Friday 29th August 2014 |
Text too small? |
Pumpkin Patch, which slashed its earnings forecast earlier this year, will take a $12 million charge to write down the value of stores and IT software, while posting underlying profit in line with guidance.
The children's clothing chain said a provision for the write down of IT software and store assets will be reflected in its 2014 results, taking total reorganisation costs to $12 million. Post-tax earnings before reorganisation costs were between $1 million and $2 million in the 12 months ended July 31, in line with its May guidance of between $1 million and $3 million.
The Auckland-based retailer embarked on a strategic review in a bid to revive its ailing performance, focusing on its store footprint, stock levels, and an IT system upgrade.
Pumpkin Patch said early trading in the 2015 financial year was "encouraging" with summer season collections "positively received."
The shares were unchanged at 42 cents yesterday, and have slumped 53 percent this year.
BusinessDesk.co.nz
No comments yet
2025 Annual Shareholders' Meeting and Director Nominations
Meridian Energy monthly operating report for July 2025
August 15th Morning Report
VGL upgrades aspirations, accelerates to meet client demand
August 14th Morning Report
VHP - Focus on Fundamentals: Driving Operational Performance
August 13th Morning Report
Devon Funds Morning Note - 12 August 2025
Spark announces sale of 75% of data centre business
Blackpearl Announces $15M Capital Raise & Market Update