Friday 12th February 2021
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Kathmandu Holdings Limited (the Group) today provides the following update on its unaudited trading performance for the six months ended 31 January 2021 (1H FY21).
Group total sales for 1H FY21 were c.+12% above last year, including a full six month contribution from Rip Curl. EBITDA is expected to be in the range of $47 million to $49 million, including government subsidies and the realisation of cost synergies. Group Net Debt is expected to be c.$7 million following careful working capital management and the $207m capital raise in 2020.
During the half, trade at a number of the Group’s stores continued to be disrupted by COVID-19. 60 Greater Melbourne stores were closed for over 11 weeks during the second lockdown, and 14 Auckland stores were closed for over two weeks. Trading in Greater Sydney was affected over the Christmas period by the Northern Beaches outbreak. Airport stores in Australia as well as Rip Curl stores in Hawaii, Bali and Europe are still impacted adversely by either COVID-19 related travel restrictions or government mandated lockdowns and closures.
Commenting on the result, Group CEO Xavier Simonet said:
“Our improved first half operating profit underlines the resilience of our Group and validates the diversification strategy, launched through the successful acquisitions and integrations of Rip Curl and Oboz.”
Following the resignation of Group CEO Xavier Simonet, the Board has initiated a search process for his replacement. Mr. Simonet continues to work through his six-month notice period.
The Group intends to release the full result for the half year on Tuesday 23 March 2021. An announcement regarding dividend resumption will be made at that time.
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