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

 

Maritime: Navigation Safety Review Raises Big Issues For The Govt

Shipping Federation: "The reports makes it clear that the ratification of the Maritime Labour convention (MLC) is long overdue. Only when the MLC is ratified will Maritime NZ be able to inspect and enforce the labour conditions on international ships visiting our ports." More>>

ALSO:

100 Years After Einstein Prediction: Gravitational Waves Found

For the first time, scientists have observed ripples in the fabric of spacetime called gravitational waves, arriving at the earth from a cataclysmic event in the distant universe. This confirms a major prediction of Albert Einstein’s 1915 general theory of relativity and opens an unprecedented new window onto the cosmos. More>>

ALSO:

Farming: Alliance Plans To Start Docking Farmer Payments

Alliance Group, New Zealand's second-largest meat cooperative, plans to start withholding some stock payments to its farmers from next week to bolster its balance sheet and force suppliers to meet their share requirements. More>>

ALSO:

Gambling: SkyCity First Half Profit Rises 30%, Helped By High Rollers

SkyCity anticipates the Auckland business will benefit from government gaming concessions which were triggered on Nov. 11 in recognition of SkyCity’s $470 million Convention Centre development. Morrison said the concessions would allow the Auckland business to lift its activity during peak period, noting it had a record revenue week over the Christmas and New Year period. More>>

ALSO:

Money For Light: Kiwi Scientists Secure Preferential Access To Synchrotron

Science and Innovation Minister Steven Joyce today announced a three-year investment of $2.8 million in the Australian Synchrotron, the largest piece of scientific infrastructure in the Southern Hemisphere, to secure preferential access for Kiwi scientists. More>>

Telco Industry Report: Investment Hits $1.7 Bln A Year

Investment in the telecommunications sector is $1.7 billion a year, proportionately one of the highest levels in the OECD, according to a report released today on the status of the New Zealand sector. More>>

ALSO:

PGPs: New Programme Sets Sights On Strong Wool

A new collaboration between The New Zealand Merino Company (NZM) and the Ministry for Primary Industries (MPI), announced today, aims to deliver premiums for New Zealand's strong wool sector... More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news