Kathmandu Holdings has released its first half FY20 results, reporting total Group sales up 58.8% to $363.7 million.
After completing the successful acquisition of Rip Curl, the surf brand saw total sales up 3.7% in the three months since the acquisition.
Rip Curl also experienced same store sales growth with this increasing by 2.7% while online comparable sales were also up 19.5%.
Kathmandu's outdoor segment's - comprising of brands Kathmandu and Oboz - total sales were up 0.4% in the half.
The segment also experienced a 33.1% growth in online comparable sales.
Online now comprises 11.1% of direct to consumer sales over the last twelve months, up from 9.5%.
Kathmandu specifically saw same store sales growth of 1.5%, while Oboz's total sales were up 10.4%.
Kathmandu Holdings’ Group CEO Xavier Simonet said that the business was in a strong position prior to COVID-19.
"The Group’s first half financial results highlight the strength of our three global brands, Kathmandu, Rip Curl and Oboz.
"These results also show the strong position we would have been in to drive the next wave of our growth in line with our long-term diversification strategy had the global COVID-19 pandemic not occurred.
In this situation of uncertainty and challenges, the health and wellbeing of our team and customers is paramount, while we maintain business continuity and ensure we are well positioned to bounce back quickly when more normal operating conditions return," he said.
Kathmandu closed the half with Group underlying EBIT of $29.0 million, up 46.5% and statutory NPAT of $8.1 million.
The group has also announced $207 million equity raising plan. Read more on this here.