New Zealand Professional Investment Services Firm

Forsyth Barr

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

New Zealand Professional Investment Services Firm, Forsyth Barr

Equity Bottom-Up

<ul><li>KMD Brands (KMD) trading update highlighted softer consumer sentiment through its fourth quarter.</li><li>Sales through the first three quarters were strong across all brands, however deteriorating Australian consumer sentiment and a warmer start to winter has weighed on KMD’s key winter sale period.</li><li>KMD has guided to NZ$1.10bn of full year sales (FB NZ$1.17bn, Visible Alpha consensus NZ$1.17bn) with gross margins expected to be in line with last year (FY22: ~59%, consensus: ~59%), likely benefitting from easing supply chains.</li></ul>

KMD Brands (KMD) trading update highlighted softer consumer sentiment through its fourth quarter.Sales through the first three quarters were strong across all brands, however deteriorating Australian consumer sentiment and a warmer start to winter has weighed on KMD’s key winter sale period.KMD has guided to NZ$1.10bn of full year sales (FB NZ$1.17bn, Visible Alpha consensus NZ$1.17bn) with gross margins expected to be in line with last year (FY22: ~59%, consensus: ~59%), likely benefitting from easing supply chains.

Kathmandu Holdings

KMD Brands (KMD): FY23 Trading Update