Kathmandu's shares have slipped to a near two-year low as the outdoor retailer blames low consumer confidence for a subdued start to Christmas trading in its Australian market.

Retailers are hoping positive economic conditions will offset a blustery and wet start to the spring and summer period.

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Kathmandu, which today posted a 4.5pc decline in annual profit, said Australasian earnings should rise in the coming year.

Kathmandu says a cold snap last month in Australia and New Zealand helped generate more sales than anticipated.

Outdoor apparel and clothing retailer Kathmandu has expanded its online offering and is now shipping product to more than 40 countries.

NZ shares were mixed yesterday as investors cast forward to next month's earnings season, and as regional markets mulled this week's Federal Reserve meeting.

New Zealand shares fell yesterday as the market joined a region-wide decline, and was paced by retailers after the Warehouse Group joined Hallenstein Glassons in issuing a profit warning.

Kathmandu was key to First NZ Capital taking out the top spot in the 2013 Broker Picks competition.

Kathmandu, the outdoor clothing retailer, says sales rose 0.9 per cent in the first 16 weeks of the year.

James Strong, the chairman of NZX-listed retailer Kathmandu and a former chief executive of Qantas, died in Sydney yesterday.