April 2026.
•Manual operations
startend April 2026.
•Automation build
completed end
September 2026.
•Automation volume ramp
up in Q4 2026.
•All six Impact Analytics
moduleslive by end of
2026.
•Completion of S/4HANA
platform build.
•Leadership program
expanded to duty
managers
Key Deliverables
for year end
Jan 2027:
FY26 ADDENDUM
Solid trading performance in a market
that continues to be challenging.
Both Homewares and Sporting Goods are
trading well despite these challenging
conditions.
Our biggest ever strategic investment in
new Drury Distribution Centre is on track
and within budget.
As we enter the final year of our strategic
investment plan, our focus will now move
to driving future value delivery.
The health of our business continues to
be strong with record levels of customer
satisfaction.
The launch of a new reward proposition
for the Rebel Club encouraging increased
frequency and spend all year round.
Optimising inventory quality and
manging costs remains a relentless
focus for the group.
Our market leading position continues to
strengthen on the back of record sales.
The strategic investments position the
group very strongly for the next phase
of growth.
Our world class team continue to strive
to deliver New Zealand's best retail
experience.
16
The strategic
investment
plan nearing
completion
FY26 ADDENDUM
FY Jan 20FY Jan 21FY Jan 22FY Jan 23FY Jan 24FY Jan 25FY Jan 26
HomewareRevenue -$000
410,908 439,234 460,887 487,501 490,116
489,810496,773
Sporting GoodsRevenue-$000
242,109 262,563 283,563 298,353 301,837
301,659302,058
Group TotalRevenue-$000
653,017 701,797 744,450 785,854 791,953
791,469798,831
OnlineMixofSales-%
11.3%18.8%21.5%19.0%18.7%
19.7%20.0%
Group Gross Margin -$000
257,502 307,116 340,642 345,922 335,762
319,541313,355
Group Gross Margin -%
39.4%43.8%45.8%44.0%42.4%
40.4%39.2%
Group EBIT -$000
97,223 115,886 136,468 135,494 126,296
104,40195,776
Group EBIT -%toSales
14.9%16.5%18.3%17.2%15.9%
13.2%12.0%
Group NPAT -$000
62,583 73,199 87,909 88,437 84,221
68,008
5
59,217
Group NPAT -%toSales
9.6%10.4%11.8%11.3%10.6%
8.6%7.4%
FreeCashFlow -$M (OperatingCash FlowlessCapex)
60.3 81.1 76.6 128.0 108.3
51.652.0
DividendsPerShare-cps
8.5
1
28.5
2
27.028.0 29.0
22.520.0
EarningsPerShare-cps
28.232.939.539.7 37.8
30.5
5
26.6
NetCashPosition-$M
67.4 100.4 102.5 149.9
3
175.4
4
142.4
6
130.3
7
InventoryTurnover -Xp.a.(COGS dividedbyaverage
inventory)
4.74.43.83.7 4.1
4.65.1
1.Final dividend of 12.5cps cancelledas a result of Covid-19 pandemic.
2. Includes special dividend of 6cps.
3. Includes $26 million of creditor payments made by 31 January 2023.
4. Includes $20 million of creditor payments made by 31 January 2024.
5. Excludes $7.4 million one-off non-cash tax expense adjustment.
6. Includes $30 million of creditor payments made by 31 January 2025.
7. Includes $32 million of creditor payments made by 31 January 2026.
17
Financial Summary
FY26 ADDENDUM
BRISCOES HOMEWARE
REBEL SPORT
225+ Brands!
18
The Largest Range of Global
Brands in Homewares and
Sporting Goods
---
Briscoe Group Limited
For the 52-week period ended 25 January 2026
Briscoe Group Limited
Consolidated Financial Statements
For the 52-week period ended 25 January 2026
Briscoe Group Limited
Introduction and Table of Contents
For the 52-week period ended 25 January 2026
1
Introduction
These financial statements have been presented in a style which attempts to make them less
complex and more relevant to shareholders.
We have grouped the note disclosures into six sections:
1.Basis of Preparation
2. Performance
3.Operating Assets and Liabilities
4. Investments
5.Financing and Capital Structure
6.Other Notes
Each section sets out the accounting policies applied to the relevant notes.
The purpose of this format is to provide readers with a clearer understanding of the financial affairs of
the Group.
Accounting policies have been shown in shaded areas for easier identification.
Briscoe Group Limited
Introduction and Table of Contents
For the 52-week period ended 25 January 2026
2
Table of Contents
Consolidated Financial Statements
Directors’ Approval of Consolidated Financial Statements 4
Consolidated Income Statement
5
Consolidated Statement of Comprehensive Income 6
Consolidated Balance Sheet 7
Consolidated Statement of Cash Flows 8
Consolidated Statement of Changes in Equity 10
Notes to the Consolidated Financial Statements:
1.Basis of Preparation11
1.1 General Information 11
1.2 Material Accounting Policies 11
2. P
erformance13
2.1 Segment Information13
2.2 Income and Expenses15
2.3 Taxation16
2.3.1 Taxation – Income statement 16
2.3.2 Taxation – Balance sheet 17
2.3.3 Imputation credits 18
2.4 Earnings Per Share 18
3.O
perating Assets and Liabilities19
3.1 Working Capital19
3.1.1 Cash and cash equivalents 19
3.1.2 Trade and other receivables 19
3.1.3 Inventories 20
3.1.4 Trade and other payables 20
3.2 Property, Plant and Equipment 22
3.3 Intangible Assets 23
3.4 Leases 24
3.4.1 Right-of-use assets 24
3.4.2 Lease liabilities 25
3.4.3 Lease liabilities maturity analysis 25
3.4.4 Lease related expenses included in the income statement 25
3.4.5 Lease payments included in the cashflow statement 25
4. I
nvestments26
4.1 Investment in Equity Securities26
Briscoe Group Limited
Introduction and Table of Contents
For the 52-week period ended 25 January 2026
3
5.Financing and Capital Structure27
5.1 Interest Bearing Liabilities27
5.2 Financial Risk Management27
5.2.1 Derivative financial instruments 27
5.2.2 Credit risk 28
5.2.3 Interest rate risk 28
5.2.4 Liquidity risk 28
5.2.5 Market risk 30
5.2.6 Sensitivity analysis 31
5.3 Equity 33
5.3.1 Capital risk management 33
5.3.2 Share capital 33
5.3.3 Dividends 34
5.3.4 Reserves and retained earnings 34
6.Other Notes35
6.1 Related Party Transactions35
6.1.1 Parent and ultimate controlling company 35
6.1.2 Key management personnel 36
6.1.3 Directors’ fees and dividends 36
6.2 Employee Equity-Based Remuneration 37
6.2.1 Equity-settled performance rights 37
6.2.2 Equity-b ased remuneration reserve 39
6.3 E
vents After Balance Date 39
6.4 New Accounting Standards 39
Independent Auditor’s Report 40
Briscoe Group Limited
Consolidated Income Statement
For the 52-week period ended 25 January 2026
5
Period ended Period ended
25 January 2026 26 January 2025
Notes $000 $000
Sales revenue 798,831 791,469
Cost of goods sold (485,476) (471,928)
Gross profit 313,355 319,541
Other operating income 2.2 400 275
Store expenses (127,895) (124,231)
Administration expenses (90,084) (91,184)
Earnings before interest and tax 95,776 104,401
Finance income 2,971 6,127
Finance cost
(15,836) (15,451)
Net finance cost 5.1 (12,865) (9,324)
Profit before income tax 82,911 95,077
Income tax expense 2.3.1 (23,694) (34,443)
Net profit attributable to shareholders 59,217 60,634
Earnings per share for profit attributable to
shareholders:
Basic earnings per share (cents)
2.4 26.6 27.2
D
iluted earnings per share (cents)
2.4 26.5 27.2
The above consolidated income statement should be read in conjunction with the accompanying notes.
