KMD Brands' ASX shares witnessed an increase of 1.4% at A$0.745.

This followed a 4.5% decline on the previous day after the company announced unsatisfactory results.

The outdoor, lifestyle, and sports retailer from New Zealand reported a drop in August sales by 6.4%.

Additionally, the company’s annual profit showed unimpressive figures.

Macquarie communicates a careful view, reinforced by the poor August sales.

It continues to predict EBITDA margins falling roughly 15% below set targets in mid-term.

Macquarie also lowered the price target to A$0.70 from A$0.90 while maintaining a ‘neutral’ rating.

Concurrently, Morgan Stanley sustains an ‘equal-weight’ rating and retains an A$0.90 price target.

This year, KMD’s shares have decreased around 23% so far.

KMD Brands is an outdoor, lifestyle, and sports retailer based in New Zealand.