It reads 'King Poo'.

I actually bothered to check, and it turns out to be a company that supplies natural fertiliser. They even have a website. "King Poo 100% Organic fertiliser. Ntrl composted fertiliser/mulch. Perfect for every garden. Great for vegies, child/pet friendly. Doesn't stink! Direct to door. Best mix from Richard Friar, the man who made worms famous! Phone: 1300360357 Contact: The King & Queen of Poo!"