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description of the companys business

Pumpkin Patch: A Platform for Growth

Pumpkin Patch intends to continue increasing its sales and earnings by using strategies similar to those that it has successfully used during the past five years.

Pumpkin Patch’s strategy is based around selling leading edge kids’ fashion through a range of channels including its own retail stores, selected department stores, wholesale distribution arrangements, the internet – www.pumpkinpatch.co.nz – and via mail order catalogues.

Through these avenues, Pumpkin Patch sees its key growth coming from the following:

  • Continued development of its home market in New Zealand and Australia through new store openings;

  • Expansion of its pre and early teen brands;

  • Continued incremental revenue growth in Pumpkin Patch’s United Kingdom retail chain;

  • Expansion of overseas third party retailing through department stores in the United States; and

  • Extension of existing operations in Europe and the Middle East in conjunction with our third party retailers.

Pumpkin Patch Company Owned Stores

The core of the Company’s sales growth in the last few years has come from developing the Australian market and strengthening our presence in New Zealand. Pumpkin Patch currently has 64 stores in Australia and 37 in New Zealand.

Pumpkin Patch management is confident that the market can be further developed in both countries by establishing stores in catchments that are not already covered. Based on past experience, Pumpkin Patch believes this strategy can be successfully implemented through 2004, 2005 and beyond.

It is expected that New Zealand and Australian store openings will generate the bulk of the sales growth during the next two years.

Wholesaling: Third Party Retailers

Pumpkin Patch has developed relationships with a number of third party retailers, including David Jones in Australia and independent department stores in the United States, Ireland and the Middle East. These relationships are expected to continue to contribute to sales growth in 2005 and beyond.

Brand Extensions

On 3 May 2004, Pumpkin Patch acquired the New Zealand retail chain HBK Girl. HBK Girl specialises in pre and early teen girlswear which is similar to Pumpkin Patch’s Urban Angel label. The HBK Girl chain has 14 stores throughout New Zealand. The chain was acquired to widen the distribution of the Urban Angel brand.

Management have not forecast for the new chain to make any financial contribution in the next two years.


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