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Kathmandu forecasts drop in first-half profit as Christmas sales lag expectations

Thursday 22nd December 2011

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Kathmandu, the outdoor equipment and clothing retailer, said first half earnings will fall as Christmas sales fail to meet management expectations.

The retailer expects first half earnings before interest, tax, depreciation and amortisation to be less than the NZ$23.2 million it made in the first half a year earlier, it said in a statement. The shares fell 2.3 percent to $2.15 and have gained 22 percent this year.

“Our trading performance throughout the Christmas period to date has been below expectations, which is a reflection of weaker consumer spending,” said Peter Halkett, chief executive. “A number of actions have been initiated to recover the sales shortfall over the Christmas period and subject to second half trading, full year profit growth remains achievable.”

Same-store sales rose 9.2 percent in the fifteen weeks ended Nov. 13. When the extra five weeks through to Dec. 18 are included the pace of growth was reduced to 2.8 percent.

Kathmandu will release full details of its first-half results on Mar. 21.

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