Kathmandu Holdings Limited provided earnings guidance for the first half of 2019. Profit was expected to be strongly above 2018, albeit this was highly dependent on a successful Summer Sale. In Australia and New Zealand, sales during December have been below management expectations and prior year. Notwithstanding the adverse impact of the NZD/AUD exchange rate on reported profit, assuming current trends continue, total Group profits are now expected to be 4% - 8% above reported in first half of 2018.