KMD Kathmandu Brands

[Waltzing]

be interesting to see where retai goes in europe this next 12 months but a few stocks on the move yesterday from TRA (sort of retail) to yield stocks like ARG...

LVMH will be of interest to see if the luxury retail buyer is back or when...

KMD used to be a fav ...  instead one gets the old titanium sprayed coated wet suit out and sees if it can go another season

[Shareguy]

FB positive

Despite the recent rally in share price, we continue to view the risk-reward as attractive with: (1) the current share price implying KMD is only two-thirds as profitable as it was in FY19, and (2) the business being better positioned to benefit from significant operating leverage when the consumer starts to turn. OUTPERFORM.

[Basil]

Good luck mate.  I think its always been an "also ran" at the back of the retail field, but you never know, every dog eventually has its day

[Shareguy]

Good luck mate.  I think its always been an "also ran" at the back of the retail field, but you never know, every dog eventually has its day

Thanks. Already up on the deal and not a big holding.

[Basil]

https://api.nzx.com/public/announcement/438827/attachment/427986/438827-427986.pdf

KMD finding things pretty tough.

[Shareguy]

KMD delivered a very weak as expected. Guidance was $49 to $50m so $50m bang on. NZ the issue.

I'm picking it's all good from here, weighted to 2nd half. High insider ownership, plus possible M&A.

[BlackPeter]

https://api.nzx.com/public/announcement/438827/attachment/427986/438827-427986.pdf

KMD finding things pretty tough.

I guess, things are tough in a cost of living crisis, particularly considering that they are selling stuff which is not essential AND of high quality.

A lot of the stuff I am wearing has their label. Most of it is more than 10 years old, often used and still as good as new.

One highlight for them - wife's backpack might need a replacement (after roughly 20 years) - the ZIP gave up.

Good thing is - sales seem to have reached the rock bottom and, if Chinese customers return (I hear, China reduced mortgage rates), then 2025 might even turn out to be a good year for them.

Anyway - good to see they reached the revenue as predicted by analysts, and margin still in the high 50% is not too bad. Analyst predictions for 2025 are for (slightly) improved revenue ($1028m) and back to some positive earnings (2c/share).

Long term avg PE (10 years) at 4.6!

All up from here?

[winner (n)]

MacPac reported strong first half sales .....even decent growth in NZ

Kathmandu lost there way and market relevance. Not a good place to be

And Rip Curl seem to be going the same way

[Basil]

I think Kathmandu gear is simply too expensive and if someone like me is thinking that with no cost of living pressures...guess what others are thinking.

[winner (n)]

I think Kathmandu gear is simply too expensive and if someone like me is thinking that with no cost of living pressures...guess what others are thinking.

Tough market maybe but Kathmandu not facing up to facts of life ....their market relevance has gone

[Basil]

Tough market maybe but Kathmandu not facing up to facts of life ....their market relevance has gone

Last time I was in Queenstown in September some years back the Mountain Warehouse had some absolutely amazing gear at prices that would make your eyes water if you had bought Kathmandu gear (even at their so-called sale prices).  Suppose its all available online too. https://www.mountainwarehouse.com/nz/?utm_source=bing&utm_medium=cpc&utm_campaign=BRAND+-+NZ+BING&utm_term=mountain%20warehouse%20nz&utm_content=2NuVrYCY|pcrid|78684006125408|pkw|mountain%20warehouse%20nz|pmt|bp|pdv|c|slid||product||grp|1223756940289263|tid|kwd-76485184102765:loc-2495|cmp|367697810||&msclkid=d6537e799d071acd4876188a009fa962

Look at this super jacket marked right down.  I could see you walking your dogs next winter in that, you'd look very stylish https://www.mountainwarehouse.com/nz/gorge-ii-mens-long-jacket-p43792.aspx/stone/

[winner (n)]

Last time I was in Queenstown in September some years back the Mountain Warehouse had some absolutely amazing gear at prices that would make your eyes water if you had bought Kathmandu gear (even at their so-called sale prices).  Suppose its all available online too. https://www.mountainwarehouse.com/nz/?utm_source=bing&utm_medium=cpc&utm_campaign=BRAND+-+NZ+BING&utm_term=mountain%20warehouse%20nz&utm_content=2NuVrYCY|pcrid|78684006125408|pkw|mountain%20warehouse%20nz|pmt|bp|pdv|c|slid||product||grp|1223756940289263|tid|kwd-76485184102765:loc-2495|cmp|367697810||&msclkid=d6537e799d071acd4876188a009fa962

Look at this super jacket marked right down.  I could see you walking your dogs next winter in that, you'd look very stylish https://www.mountainwarehouse.com/nz/gorge-ii-mens-long-jacket-p43792.aspx/stone/

I've still got a nice padded jacket I got 7 years ago when from Mountain Warehouse in Gretna Green of all places.

Assumed if it kept me warm in Scotland it should be OK for walking dogs in Wellington

[Red Baron]

One highlight for them - wife's backpack might need a replacement (after roughly 20 years) - the ZIP gave up.

https://twinneedle.co.nz/pages/repairs

63 Gasson Street, Sydenham, Christchurch 8023

RB

[winner (n)]

MD talking about 'structural refinement changes' ....not restructuring per se.

Going to bring the three business onto one platform ...like 3 systems onto one new ERP platform.

Wonder what will go wrong ..... something bound to

I reckon be some impacts on profitability over next few years

[winner (n)]

I see the Rip Curl man is quitting as kathmandu CEO

He must have been pretty disappointed how Rip Curl has performed. The $368m acquisition has hardly been roaring success...... current sales much the same as when acquired and profits down. Not a great acquisition.

I'd hazard a guess that it's Kathmandu's ability to grow a successful niche business ....corporate never as good as entrepreneurs. Interfered too much etc etc

I'd say Mr Daly has become rather disillusioned with how Rip Curl has changed for the worse and finally seen what mess the Kathmandu brand really is ...better to leave than hang in there. Then again maybe he was pushed

The ex Nike man might do better ...somehow I doubt it.



https://api.nzx.com/public/announcement/439287/attachment/428636/439287-428636.pdf