A $20m half-year loss reported by KMD Brands, parent company of Kathmandu and Rip Curl, follows a torrid time for the company, with shares down 77% since the peak in November 2021. Despite this, directional trends in sales have been improving, with positive sales growth recorded for the first time in more than two years. Milford Investment Analyst Jeremy Hutton talks to Ryan Bridge about the results and outlook.