Kathmandu has seen a stark contrast in same-store sales between its Australian and New Zealand markets during Q1 FY18.
In Australia, the company's largest market, same-store sales grew 2.9%.
Conversely, same-store sales in the New Zealand market declined by 10.3%. This left overall group same-store sales at -1.6%.
Kathmandu’s CEO Xavier Simonet said despite the New Zealand results, the company ended the quarter with improved sales results.
“We started the financial year with significantly lower levels of clearance stock than the same time last year. During the first quarter we sold more current season product than last year, but less clearance stock.
"This meant improved gross margin, and with total sales broadly in line with last year, we ended our first quarter with an improved earnings result.
"We have maintained our strong working capital position, and we expect first-half profit to be above last year. As always our first half-year result is highly dependent on the more significant Christmas trading period.”