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Carter's Q1’FY14 net sales mount 10.3% to $651.6mn

April 29, 2014 (United States Of America)

Carter’s, Inc., the largest branded marketer in the United States of apparel exclusively for babies and young children, reported its first quarter fiscal 2014 results.
 
Highlights: 
-Net Sales $652 Million, Up 10%
-Total U.S. Direct-to-Consumer Sales: Carter's +11%, OshKosh +15%
-EPS $0.63, Down 8%; Adjusted EPS $0.73, Down 8%
 
First Quarter of Fiscal 2014 compared to First Quarter of Fiscal 2013
Consolidated net sales increased $60.6 million, or 10.3%, to $651.6 million. Net domestic sales of the Company’s Carter’s brands increased $45.3 million, or 9.9%, to $502.0 million. Net domestic sales of the Company’s OshKosh B’gosh brand increased $5.6 million, or 7.6%, to $79.1 million. Net international sales increased $9.7 million, or 15.9%, to $70.5 million. 
 
Changes in foreign currency exchange rates in the first quarter of fiscal 2014 as compared to the first quarter of fiscal 2013 negatively impacted net sales in the first quarter of fiscal 2014 by $4.0 million. The Company's retail operations in Japan, which the Company substantially exited at the end of the first quarter of fiscal 2014, contributed $4.4 million in net sales in the first quarter of fiscal 2014, compared to $3.5 million in the first quarter of fiscal 2013.
 
Operating income in the first quarter of fiscal 2014 decreased $5.4 million, or 8.1%, to $61.5 million, compared to $66.9 million in the first quarter of fiscal 2013.
 
First quarter fiscal 2014 operating income includes net expenses totaling $8.6 million related to the following: the amortization associated with the acquisition of tradenames; the office consolidation; the revaluation of contingent consideration associated with the acquisition of Bonnie Togs in 2011; the Hogansville, Georgia distribution center closure; and the Japan retail operations exit. 
 
First quarter fiscal 2013 operating income included expenses totaling $9.5 million related to the office consolidation, the revaluation of the Bonnie Togs contingent consideration, and the Hogansville distribution center closure.
 
Excluding the net expenses noted above in both periods, adjusted operating income in the first quarter of fiscal 2014 decreased $6.3 million, or 8.3%, to $70.1 million, compared to $76.4 million in the first quarter of fiscal 2013. The decrease in adjusted operating income reflects increased retail, distribution, and information technology spending to support the Company's growth initiatives and higher product costs that were partially offset by improved pricing.
 
Click here to view full results.
 

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