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:
Apparel/Garments | On 23rd Jun 2017
Alfredo Grassi, manufacturer of customised protective clothing,...
Textiles | On 22nd Jun 2017
Zund Systemtechnik AG, Switzerland’s textile machinery firm that...
Apparel/Garments | On 22nd Jun 2017
Napapijri has introduced the new Superlight Parka, a new lightweight...
Balavigna Weaving Mills Pvt Ltd
The biggest challenge that the weaving industry faces is high price
Gem Enviro Management Pvt Ltd
There are no significant differences between virgin yarn and PET recycled...
Peak to Plateau
People are willing to pay for quality and performance
Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...
Iago Castro Asensio
RCfil Distribuciones S.L.
Iago Castro Asensio, International Business Manager of RCfil...
Steve Cole of Xerium Technologies discusses the industry. Xerium is the...
Rupa Sood and Sharan Apparao
Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...
Sonam and Paras Modi's Sva Couture is synonymous with head-turning...
Bridal couture created with rich Indian heritage, exquisite craftsmanship...