Kathmandu first-quarter sales increase by 72pc

Outdoor equipment retailer Kathmandu is benefiting from its recent purchase of surf brand Rip Curl, which helped it lift sales at a time when many stores were closed due to Covid-19. The retail group posted a 72 per cent increase in sales for the first quarter of its financial year to October 31, attributing the gain to its acquisition of Rip Curl. It didn’t provide a dollar amount for the sales. Kathmandu paid $368 million for Rip Curl last year. Rip Curl diversifies the group’s products, balancing Kathmandu’s winter and outdoor focus with Rip Curl’s summer and beach focus, as well as giving the group inroads into the North America and European markets where Kathmandu wants to expand. Chief executive Xavier Simonet said the group was benefiting from the diversification with strong summer sales by Rip Curl in key markets, following successful winter trading for Kathmandu.