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KMD Brands (KMD) 95c

KMD +1.06%: 1H results for the recreational apparel company came in largely as expected given most numbers were pre-released. Sales jumped +19% in their largest segment of surf, while Kathmandu saw 51% growth on pcp and Oboz (which is their hiking boots brand) was up 124% to a new record. Total group sales were 35% higher to $NZ548m, Underlying EBITDA +344% to $45m and the company will pay a 3cps dividend for the half, all as expected. The outlook was what the market was after, and the strong sales momentum seems to have continued as travel and tourism picks up with February sales up 32%. On the negatives, KMD is carrying a decent debt balance at the moment, and higher rates will impact their FY earnings.

MM is neutral to bullish KMD
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KMD Brands (KMD)
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