May 24, 2018 Last Updated 8:19 AM, May 23, 2018

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Sales growth in Australia leaves Kathmandu confident of profit

mallAusBNAusBN - Outdoor clothing specialist Kathmandu is hopeful that strong sales growth in Australia will pre-empt a first-half profit result.

The retail chain, headquartered in New Zealand but with 87 stores across Australia, expects to report a profit of AUS$9.5 million for the six months to January 31.

This revised estimation tops the previous guidance that profit would be in line with $9 million achieved in the first half of 2015/16.

In the final six months of 2016, Kathmandu's sales across Australia increased 6% to $121 million, while sales in New Zealand increased by 0.9% to NZ$68.8 million.

However, following the closure of its five stores in the United Kingdom, British sales were down 57% to £700,000 during the period.

Chief executive Xavier Simonet said: “Despite gross margin pressure in the first half from foreign currency, we were able to grow our earnings through healthy same-store sales growth in our largest market, rigorous cost control and working capital efficiency.” 

@AusBNOnline

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