Pumpkin Patch 1H profit slides 98 percent on poor Australia sales, disrupted supply, high kiwi

Tue, 18 Mar 2014

By Suze Metherell March 19 (BusinessDesk) – Pumpkin Patch said first-half earnings plunged 98 percent as competition in Australia and New Zealand forced the children’s clothing retailer to discount prices to stem a decline in sales, while contending with supply chain disruptions and a high kiwi dollar. Net profit was $106,000 for the six months ended Jan. 31, sliding from $4.7 million in the same period a year earlier, the Auckland-based company said in a statement. Overall revenue tumbled 17 percent to $128 million, driven by a 19 percent d...

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