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Highlights

  • In FY24, KMD’s sales declined by 11.2% YoY to NZD 979.4 million
  • FY24 Underlying EBITDA dropped 52.8% to NZD 50.0 million.
  • Allan Gray Australia has highest stake in KMD with a shareholding of 17.77%.
  • Shares closed at NZD 0.425 on 23 December 2024, up 3.75% in six months.

KMD Brands (NZX:KMD) is an ASX and NZX-listed retail company with a specialisation in international outdoor, lifestyle, and sports. The company manages three brands, Oboz, Rip Curl, and Kathmandu.

In the financial year 2024 (FY24), KMD reported sales of NZD 979.4 million, a decline of 11.2% compared to FY23’s NZD 1,103.0 million. FY24 underlying EBITDA fell sharply by 52.8% to NZD 50.0 million, compared to NZD 105.9 million in FY23. The company recorded an underlying net profit after tax (NPAT) loss of NZD 1.1 million in FY24.

Q1 FY25 Financial Results

KMD released its financial results for the first quarter ending July 2025 (Q1FY25) on 19 November 2024.

  • Rip Curl: Global direct-to-consumer (DTC) sales declined by 3.4% YoY but outperformed the wholesale channel, which saw an 11.2% drop. Forward orders suggest improved wholesale trends in the second half.
  • Kathmandu: Australian DTC sales rose by 4.3% YoY, while New Zealand sales fell 15.4% due to last year’s strong clearance sales. Overall, Kathmandu’s total sales declined by 2.7%, but gross profit grew by 3.6%.
  • Oboz: Wholesale sales were down 8.5% YoY, with second-half sell-in still underway.

Wholesale accounts remain cautious about pre-season commitments for both Rip Curl and Oboz.

Outlook

KMD remains cautious about consumer sentiment and the global macroeconomic environment and wholesale accounts continue to show caution on pre-season commitments.

Top 10 shareholders of KMD

The top 10 shareholders of KMD have around 55.47% shareholding in the company. Allan Gray Australia Pty Ltd and New Zealand Treasury have the highest stake in the company with a shareholding of 17.77% and 11.33%, respectively.

Share performance of KMD

KMD shares closed 1.19% higher at NZD 0.425 per share on 23 December 2024. In one year, KMD’s share price has dropped by almost 42.36%, while in six months, the share price has increased by nearly 3.75%.

52-week high of KMD is NZD 0.82, recorded on 19 December 2023 and 52-week low is NZD 0.34, recorded on 1 July 2024.

Note 1: Past performance is not a reliable indicator of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is December 23, 2024. The reference data in this report has been partly sourced from EODHD/Others.