Briscoe Group Limited
Consolidated Statement of Comprehensive Income
For the 52-week period ended 25 January 2026
6
Period ended Period ended
25 January 2026 26 January 2025
Notes $000 $000
Net Profit attributable to shareholders 59,217 60,634
Other comprehensive income:
Items that will not be subsequently reclassified to profit or
loss:
Change in value of investment in equity securities 4.1 (7,201) (14,643)
Items that may be subsequently reclassified to profit or loss:
Fair value gain taken to the cashflow hedge reserve 519 4,454
Deferred tax on fair value gain taken to cashflow hedge reserve 2.3.2 (145) (1,247)
Total other comprehensive income/(loss) (6,827) (11,436)
Total comprehensive income attributable to shareholders 52,390 49,198
The above consolidated statement of comprehensive income should be read in conjunction with the accompanying notes.
Briscoe Group Limited
Consolidated Balance Sheet
As at 25 January 2026
7
As at
25 January 2026
As at
26 January 2025
Notes $000 $000
ASSETS
Current assets
Cash and cash equivalents 3.1.1 130,325 142,401
Trade and other receivables 3.1.2 6,740 6,830
Inventories 3.1.3 90,828 99,696
Derivative financial instruments 5.2.5 739 3,058
Total current assets 228,632 251,985
Non-current assets
Property, plant and equipment 3.2 214,380 177,520
Intangible assets 3.3 2,308 2,329
Right-of-use assets 3.4.1 226,485 230,263
Deferred tax 2.3.2 12,062 9,990
Investment in equity securities 4.1 13,202 20,403
Total non-current assets 468,437 440,505
TOTAL ASSETS 697,069 692,490
LIABILITIES
Current liabilities
Trade and other payables 3.1.4 108,033 109,301
Lease liabilities 3.4.3 20,482 20,674
Taxation payable 2.3.2 5,350 5,247
Derivative financial instruments 5.2.5 529 34
Total current liabilities 134,394 135,256
Non-current liabilities
Trade and other payables 3.1.4 1,480 1,411
Lease liabilities 3.4.3 255,406 256,028
Total non-current liabilities 256,886 257,439
TOTAL LIABILITIES 391,280 392,695
NET ASSETS 305,789 299,795
EQUITY
Share capital 5.3.2 62,435 62,435
Cashflow hedge reserve 5.2.5 183 2,250
Equity-based remuneration reserve 6.2.2 1,004 925
Other reserves 5.3.4 (74,651) (67,450)
Retained earnings 316,818 301,635
TOTAL EQUITY 305,789 299,795
The above consolidated balance sheet should be read in conjunction with the accompanying notes.
Briscoe Group Limited
Consolidated Statement of Cash Flows
For the 52-week period ended 25 January 2026
8
Period ended Period ended
25 January 2026 26 January 2025
Notes $000 $000
OPERATING ACTIVITIES
Cash was provided from
Receipts from customers
798,436 791,496
Rent received
163 155
Dividends received
6 6
Interest received 3,398 6,936
Insurance recovery
136 114
802,139 798,707
Cash was applied to
Payments to suppliers (527,246) (521,507)
Payments to employees
(101,718) (104,000)
Interest paid
(15,836) (15,451)
Net GST paid (30,112) (17,125)
Income tax paid
(24,826) (30,922)
(699,738) (689,005)
Net cash inflows from operating activities 102,401 109,702
INVESTING ACTIVITIES
Cash was provided from
Proceeds from sale of property, plant and equipment
21 49
21 49
Cash was applied to
Purchase of property, plant and equipment 3.2
(49,083) (56,466)
Purchase of intangible assets (1,353) (1,695)
(50,436) (58,161)
Net cash outflows from investing activities (50,415) (58,112)
FINANCING ACTIVITIES
Cash was applied to
Dividends paid 5.3.3
(44,558) (64,609)
Lease liability payments
(19,447) (20,064)
(64,005) (84,673)
Net cash outflows from financing activities (64,005) (84,673)
Net (decrease)/increase in cash and cash equivalents
(12,019) (33,083)
Cash and cash equivalents at beginning of period 142,401 175,441
Effect of exchange rate changes on cash and cash equivalents (57) 43
Cash and cash equivalents at period end
3.1.1 130,325 142,401
Briscoe Group Limited
Consolidated Statement of Cash Flows (continued)
For the 52-week period ended 25 January 2026
9
RECONCILIATION OF NET CASH FLOWS FROM
OPERATING ACTIVITIES TO REPORTED NET PROFIT
Period ended Period ended
25 January 2026
26 January 2025
$000
$000
Reported net profit attributable to shareholders
59,217 60,634
Items not involving cash flows
Depreciation and amortisation expense 36,011 35,798
Deferred tax adjustment -7,374
Bad debts and movement in doubtful debts
(118)(79)
Inventory adjustments
(1,660) (2,607)
Amortisation of equity-based remuneration
570 497
Loss on disposal/surrender of assets
(24) 6
34,779 40,989
Impact of changes in working capital items
Decrease in trade and other receivables
208 987
Decrease in inventories
10,528 7,779
Increase/(decrease) in taxation payable
103 (3,069)
Increase in trade payables 723 1,233
(Decrease)/increase in other payables and accruals
(3,157) 1,149
8,405 8,079
Net cash inflow from operating activities 102,401 109,702
NET DEBT RECONCILIATION
Period ended Period ended
25 January 2026 26 January 2025
$000 $000
Cash and cash equivalents at period end 130,325 142,401
Lease liabilities
Opening value (276,702) (289,180)
Cash flows 19,447 20,064
Lease acquisitions (19,282) (7,586)
Lease surrenders 649 -
Total lease liabilities at period end (275,888) (276,702)
Net debt reconciliation (145,563) (134,301)
T
he above consolidated statement of cash flows should be read in conjunction with the accompanying notes.
