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Speaker 1: Jeremy hasn't from Milfinancet Management with me, Jeremy. Good evening evening, Ryan, Yeah,

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Speaker 1: good to have you back. KMD Brands released their half

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Speaker 1: year financial results today. Stock has had a torrid few weeks.

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Speaker 1: What are investors buying into here?

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Speaker 2: Yeah, KMD Brands had their numbers out today, and just

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Speaker 2: remember that this is looking back six months into the

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Speaker 2: last half of twenty twenty four, but it is over

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Speaker 2: the very important Christmas and New Year spend period for retailers.

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Speaker 2: And also a quick reminder on the brands in KMD,

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Speaker 2: so the very well known Catman Do Appeal brand, and

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Speaker 2: then it's also got Ripcurl, which is a very important

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Speaker 2: surf brand as well. But you're right, the business has

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Speaker 2: had a torrid time, particularly over the past few years.

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Speaker 2: The share price is down seventy seven percent since the

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Speaker 2: peak in November twenty twenty one, and that's largely been

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Speaker 2: tracking sales down and profits down across all their brands.

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Speaker 2: So investors here are really backing a cyclical retail recovery story,

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Speaker 2: but it will take a few years to come to fruition.

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Speaker 1: But finally, I guess some sales improvements that would make

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Speaker 1: some retailers pretty happy.

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Speaker 2: Yeah, importantly in the update today, they always provide some

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Speaker 2: directional trends in sales, and they have been improving. And

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Speaker 2: then finally, in the last quarter of twenty twenty four,

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Speaker 2: both the important brands Catmen Do and Rip Curl reported

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Speaker 2: positive sales growth again versus the Pride period and this

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Speaker 2: was the first time that we'd seen positive sales growth

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Speaker 2: in over two years. So really good to see and

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Speaker 2: perhaps the start of the turnaround story for KMD brands.

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Speaker 1: Yeah, let's hope. So, Jeremy, thank you very much for

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Speaker 1: that up there. I appreciate your time. Jeremy Hautton, Milford

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