Retail in Asia

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Australasia: Kathmandu reaches first earnings peak

Shares in New Zealand-based camping and outdoor-clothing retailer Kathmandu have risen 10 percent to their highest level since listing in November 2009 after the company beat its prospectus forecast with an interim net profit of NZD4.4 million (USD3.4 million).

Earnings before interest and tax were up 49.6 percent to NZD15.5 million (USD10.9 million) and sales rose 27.5 percent to NZD106.6 million (USD75.2 million).

Like-for-like sales were up 13.7 percent with 6 new stores opening in Australia and 2 in New Zealand, taking the total to 90.

(Source: The Australian)