Pumpkin Patch plunges on profit downgrade
The children's clothing retailer warned its annual profit may fall 37%, sending the shares down 10% to an 18-month low.
Pumpkin Patch shares plunged 10% to an 18-month low today after the children's clothing retailer warned its annual profit may fall 37%.
The brutal reaction from the market came after Hallenstein Glasson shares fell 5.8% yesterday when it issued a profit warning. Its shares stabilised today, closing up a cent at 387.
Pumpkin Patch shares closed down 12c, or 7.64%, at 145, but traded as low as 141.
"Pumpkin Patch are another indication of the tough retail environment out there," said Grant Williamson, director at Hamilton Hindin Greene. "It's disappointing for investors."
Overall, the benchmark NZX-50 index closed down 3.786 points, or 0.1%t, at 3350.934. Turnover was worth $47.56 million. There were 30 rises and 40 falls among the 106 shares traded.
Fletcher Building shares remained on trading halt as the local market closed. Crane Group shares were also halted, leading the media to speculate Fletcher Building will lift its bid for the Australian building products company.
Sanford rose 13c to 503 after giving an upbeat presentation on the prospects for its aquaculture investments and fish prices at its annual meeting yesterday, but Mr Williamson said most of the shares traded were a market crossing and volume was thin.
Postie Plus fell 1c to 27, The Warehouse fell 2c to 741 but Michael Hill International rose 1c to 91. Kathmandu fell 3c to 213 and Hellaby Holdings was unchanged at 225.
Mainfreight rose 4c to 818, while Air New Zealand eased a cent to 142. Infratil eased a cent to 188.
Telecom was unchanged at 231, as was SkyTV on 530. Contact Energy fell 3c to 619 and TrustPower fell 3c to 719.
Restaurant Brands rose 6c to 249 after yesterday telling NZX it continues to comply with its continuous disclosure obligations and is comfortable with the full year profit guidance.
NZPA
Thu, 27 Jan 2011
Thu, 27 Jan 2011
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Pumpkin Patch plunges on profit downgrade
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