Children's clothing retailer Pumpkin Patch has reported a loss due to the cost of closing shops in Britain and the United States.
The listed company lost $27.5 million to the end of July.
Excluding the $38 million cost of closing the stores and restructuring its head office, Pumpkin Patch made a profit of $10.1 million, down 20% on the previous year.
Higher sales in New Zealand and Australia boosted revenue by 3% to $301 million, with Australia making up about two-thirds of that with $208 million.
Online sales accounted for one tenth of business.
Pumpkin Patch chief executive Neil Cowie says the firm is now in better shape to focus on developing its business, including product design and online.
Mr Cowie says the company will not pay a dividend.
Pumpkin Patch's shares rebounded on Thursday to close at $1.18.