US: Carter’s “encouraged” by US$75m FY profit
Children's wear specialist Carter's recorded a US$75.1m profit for fiscal 2008, despite a slight fall in fourth quarter net income to $27.3m.
Sales in the fourth quarter were up 7.3% to $422m, led by the Carter's brand, with revenues up 9%, while OshKosh increased 2.2%.
Retail sales were up 12.8% to $213.2m, buoyed by a 4.1% increase in comparable store sales for the Carter's brand. OshKosh comparable store sales rose 3.6%.
The company's mass channel sales to Wal-Mart and Target also increased, rising 16.4% to $63.8m, but wholesale revenues dipped 0.6% to $125.7m thanks to retail customer bankruptcies.
Net profit for the fourth quarter was $27.3m, down 4.4% on last year.
For the full year, sales rose 5.5% to $1.5bn, with Carter's up 6.8% and OshKosh rising 1%.
Retail sales increased 11.9% to $671.6m. Comparable store sales for the Carter's and OshKosh brands were up 9% and 3.2% respectively.
Mass channel sales rose 4.6% to $254.4m, while wholesale sales were up 1.5% to $489.7m.
The company's full-year profit of $75.1m compared to a net loss, before exceptionals, of $70.6m in the previous year.
"We are very encouraged by our fourth quarter performance, particularly given the significant slowdown in consumer spending and the negative macro-economic environment," said Michael D Casey, Carter's CEO.
"While we are cautious in our outlook, we believe the investments we've made in product benefits, brand presentation and our retail store operations will strengthen our overall market position and profitability."
Even though falling sales have pushed Stage Stores Inc to a 6.2% drop in second quarter profit, the retailer has lifted the lower end of its full-year earnings guidance after its results met expectati...
Teen fashion retailer The Wet Seal Inc has described its second quarter results as "disappointing," after falling sales caused its profit to tumble by 69%....
A lack of stimulus cheques and the later timing of tax-free holidays have been blamed for a 77% drop in second quarter profit at sporting goods retailer Hibbett Sports Inc, prompting it to lower its e...
Broadline retailer Sears Holdings has swung to a second quarter net loss, despite managing to reduce selling and administrative expenses....
US retailer The Bon-Ton Stores has reported wider second quarter net loss, but results exceeded company expectations....
Apparel group Phillips-Van Heusen Corporation (PVH) beat its own forecasts to post second quarter profit of US$26.6m, down 8.9% on the same period last year....
Retail operator Limited Brands recorded a 27% decline in second quarter profit to US$74.3m, thanks to a 9% decline in comparable store sales....
Higher sales at its Target fashion and homewares stores have helped Wesfarmers to a 44% jump in full-year profits....
- Why China 5-year plan won't change garment-making
- ‘Fixing Fashion’ one stitch at a time
- Navigating a turbulent sourcing landscape
- Supply chains under pressure as Black Friday looms
- Jordan garment sector strong amid regional unrest
- US Q3 in brief: Burlington Stores, Guess, Chico's
- Global clothing and footwear trade to drop by 1.5%
- Cambodia living wage campaign kicks off
- New Balance launches first 3D printed running shoe
- German sustainable textile scheme heads to Vietnam
- Wearable technology: The future market potential for smart garments and e-textiles
- Practical Brand Sourcing Strategy
- Statistics: Trends in Global and Regional Man-made Fibre Production - 2015
- Myanmar's Garment Sector in 2015 - now with updated members' directory
- Trade and Trade Policy: The World’s Leading Clothing Exporters and Key Markets 2015