KMD Kathmandu Brands

[winner (n)]

Mention of stock turns.

KMD 1.4 stock turns a year compared to

MHJ 1.3
WHS 4.2
BRG 4.1
HLG 6.1

Even allowing for some manufacturing component both KMD and MHJ pretty pathetic when it comes to managing stock

Ranking does tell a bit of a story eh

[winner (n)]

Michael Daly gone ...now Brooke ...that's what made Rip Curl great gone

Suppose after Michael was 'pushed' (speculation) Brooke said I'm off too.

So it's up to Captain Kirk and the Nike guru to keep the ship upright

That's not good

https://announcements.nzx.com/attachment/429535.pdf

[Shareguy]

With a new ceo I'm not surprised with the changes. Brooke might well of applied for the ceo role and be disappointed. Changes in the share register and with executives. We just need to see some improvement and the SP will follow.

Ripe for someone to buy a bruised business at bottom of the cycle. Im picking it's going to be a good summer.

[SemiStrongForm]

I believe KMD's downfall has been a long time coming, and rebuilding may not be as simple as waiting for consumer confidence to return. In my view, KMD is suffering the long-term consequences of several missteps:

• Their pricing strategy: the practice of setting extortionate regular prices, only to offer frequent deep discounts, feels manipulative. While some might see these sales as 'good value', I think this approach ultimately builds consumer resentment. It forces us to 'time our run' when shopping at KMD, adding unnecessary friction to the store experience.
• I've noticed KMD losing its identity as an innovative outdoor brand. In my opinion, Macpac has clearly taken the lead in providing genuinely good mountaineering gear. They partner with widely recognised fabric technology companies like Pertex, which adds credibility to their products.
• I find their 'Summit Club' rebrand to be poorly executed. Also, charging $10 to join a summit club seems counterintuitive to me. Why should customers pay for the privilege of being loyal?

These issues have soured my perception of KMD, and I suspect many other consumers feel the same way.

[Shareguy]

Always good to see insiders buying.

https://www.nzx.com/announcements/440401

[BlackPeter]

Always good to see insiders buying.

https://www.nzx.com/announcements/440401

True - while KMD shares are still on special, another 200k are not peanuts.

[winner (n)]

The other day at their ASM Super Retail said MacPac sales in NZ '... have demonstrably slowed'

Blamed competitive pressures

Kathmandu must be winning big time ....hooray

[ezek22]

Another "beginning of a trend of improvement" from Kathmandu. They have been saying that for 3 years already. The stock looks cheap, but I wonder if it's cheap enough.

[Waltzing]

GFC - but its been hit across all it markets.. havnt had time to look into it...

but it does not look cheap enough...as 10 year bonds are still up at nearly 5...

if US crashes the oil market then stock markets could turn .. and the arrows start pointing up...

[BlackPeter]

No matter what the trend, but this is cool:

https://www.rnz.co.nz/news/top/544406/kathmandu-to-design-and-produce-nz-s-olympic-uniforms

Just imagine how good all these gold medals will look next to the Kathmandu logo - for sure, this must be worth something;

[Auto Rower]

No matter what the trend, but this is cool:

https://www.rnz.co.nz/news/top/544406/kathmandu-to-design-and-produce-nz-s-olympic-uniforms

Just imagine how good all these gold medals will look next to the Kathmandu logo - for sure, this must be worth something;

Lets hope they are still solvent by then, or maybe part of the mountain warehouse group

[BlackPeter]

Interim Results are out:

https://www.nzx.com/announcements/449015

1H FY25 financial summary (vs 1H FY24):

• Group sales up +0.5% to $470.9 million.
• Gross margin down -0.3% of sales to 58.5%.
• Underlying operating expenses(1) up +4.2% to $271.6 million.
• Underlying EBITDA(1) $3.9 million, down -74.3% year-on-year ("YOY").
• Statutory NPAT loss -$20.7 million. Underlying NPAT(1) loss -$16.1 million.
• Net Working Capital $192.6 million, -$33.6 million lower YOY.
• Net Debt $76.2 million, -$20.0 million lower YOY.
• No interim dividend declared as a result of 1H FY25 operating performance.

NPAT (loss) of -3cts in the fist HY. Still pointing to a trend showing that the closer quarter have been less worse than earlier quarters. Comforting?

A couple of outstanding words / phrases in presentation and announcement:

"challenging trading environment" (referring to the past and presence)
"hopefully" (referring to the future)

While emphasizing several times the importance to maintain their marketshare, they refused to tell us what it is, and how it is developing.

Didn't wanted to tell us either how their competitors are doing.

Just keep faith and have hope.

Hmm.

[Waltzing]

Rip Curl , great winter wet suites... fabulous...tried several makes before settling on the back zip with the inner lined latest model..

[BlackPeter]

Rip Curl , great winter wet suites... fabulous...tried several makes before settling on the back zip with the inner lined latest model..

No doubt - their gear is good, as is lots of the outdoor gear and clothing I have from Kathmandu. Maybe some of their stuff is just too good - it keeps forever (though, nice from the customer perspective).

From a pricing perspective I had over the last couple of years (well, when I went to buy something) the impression that they set their price line higher than comparable competitors (like e.g. MacPac, Merrell or Mountain Warehouse). Sadly (for Kathmandu) this convinced me to buy the stuff I was after somewhere else, and not sure I am unique in that regard.

Anyway, at the moment it feels they have problems turning good products into profits ... and as far as I am concerned did their recent update didn't really convince me that they see and understand the problems and are doing something about them.

[Basil]

From a pricing perspective I had over the last couple of years (well, when I went to buy something) the impression that they set their price line higher than comparable competitors (like e.g. MacPac, Merrell or Mountain Warehouse). Sadly (for Kathmandu) this convinced me to buy the stuff I was after somewhere else, and not sure I am unique in that regard.

I can assure you that you are not alone.  Stuff at the Mountain warehouse on sale makes the sale prices at Kathmandu look ridiculously overpriced.  Don't even start me on the full retail price at Kathmandu stores, you'd need to have rocks in your head to think those prices are fair and reasonable.