Pumpkin Patch profit up 50pc

BY CLAIRE MCENTEE
Last updated 11:03 02/03/2010
PPL 0.540 -0.03 -5.26%
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Children’s clothing retailer Pumpkin Patch has reported a 50 per cent jump in tax-paid profit to $14.3 million for the half year to January.

This was up from up from $9.5m in the same period last year.

Operating revenue was $193.98m for the period, down from $211.09m in the same period last year.

The company is picking trading conditions will slowly improve throughout the year and fully recover by next year. 

Revenue was hit by a higher exchange rate and the closure of loss-making stores in the United States, said chief executive Maurice Prendergast.

"The 50 per cent increase in earnings reflects the improving trading conditions across our markets and the benefits of the major initiatives we put in place over the last 18 months."

The company will pay an interim dividend of 4.5 cents per share, up from 3c last year.

Shares in Pumpkin Patch were up 5c to $2.05 on the New Zealand stock exchange this morning.

- with NZPA

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- © Fairfax NZ News

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