Kathmandu Brands has announced a 14.5% decrease in group sales for the first half of the 2024 financial year, amounting to approximately $469 million.
The decline in sales was attributed to the ongoing weakness in consumer sentiment.
Kathmandu's sales were particularly affected, with a 21.5% drop, while Rip Curl and Oboz saw sales decrease by 9.2% and 20% respectively.
Despite the challenging environment, the group's gross margin remained resilient at 58.8%.
Operating costs were also successfully reduced by $16m compared to the previous year.
Kathmandu Brands will release its full 1H FY24 results on March 19 2024.
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