US: Carter’s warns of rising costs after Q3 profit
- Q3 net earnings up 0.5% to US$49.7m
- Sales up 7.6% to $517.9m
- Warns cotton price hikes will hit earnings
Baby and young child apparel group Carter’s warned that the impact of cotton price rises would hit future earnings, after reporting a slight profit increase during the third quarter.
The caution came despite a 7.6% sales rise for the US company in the three months to 30 September.
“We achieved good growth in sales in the third quarter; however, higher transportation expenses resulted in a slight decline in [operating profit],” said Michael Casey, Carter’s chairman and CEO.
“While we expect to achieve a record level of sales and earnings in fiscal 2010 and expect continued growth in sales, we believe rising product costs, particularly historically high cotton prices, will negatively impact earnings in the fourth quarter and through 2011.”
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