US: Carter’s Q3 profit down as cotton costs rise
- Q3 underlying profit down 20% to US$39.7m
- Net sales up 23.5% to $639.6m
- CEO “encouraged” by costs outlook
Children’s and baby apparel company Carter’s recorded a 20% drop in third quarter profit, impacted by higher cotton prices despite a 23.5% sales surge.
Domestic sales for the Carter’s brand were up 17.5%, while its OshKosh B’gosh brand recorded a 3.1% rise in sales.
Meanwhile, international sales built on a small base to reach $59.4m in the quarter, up from $11.4m in the same period last year.
“As expected, profitability this year has been affected by the abnormal spike in cotton prices,” said Michael Casey, Carter’s chairman and CEO.
“We are encouraged by the improved outlook on product costs and the continued support of our brands from consumers in all channels of distribution.”
The company expects full-year net sales to increase by about 19%, giving adjusted diluted earnings per share of about $1.88-1.93.
Children's and baby apparel company Carter's has today (26 April) posted a rise in first-quarter net profit, as a result of increased retail and international sales....
US children's apparel specialist Carter's is investing more than US$50m to set up a new multi-channel distribution centre in Braselton, Georgia....
The former president of Carter's Inc has been charged with a multi-million dollar securities fraud cover-up at the children's clothing maker between 2004 and December 2009....
Children's wear company Carters saw fourth-quarter profits slip as higher cotton prices and acquisition expenses offset rising sales....
- Expensive US dollar hitting H&M sourcing costs
- Enthusiasm for tech in outdoor apparel on rise
- 2015: Welcome to the new fashion consumer
- Apparel industry gains traction says IAF chief
- Performance apparel set for continued growth
- Kanati pulls production out of Pakistan
- Sears Holdings cuts 115 corporate jobs
- H&M Q4 mixed but plans 400 new stores
- UK clothing sales see strongest rise in two years
- Companies continue to call for US trade commitment
- Myanmar's Garment Sector - Opportunities & Challenges in 2015
- Outdoor performance apparel: peaks, valleys, and green fields
- Apparel Retail: Top 5 Emerging Markets Industry Guide
- Li & Fung Limited (494) - Financial and Strategic SWOT Analysis Review
- Management briefing: Outlook 2015: Apparel industry issues in the year ahead