US: Carter's Q2 exceeds company expectations
- Q2 earnings up 31.6%
- Consolidated net sales grow 10.9%
Children's wear company Carter's has booked an increase in second-quarter earnings and sales, exceeding the firm's expectations.
In the three months ended 28 June, net income increased 31.6% to US$25.9m from $19.7m in the prior year.
Consolidated net sales were up 10.9% to $574.1m, while international sales grew 13.1% to reach $61.2m.
"We exceeded our sales and earnings goals, and made good progress with our growth initiatives in the second quarter," said Michael Casey, chairman and CEO. "We believe consumers are responding to the beauty and compelling value of our product offerings across all channels of distribution. We are very pleased with our first half performance and expect to achieve our sales and earnings objectives this year."
For the full year, the company is expecting sales to increase around 8% to 10% over fiscal 2013 and adjusted diluted EPS to grow 14% to 16%, up from Carter's prior growth estimate of 12% to 15%.
FB&R analyst Susan Anderson said 2015 looks "extremely bright" for Carter's.
"With improved product margins in 1H15, a cotton tailwind in 2H15 (estimated $0.45/share benefit), direct sourcing benefits, mix shift benefits, and potentially a stabilisation of industry inventories and promos ... we think that 2015 could be a banner year for CRI margin expansion."
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