Wellington, March 2 NZPA - Children's clothing retailer Pumpkin Patch has reported a 50 percent jump in half year profits despite an 8 percent drop in operating revenue.
The company today said after tax profit had risen to $14.3 million for the six months to January, up from $9.5m in the same period last year.
Operating revenue slipped to $194m from $211.1m.
Revenue was hit by a higher exchange rate and the closure of loss-making stores in the United States, said chief executive Maurice Prendergast.
"The 50 percent increase in earnings reflects the improving trading conditions across our markets and the benefits of the major initiatives we put in place over the last 18 months."
The company will pay an interim dividend of 4.5 cents per share, up from 3c last year.
Shares in Pumpkin Patch were up 5c to $2.05 on the New Zealand stock exchange this morning.
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