Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Pumpkin Patch founder Sally Synnott leaves board

Pumpkin Patch's Sally Synnott leaves board as retailer reviews board to boost sales

By Suze Metherell

July 29 (BusinessDesk) - Pumpkin Patch founder Sally Synnott is retiring from the childrenswear retailer's board to be replaced by Griffin's Foods executive Josette Prince as the business continues a strategic review to revive falling sales and profit.

Prince, who is general manager of sales and marketing at Griffin's, will join the board as an independent director, with Synnott announcing her retirement as a director from the board, the Auckland-based company said in a statement. Synnott founded Pumpkin Patch in 1990 and held an executive position until 1993. Synnott owns about 5.6 percent of the company, according to Companies Office filings.

"I advised fellow shareholders when I was elected for my current term that I wanted to step down and find people with fresh skills to navigate the company through the new omni-channel retailing environment," Synnott said. "The company has embarked on a major change process, it will be exciting for Josette and other potential new directors to help steer this."

The company has been looking to revive its performance, appointing Di Humphries as chief executive last August and announcing a strategic review in March including a closer look at its IT infrastructure, in a bid to make its distribution and supply chain management more efficient, and the size of its store footprint in a store-by-store review.

"Josette's appointment is part of a wider review of the board being undertaken to ensure the skills and experiences on the board support the future strategies being implemented," chair Jane Freeman said. "We expect to announce further board changes in the coming months."

In May the company cut its guidance for after-tax earnings before reorganisation costs to a range of $1 million and $3 million for the year ending July 31, having earlier said earnings would be little changed from last year’s $8.5 million.

The children's clothing retailer exited the NZX 50 Index last year and has since been followed by fellow retailers Hallenstein Glasson, the local clothing chain, and Brisbane-based jeweller Michael Hill International this year. Retailers, especially those in the rag trade, are under increased pressure to keep prices cheap as shoppers are lured by bargains from international online retailers. A long summer and unseasonably warm autumn in both New Zealand and across the Tasman have further impacted winter sales in apparel as shoppers haven't rushed to buy warmer clothing.

Shares of Pumpkin Patch fell 1.3 percent to 37.5 cents, having touched a record low of 37 cents earlier this month. The stock has declined 57 percent this year.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Half Full: Dairy Payouts Steady, Cash Will Be Tight

Industry body DairyNZ is advising farmers to focus on strong cashflow management as they look ahead to the 2015-16 season following Fonterra's half-year results announcement today. More>>

ALSO:

First Union: Cotton On Plans To Use “Tea Break” Law

“The Prime Minister reassured New Zealanders that ‘post the passing of this law, will you all of a sudden find thousands of workers who are denied having a tea break? The answer is absolutely not’... Cotton On is proposing to remove tea and meal breaks for workers in its safety sensitive distribution centre. How long before other major chains try and follow suit?” More>>

ALSO:

Scoop Business: NZ-Korea FTA Signed Amid Spying, Lost Sovereignty Claims

A long-awaited free trade agreement between New Zealand and South Korea has been signed in Seoul by Prime Minister John Key and the Korean president, Park Geun-hye. More>>

ALSO:

PM Visit: NZ And Viet Nam Agree Ambitious Trade Target

New Zealand and Viet Nam have agreed an ambitious target of doubling two-way goods and service trade to around $2.2 billion by 2020, Prime Minister John Key has announced. More>>

ALSO:

Scoop Business: NZ Economy Grows 0.8% In Fourth Quarter

The New Zealand economy expanded in the fourth quarter as tourists drove growth in retailing and accommodation, and property sales increased demand for real estate services. More>>

ALSO:

Scoop Business: RBNZ’s Wheeler Keeps OCR On Hold, No Rate Hikes Ahead

The Reserve Bank has removed the prospect of future interest rate hikes from its forecast horizon as a strong kiwi dollar and cheap oil hold down inflation, and the central bank ponders whether to lower its assessment of where “neutral” interest rates should be. The kiwi dollar gained. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news