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2019 Annual Report

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2019 Annual Report KATHMANDU HOLDINGS LIMITED Annual Report 2019 KATHMANDU ANNUAL REPORT 2019 1 At Kathmandu, our purpose is to inspire and equip the adventurer in all of us. For 30 years, we have designed our gear to take on the rugged landscapes of our homeland and to outt the adventurous spirit of our people. With Kiwi ingenuity, and an open mind, we continuously adapt our gear to endure dierent weather conditions, diverse terrains, and the ever- changing needs of travellers. Sustainability is in our DNA. We act with people and the planet in mind – from the creative minds of our designers, to the careful hands of our suppliers, to the backs of our customers all around the world. We’re adventurers, explorers and travellers – every one of us. From our team in-store to our brand ambassadors, athletes and Summit Club members, we share a curiosity for the world we love to explore. We believe that adventure begins when you pack your bag. Purpose. Our 2 KATHMANDU ANNUAL REPORT 2019 Highlights 2019 Sales $ Same store sales growth 545.6m 0.6% 9.7% AU 2.7% NZ (3.9%) Gross margin Operating costs % of sales 60.9% 42.9% AU 50bps NZ 90bps NA 40.8% 2.5% lower than 2018 EBIT $ Net prot after tax $ 84.3m 57.6 m 12.7% 13.7% Full year dividend Operating cash ow $ 16cps 61.7m 1 cps $13.9m Online % of direct to consumer sales Summit Club members 10.1% 2.2m 9.2% online sales growth at 0.2m active members constant exchange rates KATHMANDU ANNUAL REPORT 2019 3 4 KATHMANDU ANNUAL REPORT 2019 Contents 5 Chairman and CEO’s Letter 7 Result and Financial Performance 10 Sustainability Highlights 12 The Board 13 Management Team 14 Corporate Governance 23 Remuneration Report 31 Financial Statements 79 Statutory Information 84 Directory Notice of Annual Meeting 2019 11.00am Friday 22 November 2019 Link Market Services, Level 11, Deloitte Centre, 80 Queen Street, Auckland CHAIRMAN AND CEO'S LETTER KATHMANDU ANNUAL REPORT 2019 5 Chairman and CEO’s Letter We have delivered another year of strategy can be summarised into record sales and prot. The key growth four strategic imperatives, each drivers were a positive contribution with a set of key initiatives. from the Australian business, and rapid Firstly, we will focus on growing the sales and prot growth from Oboz. core markets of Australia and New Australian sales growth was achieved Zealand. We see opportunities to on top of strong sales in our key supercharge the Summit Club loyalty winter period last year. At the same programme, and continue the dramatic time as delivering sales growth, optimisation of our store network. we maintained our focus on cost We are also working to diversify control, and beneted from wholesale by growing the contribution of the operating cost e ciencies that saw us Summer season, and elevating the grow earnings faster than revenue. performance of our key metro markets. David Kirk Oboz has provided a signicant Secondly, we recognise that distinctive Chairman rst full year contribution to group product will set us apart from our sales and prots. Oboz is enabling competitors. We will focus on extending us to diversify our channels, our market leadership in key product brands, products and markets. categories, while accelerating growth in other high potential categories. Our team are proud to have delivered At the same time, we will work to four years of sales and prot growth. scale the the growth opportunity Over the last four years, we have in key women's categories. achieved strong operating cash ows and generated signicant value for Thirdly, we will continue to enhance our shareholders. We have delivered the customer experience through these strong nancial results while digital. We aim to make it easy for continuing our transformation from a customers by enhancing product leading Australasian retailer to a brand- information, payment options, and led global multi-channel business. fullment solutions. Technology provides opportunities for us to Growth Strategies leverage digital touchpoints and Xavier Simonet social channels to enhance brand Managing Director and Kathmandu is well positioned and product perception. We will also Chief Executive O cer to deliver on the next level of focus on maximising mobile as a key growth opportunities. Our growth method of customer engagement. 