Pumpkin Patch becomes second retailer in month to cite Australian rivalry hurting profit

Fri, 28 Jun 2013

June 28 (BusinessDesk) – Pumpkin Patch, the children’s clothing chain, said full-year profit may drop as much as 35 percent in the face of intense competition in Australia, becoming the second local retailer this month to cite tough times across the Tasman. The shares tumbled to a 16-month low. Profit after tax, excluding reorganisation costs, is expected to be $7.5 million to $9 million in the 12 month as ending July 31, down from $10.1 million a year earlier. While trading in the winter season had been tracking to expectations, over the las...

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