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Kathmandu posts record FY2018 financial result

Proactive Investors Monday, 17 September 2018
Kathmandu Holdings Ltd (ASX:KMD) has today revealed a net profit after tax (NPAT) for FY2018 of NZ$50.5 million, an increase of 32.9% on the prior financial year. The company’s financial year which ends 31 July, was a record year for sales, profit, operating cash flow and full-year dividend payout. Kathmandu operates a 165+ store network selling travel and adventure outdoor apparel and equipment. Kathmandu’s CEO Xavier Simonet said: “We were delighted to achieve record profits this year as we balanced sales growth with gross margin improvement. “Sales growth was supported by the success of our key product groups, improved promotional execution, inspiring digital content, and an enhanced in-store customer experience. “Top line growth combined with a focus on cost control, resulted in excellent profit growth.” Result in-line with recent guidance On 25 June 2018, Kathmandu provided a trading update and guided the market to FY2018 EBIT of between $72 and $77 million and NPAT between $48 and $52 million. As expected when guidance is provided so close to the end of the reporting period, today’s result is in line with this recent guidance. US outdoor footwear acquisition During the year Kathmandu acquired Obōz, a premium US-based outdoor footwear brand. The Obōz acquisition provides the company with an opportunity to accelerate its international growth, and diversify its product mix, geography, and channels to market. Simonet added: “As we grow our Kathmandu wholesale business, we welcome Obōz, an outdoor footwear wholesaler with a customer base primarily in North America. “We are excited by the opportunity to develop complementary international wholesale channels for both the Obōz and Kathmandu brands.” Sales growth in core market remains key focus Simonet added: “It is highly motivating for our team to have achieved three years of strong profit growth in our core Australasian business. “Our customers have reacted positively to innovative products and engaging brand content. “Being an inspiring brand and bringing to market original, sustainable, engineered and adaptive products represent Kathmandu’s company ethos. “Continuing to drive sales growth in our core market remains a key management focus.”
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