Briscoe Group Limited
Consolidated Statement of Changes in Equity
For the 52-week period ended 25 January 2026
10
Notes Share Cashflow Equity-Based Other Retained Total
Capital Hedge Remuneration Reserves Earnings Equity
Reserve Reserve
$000 $000 $000 $000 $000 $000
Balance at 28 January 2024 62,344 250 701 (52,807) 305,380 315,868
Transfer of hedging gains/losses upon settlement of
forward contracts net of tax -(1,207) - - - (1,207)
Net profit attributable to shareholders for the period - - - - 60,634 60,634
Other comprehensive income:
Change in value of investment in equity securities
4.1
- - - (14,643) - (14,643)
Net fair value gains taken through cashflow hedge reserve -3,207 - - - 3,207
Total comprehensive (loss)/income for the period -3,207-(14,643) 60,634 49,198
Transactions with owners:
Dividends paid
5.3.3
- - - - (64,609) (64,609)
Performance rights charged to income statement
6.2.1
- - 497 - - 497
Performance rights vested
5.3.2/6.2.2
91 -(91) - - -
Performance rights forfeited
6.2.2
- - (230)- 230-
Deferred tax on equity-based remuneration
2.3.2/6.2.2
- - 48 -- 48
Balance at 26 January 2025 62,435 2,250 925 (67,450) 301,635 299,795
Transfers of hedging gains/losses upon settlement of
forward contracts net of tax -(2,441) - - - (2,441)
Net profit attributable to shareholders for the period - - - - 59,217 59,217
Other comprehensive income:
Change in value of investment in equity securities
4.1
- - - (7,201) - (7,201)
Net fair value gains taken through cashflow hedge reserve -374 - - - 374
Total comprehensive (loss)/income for the period -374-(7,201) 59,217 52,390
Transactions with owners:
Dividends paid
5.3.3
- - - - (44,558) (44,558)
Performance rights charged to income statement
6.2.1
- - 570 - - 570
Performance rights vested
5.3.2/6.2.2
- - - - - -
Performance rights forfeited
6.2.2
- - (524) - 524-
Deferred tax on equity-based remuneration
2.3.2/6.2.2
- - 33 - -33
Balance at 25 January 2026 62,435 183 1,004 (74,651) 316,818 305,789
The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes.
Briscoe Group Limited
Notes to the Consolidated Financial Statements
For the 52-week period ended 25 January 2026
1.Basis of Preparation
11
Thi
s 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 Gen
eral Information
B
riscoe 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).
T
he 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.
T
hese audited consolidated financial statements have been approved for issue by the Board of Directors on 10
March 2026.
1.2 Material Accounting Policies
T
hese 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. T he consolidated
financial statements also comply with International Financial Reporting Standards Accounting Standards (IFRS
Accounting Standards).
T
he 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 27 January 2025 to 25 January 2026
and provide a balance sheet as at 25 January 2026. The comparative period is in respect of the 52-week period 29
January 2024 to 26 January 2025. 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.
Briscoe Group Limited
Notes to the Consolidated Financial Statements
For the 52-week period ended 25 January 2026
1.Basis of Preparation
12
I
ntercompany 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 Activity 2026 Interest 2025 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.
F
urther 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 Note Key estimates
Inventories 3.1.3 Inventory provision
Leases 3.4 Incremental borrowing rate
C
limate related risks
The Group monitors its exposure to Climate-related risks and reviews its Climate-related risk assessment annually.
As part of this annual 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.
Briscoe Group Limited
Notes to the Consolidated Financial Statements
For the 52-week period ended 25 January 2026
2. Performance
13
Thi
s 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 Seg
ment Information
An operating segment is a component of an entity that engages 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 (2025: Nil).
I
nformation 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 25 January 2026
Homeware Sporting
goods
Eliminations/
Unallocated
Total Group
$000 $000 $000 $000
INCOME STATEMENT
Sales revenue 496,773 302,058 -798,831
Cost of goods sold (305,035) (180,441) -(485,476)
Gross profit 191,738 121,617 -313,355
Earnings before interest and tax 50,603 41,780 3,393 95,776
Finance income 759 1,704 508 2,971
Finance cost (10,479) (5,339) (18) (15,836)
Net finance costs (9,720) (3,635) 490 (12,865)
Income tax expense (11,728) (10,687) (1,279) (23,694)
Net profit after tax 29,155 27,458 2,604 59,217
BALANCE SHEET ITEMS:
Assets 413,828 261,298 21,943
1.
697,069
Liabilities 265,414 143,754 (17,888) 391,280
Briscoe Group Limited
Notes to the Consolidated Financial Statements
For the 52-week period ended 25 January 2026
2. Performance
14
OTHER SEGMENTAL ITEMS:
Acquisitions of property, plant and equipment,
intangibles and investments 42,613 7,823 -50,436
Depreciation and amortisation expense 23,249 12,762 -36,011
$000
1. Investment in equity securities
15,985
Intercompany eliminations
(25,988)
Other balances
31,946
21,943
For the period ended 26 January 2025
Homeware Sporting
goods
Eliminations/
Unallocated
Total Group
$000 $000 $000 $000
INCOME STATEMENT
Sales revenue 489,810 301,659 -791,469
Cost of goods sold (293,980) (177,948) -(471,928)
Gross profit 195,830 123,711 -319,541
Earnings before interest and tax 56,529 44,229 3,643 104,401
Finance income 1,121 4,239 767 6,127
Finance cost (10,271) (5,177) (3) (15,451)
Net finance costs (9,150) (938) 764 (9,324)
Income tax expense (20,944) (12,133) (1,366) (34,443)
Net profit after tax 26,435 31,158 3,041 60,634
BALANCE SHEET ITEMS:
Assets 396,548 266,135 29,807
1.
692,490
Liabilities 264,082 142,631 (14,018) 392,695
OTHER SEGMENTAL ITEMS:
Acquisitions of property, plant and equipment,
intangibles and investments 53,106 5,055 -58,161
Depreciation and amortisation expense 23,022 12,776 -35,798
$000
1.Investment in equity securities 23,187
Intercompany eliminations (22,650)
Other balances 29,270
29,807
Briscoe Group Limited
Notes to the Consolidated Financial Statements
For the 52-week period ended 25 January 2026
2. Performance
15
2.2 Income and Expenses
R
evenue 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 al ong 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.
R
ental income
Rental income (net of any incentives given to lessees) is recognised on a straight-line basis over the period of
the lease.
I
nterest 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.
P
rofit before income tax includes the following specific income and expenses:
Period ended Period ended
25 January 2026 26 January 2025
$000 $000
Income
Rental income 163 155
Dividends received 6 6
Insurance recovery 136 114
Gain on lease surrender 95 -
Expenses
Depreciation of property, plant and equipment 12,131 11,713
Amortisation of software costs 1,374 1,444
Depreciation of right-of-use assets 22,506 22,641
Interest on leases 15,818 15,448
Operating lease rental expense 37 37
Wages, salaries and other short-term benefits 100,717 97,399
Equity-based remuneration (refer also Note 6.2) 570 497
Amounts paid to auditors:
Statutory Audit 170 165
Half year review 57 55
Briscoe Group Limited
Notes to the Consolidated Financial Statements
For the 52-week period ended 25 January 2026
2. Performance
16
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.
T
he 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.
D
eferred 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.
