KMD Brands reports significant financial decline in 2024

KMD Brands, the parent company of outdoor brands Kathmandu and Rip Curl, has reported a significant decline in its financial performance for the 2024 financial year.

Group sales were down 11.2% to $979.4 million while underlying ebitda dropped 52.8% to $50m.

The company also reported a statutory net profit after tax loss of $48.3m, which included a one-off non-cash impairment of $40.3m.

As a result of the challenging operating performance, no final dividend was declared.

In the first eight weeks of the 2025 financial year, Kathmandu Australia direct-to-consumer sales were up 2.1% year on year, while New Zealand DTC sales were down 23.2%.

Rip Curl's global DTC sales were approximately 5% lower year on year.

KMD Brands said wholesale forward orders were moderating from double-digit declines in FY24 to single-digit declines for the first half of FY25.