Sales down 14.5% drove KMD to a $10.4m loss; dividend cut to zero
Kathmandu swung to a segment loss and group leverage rose to 1.49x EBITDA, even as inventory release lifted operating cash flow.
Published 21 April 2026
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Kathmandu swung to a segment loss and group leverage rose to 1.49x EBITDA, even as inventory release lifted operating cash flow.
Published 21 April 2026
Read briefingOperating profit fell 6.8% as gross margin moved to 42.4%, while operating cash flow fell 14.6% despite an 11% inventory drawdown.
Published 20 April 2026
Read briefingA 20.0% revenue decline pushed Bremworth to a NZD 1.7m loss while inventory days climbed roughly 20 days, draining cash before a capital injection.
Published 22 April 2026
Read briefingEBITDA loss narrowed 27.7% but a customer write-down deepened the NPAT loss to NZ$7.3m and forced a debt restructure plan.
Published 21 April 2026
Read briefingMargin compression and an inventory build above the historical range left pre-lease FCF at NZ$9.1m, well below the NZ$57.3m baseline.
Published 22 April 2026
Read briefingFlat EBITDA masked a sharp deterioration in cash deployment, with debtor days extending 20.7 and free cash flow turning negative.
Published 22 April 2026
Read briefingHeadline PBT growth of 6.7% masks a 45% fall in operating cash, leverage climbing to 3.75x EBITDA, and a dividend set at 175% of NPAT.
Published 23 April 2026
Read briefingChina weakness pushed operating cash flow negative, lifted leverage to 14x EBITDA and forced a 60% dividend cut despite a held 60% gross margin.
Published 23 April 2026
Read briefingDemand deferral and inventory carrying costs in a high-rate environment compressed margins while total assets swelled to NZ$625.5m.
Published 23 April 2026
Read briefingReported earnings growth was funded by a $64m working-capital build and $146m more borrowings, leaving net debt near 3.4x EBITDA.
Published 23 April 2026
Read briefingRevenue grew 38.8% to $921.7M but operating earnings declined and net debt rose to $445.9M against EBITDA of $194.4M.
Published 23 April 2026
Read briefingUK & Ireland franchising profit rose to NZ$0.8m, but reported revenue fell 34.2% and shareholders' equity swung to -NZ$3.6m.
Published 23 April 2026
Read briefingOperating leverage drove margin expansion and deleveraging, but the group remained loss-making and HY23 was only 26% of FY23 EBITDA.
Published 23 April 2026
Read briefingAn unusual $0.7M working-capital release pushed cash conversion to 87.0% while the effective tax rate climbed from 26.0% to 31.0%, holding NPAT
Published 22 April 2026
Read briefingRevenue down 11.2% and 140bps of gross margin loss have pushed leverage above its historical 0.51x-1.20x range and ended the interim dividend.
Published 22 April 2026
Read briefingOperating earnings collapsed against the company's historical range while a 0.0% effective tax rate masked the deterioration in headline net profit.
Published 22 April 2026
Read briefingRevenue grew 15.6% but PBT margin slipped to 12.0%, below the 12.7–14.1% historical range, as segment economics rotated sharply.
Published 28 April 2026
Read briefingRevenue rose 16.7% but Australia segment profit fell 5.5% and implied second-half NPAT trailed the prior comparable.
Published 22 April 2026
Read briefingLosses narrowed materially, but a $5.6m operating cash burn left only $0.9m of cash against $12.4m of borrowings.
Published 22 April 2026
Read briefingCash conversion stayed strong but management commentary points to a marked H2 trading slowdown from +6.0% to -0.8%.
Published 22 April 2026
Read briefingEBITDA rose 71% on Auckland's rebound, but the Adelaide casino licence impairment kept NPAT at $8.0m and lifted the effective tax rate to 84.6%.
Published 22 April 2026
Read briefingRevenue slipped 0.6% but a $69.0m inventory build swung operating cash to -$10.2m and pushed gross borrowings up 60.4%.
Published 23 April 2026
Read briefingHotels returned to profit and PBT fell 64.2% on weaker property sales, but receivables jumped to NZ$22.5m and pushed OCF down 82.6%.
Published 22 April 2026
Read briefingHeadline 159% revenue growth masks a sharply weaker second half, equity down 32.4%, and an almost-exhausted cash balance against rising borrowings.
Published 28 April 2026
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