Strong Rip Curl performance underpinned 1H Group result

•  Rip Curl achieved strong sales and profits, despite COVID-19 impacts in key global markets, validating the Group’s diversification strategy
•  Kathmandu impacted by COVID-19 related travel restrictions and store closures  Oboz sales growth and strong forward order book, benefiting from successful product innovation strategy and diversification of customer base
•  Step change in Group online penetration reflecting improved digital capabilities and changing consumer preferences
• Robust balance sheet with low net debt, and clean inventory position
•  Dividend resumes, with NZ 2.0 cents per share interim dividend.....

1H FY21 key highlights (vs 1H FY20) 

•  Sales up 12.9% to $410.7 million, including a full six month contribution from Rip Curl
•  Step change in Group online penetration, with online representing 12.7% of direct to consumer (DTC) sales (1H FY20: 8.8%)
•  Underlying EBITDA up 19.0% to $48.2 million (excluding the impact of IFRS 16 and one-off transaction and abnormal costs)
•  Statutory NPAT of $22.3 million
•  Underlying NPAT up 32.8% to $23.1 million (excluding the impact of IFRS 16 and one-off transaction and abnormal costs)
•  Robust balance sheet, with $10.1 million net debt, reflecting working capital management strategie 
•  Resumption of dividends, with NZ 2.0 cents per share interim dividend declared (fully franked for Australian shareholders, and not imputed for New Zealand shareholders)

Who would have thought that it would take a Pandemic to help the "Retail Sector" going again....not to mention the Government's help...