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

KMD Brands

21/06/2024 05:30

(Updates)
    ** Shares of New Zealand's KMD Brands  KMD.NZ  fall as much
as 5% to a record low of NZ$0.380
    ** Stock recovers, last flat
    ** Lifestyle and sports co's Australia-listed stock  KMD.AX 
drops as much as 10.3% to an all-time low of A$0.350
    ** KMD sees full-year underlying EBITDA forecast at NZ$50
mln ($30.6 mln) vs NZ$105.9 mln in FY23 
    ** Says full-year sales from its travel and adventure
clothing brand Kathmandu - its second-biggest revenue generator
- were 11.5% below last year for first three weeks of its key
winter promotional period 
    ** KMD's ASX-listed stock among top losers on ASX All
Ordinaries Index  .AORD  
    ** About 1.8 mln NZ-listed shares change hands, compared
with the 30-day average trading volume of 619,243 shares 
    ** NZ stock down 46.7% YTD
     
   ($1 = 1.6353 New Zealand dollars)

 (Reporting by John Biju and Aaditya Govind Rao in Bengaluru)
 ((John.Biju@thomsonreuters.com;))