1 October we become SureStone CapitalSame team, same ABN. Our website and email addresses move to surestone.com.au.
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KMD Brands (ASX: KMD), the owner of Kathmandu, Rip Curl and Oboz, has booked a full-year statutory loss of $NZ93.5 million, down 94% from last year. The retailer's earnings have suffered from heavy discounting and weaker margins, with sales increasing just 1% to $989 million. Its underlying net loss widened to $28.3 million. No final dividend has been declared with the board citing a tough trading environment across its portfolio. Rip Curl lifted sales 2% to $550 million, Oboz sales rose 3.5% to $76.6 million, while Kathmandu's growth was flat. However, Kathmandu same-store sales rose 22% in the first seven weeks of FY26. The group recently completed a restructure of the business designed to deliver immediate cost efficiencies with annual cost savings expected to be $5 million. Chief executive Brent Scrimshaw said FY25 was marked by “a highly competitive trading environment” but pointed to August sales up 10.5 per cent year-on-year as an early sign of recovery.
Westpac (ASX: WBC) will axe 200 bank teller jobs, according to a report in the AFR. replacing them concierges at its branch networks -- who will assist customers using the bank's app, ATMs or website. As many as 2-thousand jobs are set to go under a major restructure at the lender, while 200 banks are believed to be hired to boost Westpac's loan book. And Super Retail Group has settled a dispute with two former employees who sued the company over claims of bullying and harassment.The two lawyers have reached a confidential agreement with their former company -- ending 18 months of high profile litigation.
And Super Retail Group (ASX: SUL) has settled a dispute with two former employees who sued the company over claims of bullying and harassment. The two lawyers have reached a confidential agreement with their former company -- ending 18 months of high profile litigation.
Morningstar has cut Myer's (ASX: MYR) price target by 23% in the wake of the reatiler's results. Meanwhile -- Morningstar says the market has overreacted to Myer's results on Tuesday.
Elsewhere Jefferies says that Rio Tinto's (ASX: RIO) recent deal with the US Defense Logistics Agency is a positive. Under the deal, Rio will provide scandium oxide, a critical mineral used in aerospace and defence. The US Department of Defence says it is seeking to buy scandium oxide for a value worth up to US$40 million from Rio's Quebec facility.
The consumer price index rose to 3% in August on an annual basis, up from 2.8% the previous month to be at its highest level in more than a year.
