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.
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