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Kathmandu sales up 25 pct over year

NZPA

Tuesday 2nd August 2011

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Kathmandu Holdings says it lifted consolidated sales for the year ended July 31 by $60.2 million, or 24.5 percent, to $306 million.

Same store sales were up 15.7 percent on the previous year, the outdoor clothing and equipment retailer said today.

In Australia sales rose 26.3 percent to $A143.4m ($NZ179.6m) in this country sales were up 18 percent to $111.3m, while in Britain sales fell 6.7 percent to Stg3.9m ($NZ7.3m).

Earnings before interest and tax for the year were expected to be between $63m and $65m, up between 31 and 36 percent from $47.9m the year before, Kathmandu said.

The rise in sales in Australia and New Zealand were due to increased investment in inventory, which supported sales growth particularly during three key promotional periods, generally favourable weather patterns for the Easter and winter promotional periods, and better than expected results from stores opened during the year.

Chairman James Strong said he anticipated the Kathmandu result would be against the general trend for the retail sector this reporting season, after conditions throughout the year were particularly difficult for retailers dependent on discretionary consumer spending.

Chief executive Peter Halkett said Kathmandu's key strategies of new store rollout, upgrading of existing stores and ongoing growth in product range had all delivered increased sales.

Autumn and winter weather had overall been positive for the company, while the strong Australian and New Zealand dollars had encouraged growth in travel overseas, which had a flow on benefit for Kathmandu.

Kathmandu's full year audited result is due to be released on September 21.



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