D
eferred 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:
Period ended Period ended
25 January 2026 26 January 2025
$000 $000
(a)Income tax expense
Current tax expense:
Current tax 23,538 26,887
Adjustments for prior periods 1,391 967
24,929 27,854
Deferred tax expense:
Decrease/(increase) in future tax benefit current period 86 161
Tax effect of legislative changes -7,374
Adjustments for prior periods (1,321) (946)
(1,235) 6,589
Total income tax expense 23,694 34,443
Briscoe Group Limited
Notes to the Consolidated Financial Statements
For the 52-week period ended 25 January 2026
2. Performance
17
Period ended Period ended
25 January 2026 26 January 2025
$000 $000
(b) Reconciliation of income tax expense to tax rate applicable to profits
Profit before income tax expense 82,911 95,077
Tax at the corporate rate of 28% (2025: 28%) 23,215 26,622
Tax effect of amounts which are either non-deductible or non-
assessable in calculating taxable income: 409 426
Tax effect of legislative changes -7,374
Prior period adjustments 70 21
Total income tax expense 23,694 34,443
The Group has no tax losses (2025: Nil) and no unrecognised temporary differences (2025: Nil).
2.
3.2 Taxation – Balance sheet
(a) Deferred Taxation
(b
) T
axation payable
The following is the analysis of the movements in the taxation payable balance during the current and prior period:
The following are the major deferred taxation liabilities and assets recognised by the Group and movements
thereon during the current and prior period:
Depreciation Provisions
Derivative
financial
instruments
Right of use
asset
Lease
liability Total
$000 $000 $000 $000 $000 $000
At 28 January 2024 372 4,753 (97)(68,689) 80,970 17,309
Recognised in the income statement (7,007) (304) -4,215 (3,493) (6,589)
Recognised in equity -48 469- - 517
Recognised in other comprehensive
income - - (1,247) - - (1,247)
At 26 January 2025 (6,635) 4,497 (875)(64,474) 77,477 9,990
Recognised in the income statement 805 (400) -1,058 (228) 1,235
Recognisd in equity -33 949- - 982
Recognised in other comprehensive
income - - (145) - - (145)
At 25 January 2026 (5,830) 4,130 (71) (63,416) 77,249 12,062
Period ended Period ended
25 January 2026 26 January 2025
$000 $000
Movements:
Balance at beginning of period (5,247) (8,316)
Current tax (24,929) (27,854)
Tax paid 24,526 30,488
Foreign investor tax credit (FITC) 300 435
Balance at end of period (5,350) (5,247)
Briscoe Group Limited
Notes to the Consolidated Financial Statements
For the 52-week period ended 25 January 2026
2. Performance
18
2.
3.3 Imputation credits
Period ended Period ended
25 January 2026 26 January 2025
$000 $000
Imputation credits available for use in subsequent
accounting periods 153,534 145,980
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.
T
he 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.
B
asic 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.
Period ended Period ended
25 January 2026 26 January 2025
Net profit attributable to shareholders
$000 59,217 60,634
Basic
Weighted average number of ordinary shares on issue (thousands) 222,790 222,787
Basic earnings per share 26.6 cents 27.2 cents
Diluted
Weighted average number of ordinary shares on issue adjusted for
performance rights issued but not exercised (thousands) 223,274 223,208
Diluted earnings per share 26.5 cents 27.2 cents
Briscoe Group Limited
Notes to the Consolidated Financial Statements
For the 52-week period ended 25 January 2026
3.Operating Assets and Liabilities
19
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 Wor
king 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.
Period ended Period ended
25 January 2026 26 January 2025
$000 $000
Cash at bank or on hand 130,325 142,401
As
at 25 January 2026 the Group held foreign currency equivalent to NZ$2.407 million (2025 : NZ$1.473 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. All rebates are deducted from the cost of
inventory. 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.
Period ended Period ended
25 January 2026 26 January 2025
$000 $000
Trade receivables 1,622 1,645
Prepayments 3,069 3,242
Other receivables 2,049 1,943
Total trade and other receivables 6,740 6,830
No interest is charged on trade receivables.
Briscoe Group Limited
Notes to the Consolidated Financial Statements
For the 52-week period ended 25 January 2026
3.Operating Assets and Liabilities
20
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.
T
he 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.
Period ended Period ended
25 January 2026 26 January 2025
$000 $000
Finished goods 94,728 103,992
Inventory provisions and adjustments (3,900) (4,296)
Net inventories 90,828 99,696
During the period the Group recognised $473.0 million (2025: $459.6 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.
T
rade 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.
E
mployee 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.
B
onus 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.
Briscoe Group Limited
Notes to the Consolidated Financial Statements
For the 52-week period ended 25 January 2026
3.Operating Assets and Liabilities
21
L
ong 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.
P
rovisions
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
ut
ilised 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.
Period ended Period ended
25 January 2026 26 January 2025
$000 $000
Trade payables 67,898 67,175
Employee entitlements 11,443 12,444
Other payables and accruals 30,018 30,926
Provisions 154 167
Total trade and other payables 109,513 110,712
Shown in balance sheet as:
Current liabilities 108,033 109,301
Non-current liabilities 1,480 1,411
Total trade and other payables 109,513 110,712
Briscoe Group Limited
Notes to the Consolidated Financial Statements
For the 52-week period ended 25 January 2026
3.Operating Assets and Liabilities
22
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.
A
ssets’ residual values and useful lives are reviewed, and adjusted if appropriate, at each balance date.
A
n asset’s carrying amount is written down immediately to its recoverable amount if its carrying amount is greater
than its estimated recoverable amount.
G
ains 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 buildings33 years
- Plant and equipment3 - 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.
Briscoe Group Limited
Notes to the Consolidated Financial Statements
For the 52-week period ended 25 January 2026
3.Operating Assets and Liabilities
23
Land and
buildings
Plant and
equipment Total
$000 $000 $000
At 28 January 2024
Cost 111,497 101,076 212,573
Accumulated depreciation (15,123) (64,640) (79,763)
Net book value 96,374 36,436 132,810
Period ended 26 January 2025
Opening net book value 96,374 36,436 132,810
Additions 31,963 24,503 56,466
Disposals -(43) (43)
Depreciation charge (2,937) (8,776) (11,713)
Closing net book value 125,400 52,120 177,520
At 26 January 2025
Cost 143,460 124,213 267,673
Accumulated depreciation (18,060) (72,093) (90,153)
Net book value 125,400 52,120 177,520
Period ended 25 January 2026
Opening net book value 125,400 52,120 177,520
Additions 24,503 24,580 49,083
Disposals -(92) (92)
Depreciation charge (2,939) (9,192) (12,131)
Closing net book value 146,964 67,416 214,380
At 25 January 2026
Cost 167,963 141,731 309,694
Accumulated depreciation (20,999) (74,315) (95,314)
Net book value 146,964 67,416 214,380
Capital commitments Period ended Period ended
25 January 2026 26 January 2025
$000 $000
Capital commitments in relation to property, plant and
equipment at balance date not provided for in the
financial statements 33,755
1.
61,190
1.$
33.3 million (2025: $60.4 million) in relation to the construction, fit-out and automation of the Group’s new distribution centre at Drury, South
Auckland
3.3 Intangible Assets
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.
S
oftware is the only intangible asset recorded in the financial statements. All software has been acquired externally.
Briscoe Group Limited
Notes to the Consolidated Financial Statements
For the 52-week period ended 25 January 2026
3.Operating Assets and Liabilities
24
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
which reflects the terms of the lease and the type of asset leased.
