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Kathmandu Holdings Limited (NZX: KMD) 1H FY2021 Interim Results

Tuesday 23rd March 2021

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Kathmandu Holdings Limited is pleased to announce its results for the six months ended 31 January 2021 (1H FY21). 1H FY21 key highlights (vs 1H FY20):

• Sales up 12.9% to $410.7 million, including a full six month contribution from Rip Curl

• Step change in Group online penetration, with online representing 12.7% of direct to consumer (DTC) sales (1H FY20: 8.8%)

• Underlying EBITDA up 19.0% to $48.2 million (excluding the impact of IFRS 16 and one-off transaction and abnormal costs)

• Statutory NPAT of $22.3 million

• Underlying NPAT up 32.8% to $23.1 million (excluding the impact of IFRS 16 and one-off transaction and abnormal costs)

• Robust balance sheet, with $10.1 million net debt, reflecting working capital management strategies

• Resumption of dividends, with NZ 2.0 cents per share interim dividend declared (fully franked for Australian shareholders, and not imputed for New Zealand shareholders)

Commenting on the 1H FY21 results, Group CEO Xavier Simonet said: “Despite operating in challenging conditions over the first half due to the substantial impacts from COVID-19, Rip Curl delivered an outstanding first half result, validating the Group’s diversification strategy.”

“Benefiting from increased participation in surfing in Australia, Europe and the USA, Rip Curl achieved strong sales and profits despite COVID-19 trading restrictions, reflecting the brand’s technical product focus and strong consumer engagement. Pleasingly, Rip Curl’s wholesale order book is back above pre-COVID-19 levels.”

“Kathmandu was particularly impacted by COVID-19 related travel restrictions, with reduced demand for insulation and rainwear resulting from a lack of international travellers to the Northern Hemisphere.”

“Over the first half, we implemented a rapid response to changes in consumer preference resulting from COVID-19. To respond to increased participation in local travel and adventure, our brands adjusted their focus to product categories in high demand, such as wetsuits and surfboards for Rip Curl, and camping and footwear for Kathmandu. Omni-channel capability allowed our brands to capture record demand for the online channel, with online penetration now making up almost 13% of the Group’s direct to consumer sales.”

Please see the link below for details:

1. Results Announcement

2. Media Announcement

3. Interim Financial Statements for the six months ended 31 January 2021 and the Independent Auditors Review Report

4. Investor Presentation

5. Distribution Notice

Source: Kathmandu Holdings Limited

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