Kathmandu shares soar on sales boost
Shares in clothing and camping equipment retailer Kathmandu have soared after it posted a 19.5 per cent boost in sales for the last 15 weeks.
The Australasian company announced sales of $66.9 million for the 15 weeks to November 11, an almost 20 per cent rise on the same period last year.
Its shares were 9.5 cents, or more than seven per cent, higher at $1.45 around midday.
Same store sales - excluding new stores - grew by 14.3 per cent during the period (13.6 per cent excluding currency movements) compared with 7.6 per cent in the same period last year.
The company has opened six new stores in Australia since the start of August, with another three to come before Christmas and 15 planned for the year.
Kathmandu chief executive Peter Halkett said the result was ahead of expectations, especially in Australia, and came despite difficult trading conditions.
"Consistent with our normal trading pattern, sales to date are less than 20 per cent of our expected total sales for the year," he said in a statement.
"Growth in first half-year profit remains highly dependent on the Christmas and January trading period."
In September, the company announced a net profit of $27.87 million in the year to July 31, down 11 per cent from $31.09 million in the previous year.
At the time it forecast that it would bounce back this year with a higher net profit.
Kathmandu is holding its annual general meeting on Friday.