US: Carter's Q2 net income up on rising sales
- Adjusted net income up 23.8% to $27.7m
- Sales grew 9.7% to $519.9m
- Domestic Carter's sales increased 8.9% to $396.1m
Children's wear company Carter's saw adjusted net income increase during the second quarter on rising sales.
The company said that excluding costs relating to the acquisition of the Bonnie Togs brand in 2011 and costs relating to the closure of its Hogansville, Georgia, distribution centre, net income increased 23.8% over the quarter ended 29 June to US$27.7m. On a reported basis, net income fell 5.4% to $19.7m.
Net sales grew 9.7% over the period to $519.9m. Domestic sales of the group's Carter's brands increased 8.9% to $396.1m, while domestic sales of its OshKosh B'gosh brand decreased 4.7% to $67.7m. Net international sales increased 44.9% to $54m.
"Our second quarter results reflect strong sales growth driven by our Carter's brand retail stores, and our eCommerce and International operations," said chairman and CEO Michael Casey.
"We've made good progress with our growth initiatives in the first half of this year, which include consolidating our operations in Atlanta, improving our supply chain capabilities, integrating our operations in Japan, and strengthening our information systems. We believe these initiatives will help enable the long term growth we envision for our business. We continue to expect good growth in sales and earnings this year."
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