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Kathmandu shares gain 2.2 percent as sales momentum remains through third quarter

Wednesday 1st May 2013

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Shares in Kathmandu rose 2.2 percent after the outdoor equipment retailer said it kept its pace of sales growth through the third quarter, without firming up annual earnings guidance.

The Christchurch-based retail chain lifted sales 13 percent to $89.7 million in the 13 weeks ended April 28, retaining the momentum in revenue growth from the first half of the financial year, according to slides accompanying chief financial officer Mark Todd's presentation to the Macquarie Connections Australian conference published on the stock exchange.

Same store sales rose 4.1 percent in the period from a year earlier, and were impacted by an unseasonally warm and dry autumn in the end of March.

The shares rose 5 cents to $2.30, and have climbed 16 percent this year. The stock is rated an average 'outperform' based on 10 analyst recommendations compiled by Reuters, with a median target price of $2.45.

The retailer said it's "confident of a strong performance for full year FY13" without updating its commentary at the first half result, when it didn't give annual guidance.

The company has previously said it expects to get 60 percent of sales and at least 70 percent of earnings in the second half and that its full-year profit would beat the 2012 result.

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