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 (2025: 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:
Land and Buildings
$000
Period ended 26 January 2025
Opening carrying amount 245,318
Additions 7,586
Surrender -
Depreciation for the period (22,641)
Closing carrying amount 230,263
At 26 January 2025
Cost 357,977
Accumulated depreciation (127,714)
Carrying amount 230,263
Period ended 25 January 2026
Opening carrying amount 230,263
Additions 19,282
Surrender (554)
Depreciation for the period (22,506)
Closing carrying amount 226,485
At 25 January 2026
Cost 376,705
Accumulated depreciation (150,220)
Carrying amount 226,485
Briscoe Group Limited
Notes to the Consolidated Financial Statements
For the 52-week period ended 25 January 2026
3.Operating Assets and Liabilities
25
3.4.2 Lease liabilities:
As at As at
25 January 2026 26 January 2025
$000 $000
Opening value 276,702 289,180
Additions 19,282 7,586
Surrender (649) -
Interest for the period 15,818 15,448
Lease payments made (35,265) (35,512)
Total lease liabilities 275,888 276,702
3.4.3 Lease liabilities maturity analysis:
Minimum lease payments Interest Present value
$000 $000 $000
Within one year 36,197 (15,715) 20,482
One to five years 135,453 (51,859) 83,594
Beyond five years 243,451 (71,639) 171,812
Total 415,101 (139,213) 275,888
Current 20,482
Non-current 255,406
Total 275,888
3.4.4 Lease related expenses included in the income statement:
Period ended Period ended
25 January 2026 26 January 2025
$000 $000
Depreciation 22,506 22,641
Short-term leases 37 37
Interest on leases 15,818 15,448
Total 38,361 38,126
3.4.5 Lease payments included in the cashflow statement:
Period ended Period ended
25 January 2026 26 January 2025
$000 $000
Total cash outflow in relation to leases 35,265 35,512
Briscoe Group Limited
Notes to the Consolidated Financial Statements
For the 52-week period ended 25 January 2026
4.Investments
26
This section explains how the Group records investments made in listed securities.
4
.1 Investment in Equity Securities
D
uring 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 25
January 2026.
T
hese 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 25 January 2026
1.
.
$000
At 28 January 2024 35,046
Additions -
Change in fair value credited to other reserves (14,643)
At 26 January 2025 20,403
Additions -
Change in fair value credited to other reserves (7,201)
At 25 January 2026 13,202
1. Fair value determined to be $0. 275 per share as per NZX closing price of KMD Brands Limited as
at 23 January 2026 (2025 : $0. 425) (Level 1 in the fair value hierarchy).
Briscoe Group Limited
Notes to the Consolidated Financial Statements
For the 52-week period ended 25 January 2026
5.Financing and Capital Structure
27
This section reports on the Group’s funding sources and capital structure, including its balance
sheet liquidity and access to capital markets.
5.1 Inte
rest Bearing Liabilities
B
orrowings 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.
T
here were no interest bearing liabilities as at 25 January 2026 (2025: Nil). The Group established a committed
trade finance facility on 21 January 2026 of $30 million with ANZ Bank New Zealand Limited. No amounts have
been drawn down to date.
N
et finance cost
Period ended Period ended
25 January 2026 26 January 2025
$000 $000
Interest income 2,971 6,127
Interest expense - leases (15,818) (15,448)
Other finance cost (18) (3)
Net finance cost (12,865) (9,324)
5.2 Financial Risk Management
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
D
erivatives 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.
Briscoe Group Limited
Notes to the Consolidated Financial Statements
For the 52-week period ended 25 January 2026
5.Financing and Capital Structure
28
C
ash 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.
A
mounts 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 the cash flow hedge reserve and included in the measurement of the initial cost or carrying amount
of the asset or liability.
W
hen 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 I
nterest 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.
Briscoe Group Limited
Notes to the Consolidated Financial Statements
For the 52-week period ended 25 January 2026
5.Financing and Capital Structure
29
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 25 January 2026
3 months
or less
3 – 6
months
6 – 9
months
9 – 12
months Total
Carrying
Value
$000 $000 $000 $000 $000 $000
Trade and other payables (86,314) - - - (86,314) (86,314)
Forward foreign exchange contracts
Cash flow hedges:
-outflow (31,015) (8,496) (427)- (39,938)
-inflow 31,310 8,418 420 - 40,148
-Net 295 (78)(7)-210 210
As at 26 January 2025
3 months
or less
3 – 6
months
6 – 9
months
9 - 12
months Total
Carrying
Value
$000 $000 $000 $000 $000 $000
Trade and other payables (83,299) - - - (83,299) (83,299)
Forward foreign exchange contracts
Cash flow hedges:
-outflow(28,352) (12,141) (2,070) (4,621) (47,184)
-inflow 30,142 13,106 2,180 4,780 50,208
-Net 1,790 965 110 159 3,024 3,024
The cash flow hedges inflow amounts use the forward rate at balance date.
Briscoe Group Limited
Notes to the Consolidated Financial Statements
For the 52-week period ended 25 January 2026
5.Financing and Capital Structure
30
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
bal
ance 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
r
espect 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-t
erm 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
f
inancial instruments at balance date:
Period ended Period ended
25 January 2026 26 January 2025
$000 $000
Current assets
Forward foreign exchange contracts 739 3,058
Total current derivative financial instrument assets 739 3,058
Current liabilities
Forward foreign exchange contracts 529 34
Total current derivative financial instrument
liabilities 529 34
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
mar
ket. 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.
Briscoe Group Limited
Notes to the Consolidated Financial Statements
For the 52-week period ended 25 January 2026
5.Financing and Capital Structure
31
At balance date these contracts are represented by assets of $738,715 (2025: $3,058,284) and liabilities of
$529,047 (2025 : $34,190) and together are included in equity as part of the cash flow hedge reserve, net of
deferred tax, as a net gain of $150,961 (2025: net gain $ 2,177,347). 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 $31,887 (2025: net
gain of $72,5 68). The total of these net gains and losses amount to a net gain of $182,848 (2025 : net gain of
$2,249,915).
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.
A
t balance date there are no such contracts in place (2025: 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 -10.0% / +10.0% (2025: -7.5% / +7.5%) in the NZD against the USD, from the period-end rate of
0.5910 (2025 : 0.5703 ),
•A shift of -7.5% / +7.5% (2025: -7.5% / +7.5%) in the NZD against the EUR, from the period-end rate of
0.50294 (2025: 0.54559),
•A shift of -0.25% / +0.75% (2025: -1.25% / +0.25%) in market interest rates from the period-end weight
ed
av
erage deposit rate of 2.25% (2025: 4. 56%),
•A shift of -10% / +30% (2025: -1 0% / +20%) in the NZX share price of KMD Brands Limited from the period-
end closing share price of $0. 275 (2025 : $0. 425).
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:
Briscoe Group Limited
Notes to the Consolidated Financial Statements
For the 52-week period ended 25 January 2026
5.Financing and Capital Structure
32
A
s at 25 January 2026
Interest rate Foreign exchange rate Equity price
Carrying -0.25%+0.75%-10.0/-7.5% +10.0/+7.5%-10%+30%
amount Profit Equity Profit Equity Equity Equity Equity Equity
$000 $000 $000 $000 $000 $000 $000 $000 $000
Financial Assets:
Cash and cash
equivalents
1.
