text: Pumpkin Patch founder Sally Synnott leaves board | Scoop News
  Pumpkin Patch founder Sally Synnott leaves board
  Tuesday, 29 July 2014, 4:28 pm
  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.
  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.