By
Reuters
Published
Mar 4, 2010
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New Zealand's Pumpkin Patch half year profit rises

By
Reuters
Published
Mar 4, 2010

WELLINGTON, March 2 (Reuters) - New Zealand children's clothing retailer Pumpkin Patch Ltd (PPL.NZ) reported a 50 percent rise in first-half net profit on Tuesday 2 March amid improving trading environments and sales in major markets.


Pumpkin Patch (www.pumpkinpatch.co.uk)

Pumpkin Patch made a net profit of NZ$14.3 million ($10 million) in the six months to Jan. 31, from NZ$9.5 million a year ago.

Shares in Pumpkin Patch was untraded but closed on Monday 1 March at NZ$2.00. The stock has fallen 10 percent so far this year, compared to a 2 percent drop in the benchmark top 50 index .NZ50.

Pumpkin Patch declared an increased dividend of 4.5 cents per share, compared with 3 cents per share last year.

The Auckland-based company, the largest specialty children's clothing retailer in New Zealand and Australia, has expanded into the United States, Britain and Asia.

It said it had cut costs and inventories and was seeing improved trading although it remained cautious about the rest of the financial year. ($1=NZ$1.43)

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