US: Carter’s Q2 profit leaps on sales improvement
Children's wear specialist Carter's posted a second quarter profit of US$11.3m, boosted by improved sales for its eponymous Carter's brand.
The US company's net sales were up 5.4% to $317.9m, with revenues for the Carter's brand rising 6.9% to $254.4m, but OshKosh B'Gosh falling 0.3% to $63.5m.
Retail sales led the improvement, moving up 13.9% to $162.3m, with Carter's sales up 18.9% and OshKosh B'Gosh increasing 4.6%.
Carter's wholesale revenues were also up, increasing 6.1% to $100.1m, but OshKosh B'Gosh slumped 17.7% to $11.3m.
Meanwhile, the company's mass channel brands - Child of Mine with Walmart and Just One Year with Target - saw revenues fall 13.4% to $44.2m.
For the first half as a whole, net sales were up 6.8% to $674.7m, thanks to a 6.5% Carter's revenue increase and an 8.1% rise in OshKosh B'Gosh revenues.
Carter's net income for the quarter was $11.3m, compared to $2.8m in the same period last year.
For the first half, net income almost doubled to $27.7m from $14.3m last year.
"We are very pleased with our performance in the second quarter, which was driven by the strength of our product offerings and very good execution of our inventory management and cost reduction initiatives," said Carter's CEO Michael D Casey.
The company expects third quarter net sales to show low single-digit growth, accompanied by mid to high single-digit growth in earnings per share.
Baby and children's wear maker Carter's Inc on Friday (15 January) said it is on track to lift its full-year earnings by 49% after booking "exceptional" third quarter results....
Children's wear maker Carter's Inc has created two new leadership positions for its core Carter's and OshKosh B'gosh brands....
Carter's has appointed Vanessa J Castagna to its board of directors....
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