130,325 (230)(230)691 691 193 (158)--
Derivatives – designated
as cashflow hedges
(Forward foreign
exchange contracts)
2.
739 - - - - 2,301 34 - -
Investment in equity
securities
3.
13,202 - - - - - - (1,320) 3,961
Financial Liabilities:
Derivatives – designated
as cashflow hedges
(Forward foreign
exchange contracts)
2.
529 - - - - 986 (2,193) - -
Total increase /
(decrease)
(230)(230)691 691 3,480 (2,317) (1,320) 3,961
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.
As at 26 January 2025
Interest rate Foreign exchange rate Equity price
Carrying -1.25%+0.25%-7.5%+7.5%-10%+20%
amount Profit Equity Profit Equity EquityEquityEquity Equity
$000 $000 $000 $000 $000 $000 $000 $000 $000
Financial Assets:
Cash and cash
equivalents
1.
142,401 (1,268) (1,268) 254 254 85 (73)--
Derivatives – designated
as cashflow hedges
(Forward foreign
exchange contracts)
2.
3,058 - - - - 2,701 (2,321) - -
Investment in equity
securities
3.
20,403 - - - - - - (2,040) 4,081
Financial Liabilities:
Derivatives – designated
as cashflow hedges
(Forward foreign
exchange contracts)
2.
34 - - - - 227 (200)--
Total increase /
(decrease)
(1,268) (1,268) 254 254 3,013 (2,594) (2,040) 4,081
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.
Briscoe Group Limited
Notes to the Consolidated Financial Statements
For the 52-week period ended 25 January 2026
5.Financing and Capital Structure
33
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 and
NZD:EUR foreign exchange risk arising from foreign denominated future payments. 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.
T
he 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.
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
s
hare 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
25 January 2026 26 January 2025 25 January 2026 26 January 2025
Shares Shares $000 $000
Opening ordinary shares 222,790,012 222,765,778 62,435 62,344
Issue of ordinary shares arising from the
vesting of performance rights - 24,234 -
1.
91
1.
Balance at end of period 222,790,012 222,790,012 62,435 62,435
1. When performance rights vest, the amount in the equity-based remuneration reserve relating to those performance
rights vested is transferred to share capital. No performance rights vested during the period therefore no shares
were issued (2025: 24,234) and no transfer made between the equity-based remuneration reserve and share capital
(2025: $90,992).
Briscoe Group Limited
Notes to the Consolidated Financial Statements
For the 52-week period ended 25 January 2026
5.Financing and Capital Structure
34
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
.
Period ended Period ended Period ended Period ended
25 January 2026 26 January 2025 25 January 2026 26 January 2025
Cents per share Cents per share $000 $000
Interim dividend for the period ended 25 January 2026 10.00 -22,279 -
Final dividend for the period ended 26 January 2025 10.00 -22,279 -
Interim dividend for the period ended 26 January 2025 -12.50-27,849
Final dividend for the period ended 28 January 2024 -16.50-36,760
20.00 29.00 44,558 64,609
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 $299,574 (2025 : $434,936) were provided to shareholders not tax resident in
New Zealand, for which the Group received a Foreign Investor Tax Credit entitlement.
On 10 March 2026 the Directors resolved to provide for a final dividend to be paid in respect of the period ended 25
January 2026. The dividend will be paid at a rate of 10.0 cents per share for all shares on issue as at 20 March
2026, with full imputation credits attached.
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).
E
quity-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).
Briscoe Group Limited
Notes to the Consolidated Financial Statements
For the 52-week period ended 25 January 2026
6.Other Notes
35
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.
D
uring 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 G
roup 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 $732,500 (2025: $732,500) from the Group, under
an
agr
eement to lease premises to The Sports Authority Limited (trading as Rebel Sport). The remaining
non-cancellable term of this lease is 0.2 years (2025: 1.2 years) with a payment commitment of
$122,083 (2025: $854,583). The parties are currently negotiating a new lease for this site.
•Kein Geld (NZ) Limited, an entity associated with RA Duke, received rental payments of $634,113
(2025: $600,634) as owner of the Briscoes Homeware premises at Wairau Park, Auckland, under a
n
agr
eement to lease premises to Briscoes (NZ) Limited. The remaining non-cancellable term of this
lease is 6.6 years (2025: 7.6 years) with a payment commitment of $4,399,184 (2025: $5,033,296).
•Kein Geld Westgate Limited, an entity associated with RA Duke, forms part of an unincorporated joint
venture known as Westgate Lifestyle Centre Joint Venture. The joint venture owns Westgate Lifestyl
e
Shopping Centre at Westgate, Auckland, which includes the Briscoes Homeware and Rebel Sport
premises. Rental payments of $283,897 (2025: $565,144) were received under an agreement to lease
pr
emises to Briscoes (NZ) Limited. This included a six-month rent-free period whilst the stor
e
under
went refurbishment. The remaining non-cancellable term of this lease is 8.3 years (2025: 0.
3
y
ears) with a payment commitment of $5,100,840 (2025: $141,286). The joint venture also receive
d
r
ental payments of $362,258 (2025: $301,253) under an agreement to lease premises to The Sports
Authority Limited (trading as Rebel Sport). The remaining non-cancellable term of this lease is 8.3
years (2025: 0.3 years) with a payment commitment of $3,421,095 (2025: $75, 313).
•The RA Duke Trust (including RA Duke Limited) received dividends of $34,313,277 (2025
:
$49,754
,251).
•P Duke, spouse of RA Duke, received payments of $38,954 (2025 : $65,000) in relation to her
employment as an overseas buying specialist with Briscoe Group Limited, and rental payments of
$1,004,831 (2025: $968,512) as owner of the Briscoes Homeware premises at Panmure, Auckland
under an agreement to lease premises to Briscoes (NZ) Limited. The remaining non-cancellable ter
m
o
f this lease is 5.3 years (2025: 6.3 years) with a payment commitment of $5,338,921 (2025
:
$6,343, 7
51).
Briscoe Group Limited
Notes to the Consolidated Financial Statements
For the 52-week period ended 25 January 2026
6.Other Notes
36
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 mana
gement compensation was as follows:
Period ended Period ended
25 January 2026 26 January 2025
$000 $000
Salaries and other short-term employee benefits 3,666 3,857
Equity-based remuneration 570 497
Directors’ fees 467 433
Total benefits 4,703 4,787
Key management did not receive any termination benefits during the period (2025: Nil).
Key management did not receive and are not entitled to receive any post-employment or long-term benefits
(2025: Nil).
Executives (excluding directors) included in key management received dividends of $205,712 (2025 :
$3 23,709) 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
25 January 2026
Period ended
26 January 2025
Directors’ fees Dividends Directors’ fees Dividends
$000 $000 $000 $000
Executive Director
RA Duke - - - -
Non-Executive Directors
RPO’L Meo 166 -163-
AD Batterton 95 -92-
RAB Coupe 93 2 91 3
HJM Callaghan 90 2 87 -
MC Cairns
1.
