NZ's KMD Brands hits record low on bleak FY forecast

KMD Brands

21/06/2024 02:17

** Shares of KMD Brands  KMD.NZ  fall as much as 5% to a
record low of NZ$0.380
    ** Stock recovers, last up 1.3%
    ** Lifestyle and sports co sees full-year underlying EBITDA
at NZ$50 mln ($30.58 mln) vs NZ$105.9 mln in FY23
    ** Says co's Kathmandu brand experienced
slower-than-expected start to the key winter promotional period 
    ** Says Kathmandu's winter sale in first three weeks 11.5%
below last year
    ** About 1.4 mln shares change hands, compared with the
30-day average trading volume of 619,243 shares 
    ** Stock down 46.7% YTD, as of last close
     
   ($1 = 1.6353 New Zealand dollars)

 (Reporting by John Biju in Bengaluru)
 ((John.Biju@thomsonreuters.com;))