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Q3FY14 net income surges 16.5% at Carter's
27
Oct '14
Net income at NYSE-listed and babies and kids apparel retailer - Carter’s Inc surged 16.5%, year-on-year, in the third fiscal quarter ending September 28, 2014.

Carter’s said in the third quarter of 2014, net income rose $9.3 million or 16.5% to $65.9 million, or $1.23 per diluted share, compared to $56.6 million or $0.97 per diluted share, in the third quarter of fiscal 2013.

Net sales increased slower by $38.8 million or 5.1% from the prior year quarter to $798.9 million. Brandwise, sales of its Carter’s brand mounted $21.6 million or 3.8% from a year ago period to $591.2 million.

OshKosh B’gosh brand revenues ascended by $10.1 million or 9.4%, from a year earlier quarter to $116.5 million, while global sales grew by $7.1 million or 8.5% to $91.2 million.

“Changes in foreign currency exchange rates in the reporting quarter negatively impacted sales in the third quarter of fiscal 2014 by $2.9 million,” Carter’s said.

Operating income in the third quarter of 2014 increased $19.4 million or 21.3% to $110.5 million, compared to $91.1 million in the third quarter of 2013.

Carter’s explained that the third quarter of 2014 operating income includes expenses totalling to $3.0 million, while third quarter of 2013 operating income included expenses amounting to $13.1 million.

Excluding the expenses noted above in both periods, adjusted operating income in the third quarter of 2014 increased $9.3 million or 8.9% to $113.4 million against $104.2 million in the third quarter of 2013.

“The increase in adjusted operating income reflects growth in sales and expense leverage that were partially offset by higher product costs,” the kid’s retailer informed.

“We have achieved our sales and earnings objectives in the third quarter. Our growth was driven by our US direct-to-consumer and international businesses,” said Chairman - Michael Casey.

He added, “We are expecting good growth in sales and earnings in the balance of the year driven by the strength of our product offerings and compelling value provided by our Carter’s and OshKosh B’gosh brands.” (AR)

Fibre2fashion News Desk - India

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