New Zealand Professional Investment Services Firm

Forsyth Barr

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

New Zealand Professional Investment Services Firm, Forsyth Barr

Equity Bottom-Up

<ul><li>We expect KMD Brands (KMD) to report a weaker second half in its FY23 result, due on 20 September 2023. KMD has guided to revenue of ~NZ$1.1bn and an EBITDA (pre-IFRS 16) range of NZ$105m to NZ$110m.</li><li>The key focus will be on the outlook for FY24 and beyond. Weak trading update comments from key peer Macpac highlight consumer demand challenges show no signs of abating. </li><li>We revise our FY24 expectations downward, reflecting (1) weaker 1H24 sales growth in Kathmandu, (2) operating de-leverage offset by some cost-outs, and (3) higher non-operating costs. </li></ul>

We expect KMD Brands (KMD) to report a weaker second half in its FY23 result, due on 20 September 2023. KMD has guided to revenue of ~NZ$1.1bn and an EBITDA (pre-IFRS 16) range of NZ$105m to NZ$110m.The key focus will be on the outlook for FY24 and beyond. Weak trading update comments from key peer Macpac highlight consumer demand challenges show no signs of abating. We revise our FY24 expectations downward, reflecting (1) weaker 1H24 sales growth in Kathmandu, (2) operating de-leverage offset by some cost-outs, and (3) higher non-operating costs. 

KMD Brands - FY23 Preview — Scanning Ahead

Kathmandu Holdings

KMD Brands - FY23 Preview — Scanning Ahead