Breeding hoggets (ewe lambs aged four to 16 months) at 8 to 9 months of age has a number of potential benefits, including increased lamb production and profitability. However, the majority of hoggets in New Zealand are not bred due to producer concerns regarding their variable reproductive success and increased feed demand. Simulation modelling was used to quantify effects of hogget breeding on sheep numbers, lamb production, sheep feed demand, and sheep enterprise cash operating surplus (COS) compared with a flock not breeding hoggets. Hogget weaning rate (HWR) was modelled at 0%, 60%, 80%, and 100% and combined with mature ewe flock weaning rates (FWR) of 132% and 150%, while maintaining total annual sheep feed demand. For each FWR, increased HWR reduced total sheep numbers, increased the proportion of sheep feed demand for lamb production, increased total numbers of lambs weaned, and increased COS. Therefore, achieving even a relatively low HWR of 60% can improve sheep enterprise profitability for a given FWR. However, COS was lower with FWR = 132% and HWR = 100% than with FWR = 150% and HWR = 0%. The results indicate farmers who do not currently breed their hoggets may wish to improve their FWR before considering HWRs.