Adventure apparel and outdoor equipment retailer Kathmandu has revealed a sales spike for the first 15 weeks of the financial year, despite “difficult retail trading conditions”.
The retailer, which reported a 36.2 per cent drop in earnings before interest and tax (EBIT) for the first half of fiscal 2012, has now confirmed sales of $66.9 million for the 15 weeks to November 11, 2012.
The results total a rise of 19.5 per cent compared with the corresponding period last year.
Same store sales grew by 14.3 per cent during the period (13.6 per cent at constant exchange rates*1), compared with growth of 7.6 per cent in the prior corresponding period.
Commenting on the results, Kathmandu CEO Peter Halkett said that the company's sales performance in the first 15 weeks of the financial year had overall been ahead of expectations, particularly in Australia.
“Consistent with our normal trading pattern, sales to date are less than 20 per cent of our expected total sales for the year. Growth in first half-year profit remains highly dependent on the Christmas and January trading period,” he said.
Halkett also updated on the progress on the company’s store rollout and refurbishment programme, and confirmed that Kathmandu is still aiming to open 15 new stores in FY13 with three further new sites already secured for opening in the second half of FY13.
Since August 1 Kathmandu has opened six new stores in Australia (two in regional NSW, one in Brisbane, one in the Gold Coast, one in Melbourne and one in Perth). In addition, the company's central Perth and Nelson store relocations have been completed and two of its Melbourne stores have been refurbished.
The company also set to have three further stores (Sydney CBD, Darwin and Mackay) which are set to be open for trading before Christmas, according to Halkett.