However, over the last five weeks there has been a significant increase in the level of promotional activity in the Australian market with major retailers entering end of season sales much earlier and far more aggressively than normal.
This will impact Pumpkin Patch Limited retail earnings for the remainder of the FY13 year. In addition, as a result of wholesale partners altering delivery schedules to match their local promotion plans, a number of deliveries that have historically been made in July have been rescheduled to August and September.
These changes are only timing in nature however FY13 after tax earnings for the International business unit will be impacted by $0.6m.
As a consequence of the above the FY13 full year earnings after tax but before reorganisation costs is now expected to be between $7.5m and $9.0m. Despite the above the Company has been closely managing inventory across the winter season and will enter the new financial year well positioned for the launch of the new summer season’s product.
Based on current trading conditions the Company anticipates bank debt at the end of July will be around $50m. The Company has made good progress with the changes being made to the design and supply chain areas of the business.
These initiatives will generate significant earnings benefits, improve working capital, and lower bank debt going forward. The first product developed under the new design process will be launched in Australia and New Zealand in August.
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