NEW ZEALAND: Pumpkin Patch Limited's profit jumped 50 per cent in the first half of 2009/10, despite a dip in operating revenue.
The Auckland headquartered children's brand reported a net profit after tax of $14.3 million for the first half of 2009/10. Operating revenue during the period was $194 million, down eight per cent on the first half of 2008/09.
In Australia total sales were up three per cent, excluding temporary clearance store figures.
Pumpkin Patch CEO Maurice Prendergast said revenue results were impacted by higher foreign exchange rates and the closure of loss making stores in the US.
“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,” Prendergast said.
Pumpkin Patch revealed it will open four new stores in Australia by year's end, including the first smaller format store. The company also has significant growth plans for its international wholesale division.
Pumpkin Patch currently operates in 22 markets worldwide, with 114 stores open within Australia.
For more on Pumpkin Patch's expansion plans, pick up a copy of the March 26 edition of Ragtrader magazine.