An analyst believes Kathmandu is the best-placed of the listed retailers to benefit from the shift in retail sales online.
Chelsea Leadbetter at Forsyth Barr said Kathmandu's more than 10 percent growth in international sales, in its first quarter, was encouraging and supported the company's investment offshore.
The international sales growth in the latest quarter follows 13 percent growth in the year ended late September and 24 percent growth in the six months ended late September.
Kathmandu was planning to spend about $5 million on developing its brand globally this year, focusing on Britain and Europe to begin with.
Ms Leadbetter said growing brand awareness and sales in a new market without opening stores was an untested model for Kathmandu.
However, she said it was a lower risk and cheaper way of targeting sales growth.
The outdoor clothing retailer told its annual shareholders' meeting first quarter sales were up almost 19 percent but its gross profit margins were down more than five percentage points on the same three months last year, on Friday.
Ms Leadbetter said profitability was tracking in line with her expectations.