In its 2011-12 financial year, which ended July 31, Kathmandu, the specialty outdoor retailer operating in New Zealand, Australia and the U.K., reached a sales increase of 13 percent to 347.1 million New Zealand dollars (€219.1m-$283.7m), with 5.7 percent growth in local currencies. Net profit declined, however, by 11 percent to NZD 34.9 million (€22.0m-$28.5m). The chain's gross margin went down by 2.3 percentage points to 63.2 percent. During the last financial year, Kathmandu invested NZD 21.8 million (€13.8m-$17.8m) in various new projects such as the opening of ten new stores in Australia and New Zealand, a global online platform and a new distribution center in New Zealand. Nine new stores will be opened in Australia by next January, but the company has decided to develop its presence in the U.K. mostly through e-commerce. It has outsourced its warehousing operations in the U.K. On a same-store basis, Kathmandu's sales grew in the past year by 9.2 percent in New Zealand and by 6.5 percent in Australia, but fell by 7.7 percent in the U.K.