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Kathmandu Holdings Limited (NZX: KMD) FY21 Annual Results Announcement

Tuesday 21st September 2021

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Kathmandu Holdings Limited is pleased to announce its results for the 12 months ended 31 July 2021 (FY21).

The FY21 Group results were underpinned by strong sales from both Rip Curl and Oboz, and included a full 12 months of Rip Curl (FY20 included 9 months of Rip Curl post-acquisition). Earnings growth further reflected the Group’s focused management of operating expenses, including the benefit of rent abatements, and approx. $15 million annualised restructuring and synergy savings implemented during the onset of the COVID pandemic last financial year.

FY21 key highlights (vs FY20)

• Sales up 15.1% to $922.8 million, including a full 12-month contribution from Rip Curl

• Gross margin up 40 bps to 58.7%

• Underlying EBITDA up 35.9% to $113.3 million (excluding the impact of IFRS 16 and one-off abnormal costs), driven by strong sales performance and focused management of operating expenses

• Statutory NPAT of $63.4 million

• Underlying NPAT up 110% to $66.3 million (excluding the impact of IFRS 16 and one-off abnormal costs)

• Strong balance sheet with $37.0 million net cash, allows the Group to manage any short-term COVID-related challenges while supporting continued growth investment

• Final dividend of 3.0 cents per share (fully franked for Australian shareholders); total FY21 dividend of 5.0 cents per share

Trading update & outlook

Same store sales (including online) for the six full weeks to 12 September 2021 were significantly impacted by ongoing Australasian COVID lockdowns as follows:

• Rip Curl -12.8% overall; +3.6% adjusted for COVID lockdowns

• Kathmandu -19.9% overall; +18.3% adjusted for COVID lockdowns

These results include online sales growth to date of 25.9%, with Kathmandu sales in regions less affected by COVID restrictions performing strongly. Rip Curl and Oboz wholesale order books are now significantly above pre-COVID levels.

In addition to ongoing Australasian lockdowns, COVID restrictions are also impacting the Group’s supply chain. Suppliers have reduced factory capacity due to enforced closures, and freight congestion is leading to delivery delays and increased freight costs.

As a result, first half FY22 profit is expected to be below first half FY21.

Please see the links below for details

Results Announcement

Media Announcement

Financial Statements and Independent Auditor's Report

Investor Presentation

Distribution Notice

Source: Kathmandu Holdings Limited

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