Shares are set for a modest opening gain; techs pace Wall Street advance; Reserve Bank cash rate decision this afternoon; Kathmandu parent blames weak consumer sentiment for declining sales. Follow updates here.
KMD Brands, the name behind Kathmandu and Rip Curl, booked a 14.5 per cent decrease in group sales to $NZ468.6 million in its interim half-year results. The retailer recorded its underlying earnings before interest tax and amortisation at $NZ15.1 million, down 66.8 per cent year-over-year, due to lower sales. Statutory net profit after tax loss was recorded at -$NZ9.7 million.
The company said no interim dividend was to be declared as a result its operating performance, “Weaker consumer sentiment, the warmest winter on record in Australia and an over-reliance on winter weight product led to a disappointing first half for Kathmandu,” Group chief executive Michael Daly said in a statement, “Rip Curl and Oboz are cycling record sales last financial year, and while revenues from the direct-to-consumer channel are showing single digit declines, the wholesale channel has...
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