KMD Brands Limited Analysis

Overview

Kathmandu, a certified B Corp, was founded in 1987 in New Zealand and specialises in quality clothing and equipment for travel and adventure. Oboz, which became part of the group in 2018, is based in North America and designs ‘True to the Trail’ outdoor footwear to help people explore the wilderness. Rip Curl, acquired in 2019, is a leading global surf brand born in Bells Beach, Australia in 1969.

With a shared focus on expertly designed, technical and sustainable products, all three brands are distributed through wholesale, retail and digital channels.

On 19 October 2009 the company, then named Kathmandu Holdings Limited, announced an Initial public offering for fully paid ordinary shares to be listed on ASX and NZX under the code KMD.

On 16 March 2022, the company changed its name to KMD Brands Limited.

Performance

The following information was extracted from KMD Brands Limited's Full Year Results, released 25 September 2024:

FY24 financial summary (vs FY23):

Group sales down -11.2% to $979.4 million.
Gross margin down -0.2% of sales to 58.9%.
Underlying operating expenses (1) $19.6 million lower year-on-year (“YOY”), down -3.6%.
Underlying EBITDA (1) $50.0 million, down -52.8% YOY due to lower sales.
Statutory NPAT loss -$48.3 million including a one-off non-cash impairment of Oboz goodwill of $40.3 million. Underlying NPAT (1) loss -$1.1 million.
Net Working Capital $198.3 million, -$21.4 million lower YOY.
Net Debt $59.7 million, with significant funding headroom of approximately $230 million.
No final dividend declared as a result of FY24 operating performance and challenging market conditions.

In any given GDT Event the GDT website may display a range of results other than price, as explained:

' – ' means that the product was not offered.
‘n.s.’ (not sold) means that no product was sold.
‘n.p.’ (not published) means that product was sold at the starting price, and therefore GDT cannot publish the winning price. For an explanation of this rule, see question 9 in the "Common questions" page under "About GDT" at www.globaldairytrade.info
'n.a.' for the Average Winning Price means that no prices were available for that contract period (for the reasons above), and therefore no average price was applicable.

For clarification where GDT publishes ' – ' or ‘n.s.’ (not sold) NZX results will also display a '-' or 'n.s'.

Where the GDT website displays ‘n.p.’ (not published), NZX will display the starting price. Note that the NZX results page will not differentiate between prices that are equal to starting price or those that have exceeded starting prices.

'n.a.' for the Average Winning Price as displayed on the GDT website are not displayed on this results page.

Note that N/A in the table below means there has been no change between current and previous price.