Outdoor wear retailer Kathmandu has stepped up the re-opening of outlets as its online sales continue to ban. The group has been slowly re-opening outlets in Australia and now wants to accelerate the pace to where most of its stores in Australia will be open and trading by the end of this week as the COVID-19 restrictions are eased.
Shares in IDP Education surged more than 20% yesterday after the struggling group raised a lot more money than originally planned. Kathmandu has also completed the institutional component of its deeply discounted $200 million capital raise, raising gross proceeds of around $NZ154 million ($150 million).
More retailers have closed their doors to limit the impact of the COVID-19 virus. Myer is standing down 10,000 staff straight away, Kathmandu is closing 170 outlets while South African controlled - David Jones is shutting 280 of its fashion brand stores including Country Road, Witchery, Mimco, and Politix.
FY17 results – pre-released early August – show continued growth in Australian sales and ongoing recovery in the New Zealand business. Deutsche Bank highlights the very strong sales performance in in apparel market which has been challenging.