Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


CORRECT: Kathmandu lifts 1H profit by as much as 75%

CORRECT: Kathmandu lifts 1H profit by as much as 75 percent on Australian sales growth

(Fixes number of stores to be opened in second half in 8th graph. Updates share price in 1st and 4th graphs.)

Feb. 1 (BusinessDesk) - Kathmandu, the outdoor equipment retail chain, boosted first-half profit by as much as 75 percent on the strength of sales across the Tasman. The shares climbed to a 13-month high.

Net profit was between $9.5 million and $10.5 million in the six months ended Jan. 27, compared to $6 million a year earlier, the retailer said in a statement. That came from a 13 percent increase in sales to $165.8 million, and was in line with management's expectations, it said.

"Our sales in Australia have continued to grow at a faster rate than New Zealand, which reflects the continuing strengthening of the Kathmandu brand and market penetration in Australia," chief executive Peter Halkett said.

The shares rose 4.1 percent to $2.30, leading gainers on the top 50 index. The stock is rated an average 'outperform' based on 10 analyst recommendations compiled by Reuters, with a median target price of $1.855.

The company didn’t provide annual guidance, saying 60 percent of sales and at least 70 percent of earnings will come in the second half of the year. It has previously said it expected to beat its 2012 result.

"Given this trading pattern and the volatile nature of the retail trading environment, we remain cautious about our full-year result," Halkett said.

Kathmandu boosted first-quarter revenue almost 20 percent, indicating the pace of sales growth slowed in the second three-month period, which encompassed the Christmas trading period.

The retailer opened nine stores in the current financial year and expected to open a further six in the second half.

The first-half result will be released on March 26.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Media: Julian Wilcox Leaves Māori TV

Māori Television has confirmed the resignation of Head of News and Production Julian Wilcox. Mr Maxwell acknowledged Mr Wilcox’s significant contribution to Māori Television since joining the organisation in 2004. More>>

ALSO:

Genetics: New Heat Tolerant Cow Developed

Hamilton, New Zealand-based Dairy Solutionz Ltd has led an expert genetics team to develop a new dairy cow breed conditioned to thrive in lower elevation tropical climates and achieve high milk production under heat stress. More>>

Fractals: Thousands More Business Cards Needed To Build Giant Sponge

New Zealand is taking part in a global event this weekend to build a Menger Sponge using 15 million business cards but local organisers say they are thousands of business cards short. More>>

Scoop Business: NZ Net Migration Rises To Annual Record In September

New Zealand’s annual net migration rose to a record in September, beating government forecasts, as the inflow was spurred by student arrivals from India and Kiwis returning home from Australia. More>>

ALSO:

Scoop Business: Fletcher To Close Its Christchurch Insulation Plant, Cut 29 Jobs

Fletcher Building, New Zealand’s largest listed company, will close its Christchurch insulation factory, as it consolidates its Tasman Insulations operations in a “highly competitive market”. More>>

ALSO:

Scoop Business: Novartis Adds Nine New Treatments Under Pharmac Deal

Novartis New Zealand, the local unit of the global pharmaceuticals firm, has added nine new treatments in a far-ranging agreement with government drug buying agency, Pharmac. More>>

ALSO:

Crown Accounts: English Wary On Tax Take, Could Threaten Surplus

Finance Minister Bill English is warning the tax take may come in below forecast in the current financial year, as figures released today confirm it was short by nearly $1 billion in the year to June 30 and English warned of the potential impact of slumping receipts from agricultural exports. More>>

ALSO:

Auckland Outage: Power Mostly Restored Overnight

Vector wishes to advise that all but 324 customers have been restored overnight. These customers are spread throughout the network in small pockets. The main St Johns feeder was restored around midnight allowing most of the customers in all affected areas to have power this morning. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand

Mosh Social Media
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news