New Zealand · Delayed Price · Currency is NZD KMD Brands Earnings Call Transcripts
Fiscal Year 2026
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Group sales grew 7.3% year-over-year, led by Kathmandu's strong performance, while underlying EBITDA improved significantly. A NZD 65.3 million equity raise and debt refinancing aim to strengthen the balance sheet and support the Next Level strategy amid a challenging macro environment.
Fiscal Year 2025
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The meeting highlighted modest sales growth amid margin pressure, a major leadership and strategy reset, and a $25 million cost reduction plan. Shareholders approved director re-election and auditor remuneration, with a focus on governance and digital transformation. Early FY26 trading shows positive momentum.
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Sales grew 1% year-over-year, led by online and direct-to-consumer channels, but gross margin declined and underlying EBITDA fell to NZD 17.7 million. A NZD 45.4 million Oboz impairment drove a statutory net loss, while cost resets and digital investments are expected to support margin recovery and growth in FY 2026.
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First-half sales grew 0.5% year-over-year, with strong online growth but underlying EBITDA fell sharply and net loss widened. Gross margin and wholesale remain under pressure, especially for Kathmandu, while net debt and inventory improved.
Fiscal Year 2024
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The meeting addressed a tough FY24 with lower sales and no dividend, but highlighted resilient margins, reduced costs, and a stable balance sheet. Leadership transitions were detailed, strategic priorities reaffirmed, and shareholder concerns about performance and governance were discussed.
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FY 2024 saw an 11.2% sales decline and a statutory net loss, driven by weak consumer sentiment and a one-off Oboz impairment. Direct-to-consumer channels outperformed wholesale, with strong online growth for Rip Curl and Oboz. Focus for FY 2025 is on stabilizing sales and returning to growth.