Kathmandu outlines 24.1pc sales slump

Outdoor clothing multinational Kathmandu has revealed a 24.1 per cent decline in retail sales so far this financial year as coronavirus restrictions lingered in Australia and overseas.

Kathmandu on Wednesday said its retail business, which includes online, had been hit hard by the virus in Australia, Europe and North America for the 16 weeks to November 15.

About 60 stores in Melbourne were closed for most of the first quarter.

Kathmandu last year bought surf wear business Rip Curl, which helped first quarter sales rise 72 per cent on the 2019 equivalent quarter.

The 24.1 per cent sales drop for the 16 weeks includes Rip Curl’s sales in first quarter 2019, under its previous ownership.

Chief executive Xavier Simonet said the group’s half-year result would depend on Christmas trade.

Shares were lower by 4.56 per cent to $1.25 at 1540 AEDT.

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