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Kathmandu profits rise 13 percent

  • News
  • August 9, 2017
Kathmandu profits rise 13 percent

Australian sales can be to thank for the company’s 13 percent profit rise, after winter sales and winter revenue rose.

Profit was between $37.4 million and $38 million in the 12 months ended July 31, from $33.5 million in 2016, the Christchurch-based outdoor equipment chain said in a statement.

Earnings before interest and tax were in a range of $56 million to $57 million, from $50.9 million in the previous year.

Owned by Briscoe Group, Kathmandu saw sales slump in 2015, when an inventory build-up forced it into aggressive discounting at low margins to clear stock.

Mid 2015, Briscoe Group moved to by the rest of Kathmandu, but was unsuccessful in its attempts even though Kathmandu shares had dropped to $1.72.

Late last year saw Kathmandu’s sales make a comeback with a 64 percent profit jump. A growth in sales was achieved by new products, better inventory management and monitoring promotional activity better, said CEO Xavier Simonet.

Sales grew in Australia and New Zealand with the help of opening five new stores - four in Australia and one in New Zealand.

Online sales grew overall by 15 percent, with online sales making up almost seven percent of the company’s total sales.

The retailer also reduced its inventory to $95.4 million from $113.3 million in 2015.

Now, as the retailer celebrates its third decade in business, it is drawing in on the stories and personal relationships of its customers, encouraging people to share their experiences.

Tim Loftus, marketing manager – global brand at Kathmandu, says the company’s core values have not changed since many years ago, and now the company is slowing down its rapid growth to focus on investment and its customers.

“We’ve spending a lot of time expanding and growing, and now it’s nice to kind of slow down our growth and focuses on what our brand actually means, and what our role in society is actually about.”

Full-year sales rose 4.6 percent to $445.3 million while same-store sales rose 5.5 percent at constant exchange rates, the company said. On that basis, Australian sales gained 6.9 percent and New Zealand sales were up 3.6 percent.

The shares rose 1.8 percent to $2.30.

The company plans to release its full results for the year on September 26.

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