Interviews
News Flash
Net sales of Carter's brands up by 6.6% in Q3
22 Oct '08
6 min read
For the third quarter of fiscal 2008, the Company's net income was $33.4 million, or $0.58 per diluted share, compared to net income of $34.6 million, or $0.58 per diluted share, in the third quarter of fiscal 2007. Excluding the distribution facility write-down charge in the third quarter of fiscal 2008 and excluding the $0.2 million in after-tax distribution facility closure costs in the third quarter of fiscal 2007, the Company's adjusted net income increased $0.2 million, or 0.7%, and adjusted diluted earnings per share increased 3.4% to $0.60 per diluted share.
Consolidated net sales increased 4.8% to $1.1 billion. Net sales of the Company's Carter's brands increased 6.1% to $846.2 million. Net sales of the Company's OshKosh brand increased 0.4% to $221.8 million.
Consolidated retail store sales increased 11.5% to $458.4 million. Carter's retail store sales increased 15.0% to $291.6 million, driven by a comparable store sales increase of 11.3%, or $28.5 million, and sales of $10.4 million from Carter's stores opened since the third quarter of fiscal 2007, partially offset by the impact of store closures of $0.9 million.
OshKosh retail store sales increased 5.9% to $166.8 million, due to sales of $5.8 million from OshKosh stores opened since the third quarter of fiscal 2007 and a comparable store sales increase of $4.8 million, or 3.0%, partially offset by the impact of store closures of $1.3 million. In the first nine months of fiscal 2008, the Company opened six Carter's retail stores.
The Company's mass channel sales increased $2.2 million, or 1.1%, to $190.7 million. Sales of our Just One Year brand increased $6.8 million, or 9.9%, to $75.5 million, driven by new door growth. Sales of our Child of Mine brand decreased $4.6 million, or 3.9%, to $115.2 million, due primarily to product performance in certain categories.
Carter's wholesale sales increased $8.1 million, or 2.3%, to $364.0 million due to better product performance and higher demand, partially offset by the impact of cancelled orders from high credit risk customers. OshKosh wholesale sales decreased $8.4 million, or 13.3%, to $55.0 million due to a reduction in demand resulting from past product performance. This decrease also reflects changes made to improve product performance, including reducing wholesale prices.
In connection with the retirement of an executive officer, the Company recorded charges during the second quarter of fiscal 2008 of $5.3 million, $3.1 million of which related to severance and benefit obligations and $2.2 million of which related to the vesting of certain stock options.
Consolidated operating income in the first nine months of fiscal 2008 was $86.9 million compared to an operating loss of $56.7 million in the first nine months of fiscal 2007.
Net income in the first nine months of fiscal 2008 was $47.7 million, or $0.82 per diluted share, compared to a net loss of $99.2 million, or $1.71 per diluted share, in the first nine months of fiscal 2007.
Excluding the executive retirement charges and the distribution facility write-down in the first nine months of fiscal 2008 and excluding the impairment and distribution facility closure costs in the first nine months of fiscal 2007, the Company's adjusted net income decreased $3.2 million, or 5.7%, and adjusted diluted earnings per share decreased 2.2% to $0.90 per diluted share.
Consolidated net sales increased 4.8% to $1.1 billion. Net sales of the Company's Carter's brands increased 6.1% to $846.2 million. Net sales of the Company's OshKosh brand increased 0.4% to $221.8 million.
Consolidated retail store sales increased 11.5% to $458.4 million. Carter's retail store sales increased 15.0% to $291.6 million, driven by a comparable store sales increase of 11.3%, or $28.5 million, and sales of $10.4 million from Carter's stores opened since the third quarter of fiscal 2007, partially offset by the impact of store closures of $0.9 million.
OshKosh retail store sales increased 5.9% to $166.8 million, due to sales of $5.8 million from OshKosh stores opened since the third quarter of fiscal 2007 and a comparable store sales increase of $4.8 million, or 3.0%, partially offset by the impact of store closures of $1.3 million. In the first nine months of fiscal 2008, the Company opened six Carter's retail stores.
The Company's mass channel sales increased $2.2 million, or 1.1%, to $190.7 million. Sales of our Just One Year brand increased $6.8 million, or 9.9%, to $75.5 million, driven by new door growth. Sales of our Child of Mine brand decreased $4.6 million, or 3.9%, to $115.2 million, due primarily to product performance in certain categories.
Carter's wholesale sales increased $8.1 million, or 2.3%, to $364.0 million due to better product performance and higher demand, partially offset by the impact of cancelled orders from high credit risk customers. OshKosh wholesale sales decreased $8.4 million, or 13.3%, to $55.0 million due to a reduction in demand resulting from past product performance. This decrease also reflects changes made to improve product performance, including reducing wholesale prices.
In connection with the retirement of an executive officer, the Company recorded charges during the second quarter of fiscal 2008 of $5.3 million, $3.1 million of which related to severance and benefit obligations and $2.2 million of which related to the vesting of certain stock options.
Consolidated operating income in the first nine months of fiscal 2008 was $86.9 million compared to an operating loss of $56.7 million in the first nine months of fiscal 2007.
Net income in the first nine months of fiscal 2008 was $47.7 million, or $0.82 per diluted share, compared to a net loss of $99.2 million, or $1.71 per diluted share, in the first nine months of fiscal 2007.
Excluding the executive retirement charges and the distribution facility write-down in the first nine months of fiscal 2008 and excluding the impairment and distribution facility closure costs in the first nine months of fiscal 2007, the Company's adjusted net income decreased $3.2 million, or 5.7%, and adjusted diluted earnings per share decreased 2.2% to $0.90 per diluted share.
Carter's Inc
Popular News
Leave your Comments
Editor’s Pick
Esteemed Clients
-Ltd..jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Thermore (Far East) Ltd.")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Telangana State Industrial Infrastructure Corporation Limited (TSllC Ltd)")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Taiwan Textile Federation (TTF)")
