Sluggish spending sends Kathmandu, Noni B profits to the wall

Two major clothing retailers are warning that sluggish spending is taking a toll on profits, with the company behind Kathmandu and Rip Curl reporting a steep slump in sales that will push earnings 30 per cent lower than market expectations.

Sales at those two brands continued a months-long fall in May, despite the start of the local winter promotional period and the European summer, KMD Brands said.