KMD Brands sales plunge across its entire portfolio

In a trading update, KMD Brands says it expects to report lower sales across all brands for the past fiscal year despite improved performance in the third and fourth quarters.

Based on preliminary, unaudited results, the group’s annual sales fell 11.2 per cent. Rip Curl’s sales declined 7.3 per cent, Kathmandu’s fell 14.5 per cent, and Oboz’s slid 20 per cent.

Kathmandu performed better in Australia with sales only decreasing 4.5 per cent through the fourth quarter, as compared to New Zealand where the brand suffered a 16.5 per cent decline.

Rip Curl’s direct-to-consumer sales dipped 2.8 per cent, outperforming the wholesale channel, which dropped 13 per cent.

Meanwhile, Oboz’s online sales surged 31.7 per cent, but its wholesale sales plunged 23.1 per cent.

KMD Brands reconfirmed that its underlying earnings before interest, taxes, depreciation, and amortisation (EBITDA) will range from $49 million to $51 million (A$44.6 million to $46.4 million).

The post KMD Brands sales plunge across its entire portfolio appeared first on Inside Retail Australia.