Children’s retailer Pumpkin Patch has said it is witnessing early signs of improvement in Australia, but noted that sales in other markets remain subdued. In comments made at the company’s AGM, CEO Maurice Prendergast said the company will “continue to promote strongly to grow market share” in Australia.
However, he also added that New Zealand conditions “remain subdued”, and trading in the US remains “unpredictable”, with no signs of immediate recovery. He went on to add that the UK market is likely to remain “soft” through 2010.
Pumpkin Patch expects most of its sales growth to occur in the six months to 31 July, but did not provide any forecasts, citing ongoing foreign exchange volatility. The group has seen a drop in profit in Australia and New Zealand, where it has three-quarters of its outlets. It expects its US network to provide a “significant” lift to earnings this year, and its UK profits to grow from last year.
Namnews - Tuesday 24th November 2009
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