Sales are 12.5 per cent lower in the first four months of the year at KMD Brands, which owns Rip Curl and Kathmandu.
CEO Michael Daly says improving Kathmandu’s 21.6 per cent fall in sales is top priority
Liberated Brands will operate Boardriders brands Quiksilver and Billabong in Australia, New Zealand, Thailand and Indonesia.
KMD Brands, the name behind Rip Curl and Kathmandu, said orders from its wholesale customers have dried up, while sales of rainwear and puffer jackets were weak due to unseasonably warmer weather in Australia, sending its shares to a 3-½-year low.
The dual-listed group on Wednesday revealed that sales were 12.5 per cent lower in the first four months of the financial year as of November 30, reflecting ongoing weakness in consumer sentiment and the Black Friday promotional period.
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Carrie LaFrenz is a senior journalist covering retail/consumer goods. She previously covered healthcare/biotech. Carrie has won multiple awards for her journalism including financial journalist of the year from The National Press Club. Connect with Carrie on Twitter. Email Carrie at carrie.lafrenz@afr.com
