KMD plunges almost 20% after bad trading update

KMD hits new low

Tue, 20 Feb 2024

KMD Brands’ shares plunged almost 20% to a new low shortly after it announced another drop in sales.The retail company, which has the Rip Curl and Kathmandu brands, told the market its preliminary results for the half year ended Jan 31 would indicate group sales will be approximately $469m, -14.5% below last year, reflecting “ongoing weakness in consumer sentiment”.Prior to Covid, KMD had been trading as high as $2.51. Shares then plunged to 48.9 cents as the pandemic hit.KMD recovered to above the $1.60 mark in June 2021...

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