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By
Reuters
Published
Jun 24, 2014
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Pumpkin Patch plans strategic overhaul

By
Reuters
Published
Jun 24, 2014

WELLINGTON, New Zealand - New Zealand Pumpkin Patch on Tuesday confirmed its full-year profit outlook after the struggling children's clothing maker pledged to revamp its business strategy to cut debt and improve its infrastructure and distribution systems.


The company said that trading conditions in Australia, one of its biggest markets, continue to be challenging, leading to lower-than-expected sales and increased margin pressure.

But it added that it was likely to meet its earlier guidance of NZ$1 million-NZ$3 million ($866,100 -$2.60 million) in net profit after tax for the year ending July.

Shares in the company were little changed at NZ$0.44 per share, near a life-time low plumbed earlier in the month.

$1 = 1.1546 New Zealand dollars

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