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Pumpkin Patch shares extend slump

NZ NewswireNZ Newswire 1/06/2016 Edwin Mitson

Shares in the struggling childrenswear retailer Pumpkin Patch have dropped by 9 per cent in trading, following similar sharp falls last week.

They dropped to as low as 6 cents a share at 2pm, before recovering to 6.1 cents. They've fallen by as much as 27 per cent since May 23 when they were valued at 8.3 cents a share.

Pumpkin Patch last updated the market on April 20 when it published its interim report showing a fall in sales. It has a current market value of $10.3 million, but net debt at the end of January was $39.6m.

In his comments in the interim report, managing director Luke Bunt said the six months to the end of January represented the conclusion of the set-up phase of the company's four-year recovery plan.

Grant Williamson, a director at Hamilton Hindin Greene said the lack of news since then was "not a particularly positive sign. I don't think investors have too much confidence it can turn around its future".

Shares in Pumpkin Patch have fallen 44 per cent since the start of the year and are down 82 per cent on a year ago.

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