23 - - -
467 4 433 3
Briscoe Group Limited
Notes to the Consolidated Financial Statements
For the 52-week period ended 25 January 2026
6.Other Notes
37
The following Directors received dividends in relation to their non-beneficially held shares as detailed below:
Period ended
25 January 2026
Period ended
26 January 2025
$000 $000
Executive Director
RA Duke 34,313 49,754
Non-Executive Directors
RPO’L Meo 20 29
AD Batterton 6 8
RAB Coupe - -
HJM Callaghan - -
MC Cairns
1.
5 -
1.Mark Cairns was appointed by the Board as a Director effective from 1 November 2025
6.2 Employee Equity-Based Remuneration
6.2.1 Equity settled performance rights
T
he 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.
O
n 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 eigth
tranche of performance rights were issued under this programme during the period.
Performance rights movements during the period are summarised below:
T
ranche Grant Date
Balance at
start
of period
(number)
Granted
during
the period
(number)
Vested
during
the period
(number)
Lapsed /
forfeited
during
the period
(number)
Balance at
the end
of period
(number)
5 5 Aug 2022 111,358 - - (111,358) -
6 3 Aug 2023 184,882 - - (59,250) 125,632
7 22 Oct 2024 298,135 - - (86,060) 212,075
8 30 Jul 2025 -164,657-(27,490)137,167
594,375 164,657 -(284,158)474,874
I
n 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 Grant Date TSR Weighting EPS Weighting
6 3 Aug 2023 50% 50%
7 22 Oct 2024 50% 50%
8 30 Jul 2025 50% 50%
Briscoe Group Limited
Notes to the Consolidated Financial Statements
For the 52-week period ended 25 January 2026
6.Other Notes
38
T
he 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 Tranche 6 Tranche 7 Tranche 8
0% < 10.8% CAGR < 9.0% CAGR < 9.0% CAGR
1% - 99% (Straight-line prorata)
=>9.0%, < 11.0% CAGR =>9.0%, < 11.0% CAGR
50% = 10.8% CAGR
51% - 99% (Straight-line prorata) >10.8%, < 11.8% CAGR
100% => 11.8% CAGR => 11.0% CAGR
=> 11.0% CAGR
T
he TSR performance is calculated across the following periods:
Tranche Performance Period
6 Announcement date of FY 2022/23 Result to announcement date of FY 2025/26 Result
7 Announcement date of FY 2023/24 Result to announcement date of FY 2026/27 Result
8 Announcement date of FY 2024/25 Result to announcement date of FY 2027/28 Result
T
he 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:
Tranche 6 Tranche 7 Tranche 8
Fair value of TSR performance rights $144,305 $354,483 $318,858
Share price at grant date $4.68 $5.06 $6.01
Risk free interest rate 5.22% 4.18% 3.44%
Expected life (years) 2.62 2.40 2.63
Expected share volatility
1.
22% 22% 25%
1.Volatility considers the volatility of the Briscoe Group (BGP) NZD share price based on the average
weekly volatility over the last year (weekly data) as well as the average 90-day volatility for the past 3
years (measured on a daily basis).
T
he 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 6 Tranche 7 Tranche 8
0% < -1.9% CAGR< 1.0% CAGR < 1.0% CAGR
1% - 99% (Straight-line prorata)
=>1.0%, < 4.0% CAGR =>1.0%, < 4.0% CAGR
50% = -1.9% CAGR
51% - 99% (Straight-line prorata) >-1.9%, < 0.4% CAGR
100% => 0.4% CAGR => 4.0% CAGR
=> 4.0% CAGR
Briscoe Group Limited
Notes to the Consolidated Financial Statements
For the 52-week period ended 25 January 2026
6.Other Notes
39
T
he EPS performance is calculated across the following periods:
Tranche Performance period
6 FY 2025/26 EPS relative to FY 2022/23 EPS
7 FY 2026/27 EPS relative to FY 2023/24 EPS
8 FY 2027/28 EPS relative to FY 2024/25 EPS
T
he 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 $4.00, $4.48 and $5.46 for tranche
6, tranche 7 and tranche 8, respectively.
The estimated fair value for each tranche of performance rights issued is amortised over the vesting period
from grant date.
V
esting 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 $569,806 (2025 : $496,627) in
relation to performance rights.
6.2.2 Equity-based remuneration reserve
Period ended
25 January 2026
Period ended
26 January 2025
$000 $000
Balance at beginning of period 925 701
Current period amortisation 570 497
Performance rights vested transferred to share capital - (91)
Performance rights lapsed/forfeited (524) (230)
Deferred tax on performance rights 33 48
Balance at end of period 1,004 925
6.3 Events After Balance Date
On 10 March 2026 the Directors resolved to provide for a final dividend to be paid in respect of the period
ended 25 January 2026. The dividend will be paid at a rate of 10.0 cents per share for all shares on issue as
at 20 March 2026, with full imputation credits attached (Note 5.3.3).
6.4 New Accounting Standards
C
ertain new accounting standards, amendments to accounting standards and interpretations have been
published that are not mandatory for the 25 January 2026 reporting period and have not been early adopted
by the Group. Other than NZ IFRS 18 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.
N
Z IFRS 18: Presentation and Disclosure in Financial Statements will be effective for annual reporting
periods beginning on or after 1 January 2027. This new standard, which is mandatory for the Group in the
2028 financial year, is expected to change the presentation of the Group’s consolidated income statement.
The Group will disclose more information in the future when a full assessment of the impact of the standard
has been completed.
PricewaterhouseCoopers, PwC Tower, 15 Customs Street West,
Private Bag 92162, Auckland 1142, New Zealand
T: +64 9 355 8000
pwc.co.nz
Independent auditor’s report
To the shareholders of Briscoe Group Limited
Our opinion
In our opinion, the accompanying consolidated financial statements (the financial statements) of Briscoe Group
Limited (the Company), including its subsidiaries (the Group), present fairly, in all material respects, the financial
position of the Group as at 25 January 2026, its financial performance, and its cash flows for the 52 week period
then ended in accordance with New Zealand Equivalents to International Financial Reporting Standards (NZ IFRS)
and International Financial Reporting Standards Accounting Standards (IFRS Accounting Standards).
What we have audited
The Group's financial statements comprise:
• the consolidated balance sheet as at 25 January 2026;
• the consolidated income statement for the 52 week period then ended;
• the consolidated statement of comprehensive income for the 52 week period then ended;
• the consolidated statement of changes in equity for the 52 week period then ended;
• the consolidated statement of cash flows for the 52 week period then ended; and
• the notes to the financial statements, comprising material accounting policy information and other explanatory
information.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (New Zealand) (ISAs (NZ)) and
International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the
Auditor’s responsibilities for the audit of the financial statements section of our report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Independence
We are independent of the Group in accordance with Professional and Ethical Standard 1 International Code of
Ethics for Assurance Practitioners (including International Independence Standards) (New Zealand) issued by
the New Zealand Auditing and Assurance Standards Board (PES 1) and the International Code of Ethics for
Professional Accountants (including International Independence Standards) issued by the International Ethics
Standards Board for Accountants (IESBA Code), as applicable to audits of financial statements of public interest
entities. We have also fulfilled our other ethical responsibilities in accordance with PES 1 and the IESBA Code.
41 PwC - Independent auditor’s report
In our capacity as auditor, our firm also provided review services. The firm has no other relationship with, or
interests in, the Group.
