Kindred Group has reported that Q4 has shown a ‘weaker than anticipated’ performance resulting in operational changes, including the reduction of marketing spend in North America moving forward.
Offering investors a trading update for Q4, Kindred noted that whilst total group revenue increased by 24% year-over-year to $371.4m, performance ‘did not meet expectations’ due to several factors.
One of these factors was the Houston Astros winning the World Series on Nov 5, which resulted in a $6.5m payout to Mattress Mack and ensuring a negative revenue contribution of $5.4m.
Aside from this anomaly, the group noted that North America delivered a ‘solid underlying growth’ during the quarter.
