Wednesday 20th November 2013
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Kathmandu, the outdoor clothing retailer, said sales rose 0.9 percent in the first 16 weeks of the year, broadly meeting its expectations, as it looks forward to the crucial Christmas-January trading period to drive first-half earnings.
Sales rose to $70.9 million in the 16 weeks ended Nov. 17 from $66.9 million in the comparable 15 week period a year earlier. Same-store sales rose 3.8 percent on a constant exchange rate basis, slowing from 13 percent a year earlier, the Christchurch-based retailer said in a statement that accompanied its annual meeting today.
"Despite difficult retail trading conditions, our sales performance in the first 16 weeks of the financial year was approximately in line with expectations," said chief executive Peter Halkett. "Our first half-year result remains highly dependent on the Christmas and January trading period."
Sales in the first quarter only make up about 20 percent of revenue for the first half. The company remains on track to open 15 new stores in the 2014 year, Halkett said.
The shares slipped 0.8 percent to $3.84, having surged 94 percent this year. The stock soared in September after the company posted record annual earnings.
Separately at today annual meeting, Trade Me chairman David Kirk was named as a non-executive director, with the intention that he become chairman in early 2014.
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