BUSINESSDESK: Pumpkin Patch, the children’s clothing chain, said full-year profit before one-time items was about $10.1 million, beating estimates as bank debt and inventory levels fell and online sales rose.
The stock jumped 11%.
Analysts had been forecasting full-year reported profit before one-time items of $9.2 million for the year ended July 31. The shares rose 10 cents to $1.01, the highest since May 2, and have soared 42% this year.
The company attributed the result to “solid trading performances over the last three months”. The profit figure excludes non-recurring reorganisation costs.
Both bank debt and inventory are lower than market expectations, it says. Bank debt fell to $55 million from $61 million and inventory dropped to about $62 million from $84 million.
Online sales for the year exceeded $30 million and were up 50% on the previous year “with strong growth for both Pumpkin Patch and Charlie & Me brands across all online markets,” the company says.
It plans to release its full results on September 27.
This article is tagged with the following keywords. Find out more about MyNBR Tags
Most listened to
- "We’re not saying the government needs to just give a handout here," says Fed Farmers chief William Rolleston of his Budget bid
- NBR's Jenny Ruth on the Australian Budget levy on major banks and its impact on smaller banks
- NZ Rugby CEO Steve Tew says balancing broadcasting rights and connection to fans is a delicate balance
- Nevil Gibson reveals what's behind the Chinese takeover pullback and which companies will be targeted in future
- NBR Radio: best of the week ended May 19, with Grant Walker