6 KATHMANDU ANNUAL REPORT 2019 Finally, we aim to become a global People Summary business. In particular, we see an opportunity to build the Kathmandu Director Sandra McPhee has retired Kathmandu and Oboz are two well brand to ignite demand in North from the board in September. established and distinctive brands, America. We will work to build Sandra has brought signicant with strong nancial fundamentals, strategic wholesale partnerships, non-executive director experience delivering great quality products leveraging Oboz relationships to and knowledge of a wide range to our loyal customers. of consumer facing sectors to the establish the Kathmandu brand. In North America we are leveraging board. Her insight and judgement Alongside wholesale growth, we have Oboz, and starting to build has been extremely benecial for an opportunity to accelerate the Kathmandu brand equity through the company. We thank Sandra very North America direct to consumer authentic outdoor wholesale much for her service and wish her all business. In addition to North America, channels. Kathmandu and Oboz are the best for her future endeavours. we will continue to explore other two great brands with signicant international market opportunities. Joining the board is Andrea Martens, international growth potential. appointed after an extensive search All of these strategic imperatives are internationally and in Australia and underpinned by a focus on inspiring New Zealand. We are very pleased that and enabling our team, and a drive to Andrea has agreed to join the board. demonstrate sustainability leadership. She brings rst rate experience and knowledge of consumer brand strategies. David Kirk Sustainability Leadership Her appointment adds important skills Chairman Sustainability is a core value for and experience to the board as we both Kathmandu and Oboz, and continue to implement our Australasian is an integral part of how we do and global growth strategies. business. We have made signicant The board would like to thank progress toward our goal of industry management and the wider team Xavier Simonet leadership thanks to the care and for their passion and determination Managing Director and dedication of our passionate team. to deliver another successful year. Chief Executive O cer We are very proud to become a certied B Corporation, meeting the Dividend highest veried standards of social The Directors have declared a nal and environmental performance. dividend of 12 cents per share, which We have also released our ‘Best for with the 4 cents interim dividend the World’ 2025 sustainability goals. makes a record payout of 16 cents Full details can be found in our 2019 per share, an increase of 1 cent per Sustainability Report, produced in share compared to last year. The conjunction with our Annual Report nal dividend will be fully imputed for and prepared in accordance with the New Zealand shareholders and fully Global Reporting Initiative (GRI). franked for Australian shareholders. CHAIRMAN AND CEO'S LETTER KATHMANDU ANNUAL REPORT 2019 7 Result and Financial Performance Key performance indicators 2019 2018 % Change Sales $545.6m $497.4m 9.7% Same store sales growth 0.6% 4.4% Gross prot $332.5m $315.5m 5.4% Gross margin 60.9% 63.4% Operating expenses ($234.0m) ($225.7m) Operating expenses % of sales 42.9% 45.4% EBITDA $99.6m $89.8m 10.9% EBITDA margin 18.3% 18.1% EBIT $84.3m $74.8m 12.7% EBIT margin 15.5% 15.0% NPAT $57.6 m $50.7m 13.7% Earnings per share 25.5cps 24.0cps 6.3% Dividend 16.0cps 15.0cps 6.7% Net debt $19.3m $31.4m Share price (NZX) $2.13 $3.08 Summit Club members 2.2m 2.0m 12.4% Store count 168 167 +1 8 KATHMANDU ANNUAL REPORT 2019 "Group sales of $545.6m increased by 9.7% overall, with the rst full year inclusion of Oboz in North America." We were pleased to achieve record high sales and prot results again in FY2019. The key contributors to the record result were Australian sales growth, and a full year impact of Oboz ownership. Oboz grew strongly this year, with a sales increase of 30.0%, and an EBIT increase of 38.6% on a $USD pro forma basis. Oboz growth is also enabling us to diversify our channels, brands, products and geography. Group sales of $545.6m increased leverage showed a benet of channel Net nance costs increased by by 9.7% overall, with the rst full diversication into wholesale. $1.9m, re ecting a full year of Oboz year inclusion of Oboz in North Operating expenses also include ownership. The Oboz acquisition in America. Excluding North America, $1.3m set-up costs for the Kathmandu April 2018 added approximately $60m sales increased by 2.1% at constant North America wholesale business. to net debt. Strong operating cash exchange rates. Same store sales ows in the subsequent 16 months Capital expenditure of $15.7m was increased by 0.6%, measured at have reduced the net debt balance $1.0m below last year. $10.3m was constant exchange rates. By country to $19.3m by the end of July 2019. invested to further optimise the store the change in same store sales was: network, with 4 new stores opened, and Taxation The e©ective tax rate • Australia +2.7% 12 major refurbishements completed. A returned to c. 29% from c.31% in • New Zealand -3.9% further $5.4m was invested in growth the prior year.
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