NEW ZEALAND: Pumpkin Patch lifts FY profit 76%
New Zealand children's wear brand Pumpkin Patch has boosted its full year profit by 76% to NZD$25.5m.
The rise comes despite a 10.9% decrease in operating revenue for the 12 months, ended 31 July.
The retailer said it entered four new wholesale markets during the period.
Pumpkin Patch chief executive officer Maurice Prendergast said: "The 76% increase in earnings is a strong result considering the subdued retail environments we faced in 2010. We generated increased EBIT margins in all of our four retail markets through focus on the management of inventory, margins and overheads, so we are very pleased with the result. We also saw the benefits of the major restructuring and business initiatives we undertook in 2009."
Pumpkin Patch aims to open at least 22 new stores in the coming year, a statement added.
Click here to view the company's full financial release.
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