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Pumpkin Patch profit dragged down

By Paul McBeth

Tuesday 24th February 2009

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Pumpkin Patch, the maker of children's wear, posted a drop in first-half profit as weak figures out of its US stores dragged down its overall performance.

Net profit fell 7% to $9.5 million for the six months ended December 31. Earnings before interest, tax, depreciation and amortisation fell 6.6% to $26 million. Overall sales increased 3% to $211.2 million. Losses at its US stores widened to $6.2 million, from $2.5 million in the previous year.

"The United States continues to be extremely volatile causing a disappointing drag on earnings," the company said in a statement, and "will continue to be a drag on earnings in the medium term."

The company cut its dividend to 3 cents per share from 4 cents at the same period last year. The company's shares rose 4.8% to 87 cents in early trading on the NZX 50 index.

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