Falling sales at Kathmandu, Rip Curl and Oboz contributed to a difficult first half that resulted in a net loss attributable to shareholders of NZ$10,426,000 ($6.4 mm) against a profit of NZ$13,159,000 for the period ended Jan. 31. Overall revenues declined 14% to NZ$468,644,000 ($287.7 mm) from NZ$547,924,000. KMD worked hard to rein in spending with a restructuring implemented last year, reducing selling expenses by 10% and administration and general expenses by 6%, but total SG&A still deleveraged 310 basis points on the lower sales. Blended gross margin inched up 10 ... Log in to view full article.