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

 


Kathmandu shares slump 8.7% as warm winter crimps sales

Kathmandu shares slump 8.7% to four-month low as warm winter weather crimps sales

By Tina Morrison

June 24 (BusinessDesk) - Shares in Kathmandu Holdings slumped 8.7 percent, making them the worst performer on the benchmark NZX 50 Index, after the outdoor apparel and equipment retailer said its full-year earnings may decline as much as 15 percent as warmer weather crimps sales of cold weather products such as down jackets, fleece and thermals.

The Christchurch-based company said earnings before interest and tax will probably fall by 10 to 15 percent in the 11 months ending June 30, as sales through June, during the company's winter sales promotion, have been "significantly below expectations" in its main markets of Australia and New Zealand.

Any recovery in trading during July, the last month of its financial year and the company's third biggest trading month, will probably not be sufficient to make up the shortfall in sales experienced to date in June, the company said. If the unseasonal warm weather continues through July, full-year Ebit would likely fall 10 to 15 percent from last year's $63.4 million, the company said. Before today's announcement, analysts were expecting Ebit this year of $68.6 million, according to Reuters.

Shares in the company dropped 31 cents to a four-month low of $3.25.

Kathmandu expects to provide an update on earnings in early August and publish its results on Sept. 22, it said.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Fossils: Ancient Penguins Lived Alongside Dinosaurs?

Penguins are much older than previously thought and their evolution probably dates back to the days of the dinosaurs, according to research on the fossilised leg bone and toes of a giant ancient penguin found in rocks near Waipara, North Canterbury. More>>

No Voda/Sky: Commission Declines Clearance For Merger

The Commerce Commission has declined to grant clearance for the proposed merger of Sky Network Television and Vodafone New Zealand. More>>

ALSO:

EARLIER:

Power: IEA Report On New Zealand's Energy System

Outside of its largely low-carbon power sector, managing the economy’s energy intensity and greenhouse gas emissions while still remaining competitive and growing remains a challenge. More>>

ALSO:

NASA: Seven Earth-Size Planets Around A Single Star

NASA's Spitzer Space Telescope has revealed the first known system of seven Earth-size planets around a single star. Three of these planets are firmly located in the habitable zone, the area around the parent star where a rocky planet is most likely to have liquid water. More>>

ALSO:

Auckland Transport Case: Men Guilty Of Corruption And Bribery Will Spend Time In Jail

Two men who were found guilty of corruption and bribery in a Serious Fraud Office (SFO) trial have been sentenced in the Auckland High Court today... The pair are guilty of corruption and bribery offences relating to more than $1 million of bribes which took place between 2005 and 2013 at Rodney District Council and Auckland Transport. More>>

ALSO:

Hager Raid: Westpac Wrong To Release Bank Records To Police

The Privacy Commissioner has censured Westpac Banking Corp for releasing without a court order more than 10 months of bank records belonging to the political activist and journalist Nicky Hager during a police investigation into leaked information published in Hager's 2014 pre-election book, 'Dirty Politics'. More>>

ALSO:

EARLIER:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news