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."
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