Carter's Inc. the largest branded marketer in the United States of apparel exclusively for babies and young children reported its second quarter 2012 results.
Second Quarter of Fiscal 2012 compared to Second Quarter of Fiscal 2011
Consolidated net sales increased $77.7 million, or 19.7%, to $472.2 million. Net domestic sales of the Company's Carter's brands increased $48.2 million, or 15.3%, to $363.8 million. Net domestic sales of the Company's OshKosh B'gosh brand decreased $0.7 million, or 1.0%, to $71.1 million. Net international sales to customers outside the United States increased $30.2 million to $37.3 million, reflecting a full quarter of sales from the Company's Canadian operations in fiscal 2012.
"We are very pleased with our second quarter performance which reflects the strength of our product offerings and the success of our multi-channel growth strategies in the United States and international markets," said Michael D. Casey, Chairman and Chief Executive Officer. "We are forecasting good growth in sales and earnings for the balance of the year supported by new product offerings and lower product costs."
Operating income in the second quarter of fiscal 2012 was $34.4 million, an increase of $12.4 million, or 56.3%, from $22.0 million in the second quarter of fiscal 2011. Second quarter fiscal 2012 pre-tax income includes expenses of approximately $1.8 million related to the previously-announced closure of the Company's Hogansville, Georgia distribution center in fiscal 2013 and the revaluation of contingent consideration associated with the June 2011 acquisition of Bonnie Togs, a retailer of children's apparel in Canada.
Second quarter fiscal 2011 pre-tax income included approximately $1.2 million of expenses related to the Bonnie Togs acquisition. Excluding the facility closure-related costs and the acquisition-related expenses noted above and detailed at the end of this release, adjusted operating income in the second quarter of fiscal 2012 was $36.2 million, an increase of $13.0 million, or 56.2%, from the second quarter of fiscal 2011.
Net income increased $8.1 million, or 64.3%, to $20.8 million, or $0.35 per diluted share, compared to $12.7 million, or $0.22 per diluted share, in the second quarter of fiscal 2011. Excluding the facility closure-related costs and the acquisition-related expenses noted above and detailed at the end of this release, adjusted net income in the second quarter of fiscal 2012 increased $9.0 million, or 66.8%, to $22.4 million, or $0.37 per diluted share. This compares to adjusted net income of $13.4 million, or $0.23 per diluted share, in the second quarter of fiscal 2011.
Click here to read more details:
Textiles | On 28th Feb 2017
Changing business models and companies' decision to reduce their...
Textiles | On 28th Feb 2017
Exports of textiles and garments from China resumed growth in the...
Mukesh Agarwal & Rajesh Agarwal
Madhuram Fincap Pvt Ltd
Increasing prices and lack of demand main issues facing industry
Very few machinery manufacturers have R&D units
Indian fashion market is growing at a staggering rate
Technical Absorbents Ltd
Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...
Schlegel und Partner
Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...
InvestKonsult Sweden AB
Investkonsult Sweden AB has been buying and selling second-hand textile...
Golfwear and menswear brand Devereux is set for greener pastures. Robert...
Silvia Venturini Fendi
"Yes, my confidence and positive attitude are my strengths and should be...
She grew up in the walled city of Old Delhi, completed her studies, and...