Pumpkin Patch not so green

AUCKLAND: Childrenswear retailer Pumpkin Patch has recorded a 28 per cent decline in full year profit for fiscal 2008, citing tough retail conditions in the United States and soaring quota and interest costs. The Auckland-headquartered company announced a net profit of $17.1 million for the year ended July compared with $23.5 million in the previous year.
 
Pumpkin Patch executives said difficult retail conditions were expected during 2009 but the weakening New Zealand dollar would have a positive impact on earnings. This was because the company's main trading currencies included Australia, the United States, UK and Asia.
 
The full benefit of depreciation would not be seen until the 2010 financial year.
 
Pumpkin Patch shares traded unchanged at $1.49, having fallen around 44 per cent from $3.42 a year earlier.