I am not sure what existing listed retailer I would compare them to. They are quite different to Pumpkin Patch/Hallensteins which are fashion season driven. Kathmandu has seasonal stock but they also carry a large range of high-end items like $500 raincoats, tents and sleeping bags etc. You don't buy one of those every year (well, I don't )

A lot of these retailers depend on new store openings to drive sales growth. Kathmandu is relatively mature in NZ and also has a sizeable presence in Australia. So will there be growth in store numbers?

You really have to see the figures on same store sales to make a judgement. Will be an interesting prospectus...

If I was in the market for a retail stock it would be PPL or MHL. Just not now