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of
the financial statements of the current period. These matters were addressed in the context of our audit of the
financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on
these matters.
Description of the key audit matter How our audit addressed the key audit matter
Inventory existence and valuation
As at 25 January 2026, the Group held inventories of
$90.8 million. Given the value of inventories relative to
the total assets of the Group, and the judgements
applied by management in provisioning against
inventory shrinkage, slow moving, and obsolete
inventory, this has been considered as a key audit
matter.
As described in note 3.1.3 to the consolidated financial
statements, inventories are stated at the lower of cost
and net realisable value.
The Group has inventory systems in place to
accurately record and report inventory movements and
the value of inventory on hand. Cyclical counts of
inventories are performed at various times throughout
the period which includes an assessment of slow
moving and obsolete stock. The cyclical counts provide
management with evidence over quantity and quality of
inventory on hand.
Management applies judgement in determining
inventory valuation, in particular the level of provisions
for inventory which is expected to sell for less than cost
due to obsolescence, adjustments for unearned rebate
income, and inventory shrinkage since the last stock
count.
Our audit procedures included:
• gaining an understanding of inventory processes
and assessing the design of certain inventory
controls to inform the nature and extent of our
audit procedures, particularly controls over the
cyclical counting process;
• observing management’s cyclical stocktake
process at selected locations and undertaking
our own test counts. For those locations not
visited, on a sample basis, inspecting the results
of stock counts and confirming stock count
variances were appropriately adjusted;
• on a sample basis, testing the cost of inventory
to supplier invoices or contracts providing
evidence to support the accuracy of inventory
costing;
• testing that period-end inventory is carried at
lower of cost and net realisable value by
comparing a sample of inventory items to the
expected selling price;
• held discussions with management to
understand and corroborate the assumptions
applied in estimating inventory provisions;
• on a sample basis, testing unearned rebate
income to supplier contracts;
• evaluating the methodology applied by
management to determine the provision for slow-
moving inventory by comparing historical write-
offs against the level of provision, and assessing
provision rates for various stock categories; and
• assessing the shrinkage provision by performing
analytical procedures over the shrinkage rate
used to calculate the provision since the last
store stock counts. This includes comparing the
rate used to the actual shrinkage rates previously
observed and reviewing the level of actual
inventory shrinkage recorded during the current
period.
42 PwC - Independent auditor’s report
Our audit approach
Overview
Overall group materiality: $4.1 million, which represents approximately 5% of profit before tax.
We chose profit before tax as the benchmark because, in our view, it is the benchmark
against which the performance of the Group is most commonly measured by users, and is a
generally accepted benchmark.
We selected transactions and balances to audit based on the overall group materiality to
Briscoe Group Limited at a consolidated level rather than determining the scope of
procedures to perform by auditing only specific subsidiaries or entities.
As reported above, we have one key audit matter, being:
• Inventory existence and valuation
As part of designing our audit, we determined materiality and assessed the risks of
material misstatement in the financial statements. In particular, we considered where
management made subjective judgements; for example, in respect of significant
accounting estimates that involved making assumptions and considering future events
that are inherently uncertain. As in all of our audits, we also addressed the risk of
management override of internal controls, including among other matters, consideration
of whether there was evidence of bias that represented a risk of material misstatement due
to fraud.
Materiality
The scope of our audit was influenced by our application of materiality. An audit is designed to obtain reasonable
assurance about whether the financial statements are free from material misstatement. Misstatements may arise
due to fraud or error. They are considered material if, individually or in the aggregate, they could reasonably be
expected to influence the economic decisions of users taken on the basis of the financial statements.
Based on our professional judgement, we determined certain quantitative thresholds for materiality, including the
overall group materiality for the financial statements as a whole as set out above. These, together with qualitative
considerations, helped us to determine the scope of our audit, the nature, timing and extent of our audit
procedures, and to evaluate the effect of misstatements, both individually and in the aggregate, on the financial
statements as a whole.
How we tailored our group audit scope
We tailored the scope of our audit in order to perform sufficient work to enable us to provide an opinion on the
financial statements as a whole, taking into account the structure of the Group, the accounting processes and
controls, and the industry in which the Group operates.
We chose profit before tax as the benchmark because, in our view, it is the benchmark against which the
performance of the Group is most commonly measured by users, and is a generally accepted benchmark.
Other information
The Directors are responsible for the other information. The other information comprises the information included
in the Annual Report, but does not include the financial statements and our auditor’s report thereon. The Annual
Report is expected to be made available to us after the date of this auditor’s report.
43 PwC - Independent auditor’s report
Our opinion on the financial statements does not cover the other information and we will not express any form of
audit opinion or assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in
doing so, consider whether the other information is materially inconsistent with the financial statements or our
knowledge obtained in the audit, or otherwise appears to be materially misstated.
When we read the other information not yet received, if we conclude that there is a material misstatement therein,
we are required to communicate the matter to the Directors and use our professional judgement to determine the
appropriate action to take.
Responsibilities of the Directors for the financial statements
The Directors are responsible, on behalf of the Company, for the preparation and fair presentation of the financial
statements in accordance with NZ IFRS and IFRS Accounting Standards, and for such internal control as the
Directors determine is necessary to enable the preparation of financial statements that are free from material
misstatement, whether due to fraud or error.
In preparing the financial statements, the Directors are responsible for assessing the Group’s ability to continue as a
going concern, disclosing, as applicable, matters related to going concern, and using the going concern basis of
accounting unless the Directors either intend to liquidate the Group or to cease operations, or have no realistic
alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements, as a whole, are free from
material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with
ISAs (NZ) and ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud
or error and are considered material if, individually or in the aggregate, they could reasonably be expected to
influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located at the External
Reporting Board’s website at:
https://www.xrb.govt.nz/standards/assurance-standards/auditors-responsibilities/audit-report-1-1/
This description forms part of our auditor’s report.
Who we report to
This report is made solely to the Company’s shareholders, as a body. Our audit work has been undertaken so that
we might state those matters which we are required to state to them in an auditor’s report and for no other purpose.
To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company
and the Company’s shareholders, as a body, for our audit work, for this report, or for the opinions we have formed.
The engagement partner on the audit resulting in this independent auditor’s report is John (Jolly) Morgan.
For and on behalf of:
PricewaterhouseCoopers Auckland
10 March 2026
---
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 20/03/2026
Ex-Date (one business day before the
Record Date)
19/03/2026
Payment date (and allotment date for
DRP)
31/03/2026
Total monies associated with the
distribution
1
$ 22,279,001.20000000
Source of distribution (for example,
retained earnings)
Retained Earnings
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution
2
$0.13888889
Gross taxable amount
3
$0.13888889
Total cash distribution
4
$0.10000000
Excluded amount (applicable to listed
PIEs)
$-
Supplementary distribution amount $0.01764706
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
$0.03888889
Resident Withholding Tax per
financial product
$0.00694444
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
11/03/2026
6
Calculated as (imputation credits/gross taxable amount) x 100. Fully imputed dividends will be 28% as a % rate applied.
Data sourced from publicly available filings. Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz. For informational purposes only. Not investment advice.