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Carter's forecasts good growth in sales for 2012

26
Apr '12
Carter's, Inc, the largest branded marketer in the United States of apparel exclusively for babies and young children, reported its first quarter 2012 results.

“We continue to see strong demand for our products in all channels of distribution,” said Michael D. Casey, Chairman and Chief Executive Officer. “The strength of our product offerings and effectiveness of our pricing, marketing, and supply chain initiatives are driving better results. We are forecasting good growth in sales and earnings this year, with more meaningful earnings growth expected in the second half driven by lower product costs.”

“We continue to see strong demand for our products in all channels of distribution,” said Michael D. Casey, Chairman and Chief Executive Officer. “The strength of our product offerings and effectiveness of our pricing, marketing, and supply chain initiatives are driving better results. We are forecasting good growth in sales and earnings this year, with more meaningful earnings growth expected in the second half driven by lower product costs.”

Consolidated net sales increased $82.7 million, or 17.6%, to $551.7 million. Net domestic sales of the Company's Carter's brands increased $47.2 million, or 12.4%, to $426.7 million. Net domestic sales of the Company's OshKosh B'gosh brand increased $4.2 million, or 5.7%, to $78.3 million. Net international sales to customers outside the United States increased $31.3 million to $46.7 million.

Operating income in the first quarter of 2012 was $53.8 million, an increase of $0.2 million, or 0.3%, from $53.6 million in the first quarter of 2011. First quarter 2012 pre-tax income includes expenses of approximately $1.8 million related to the planned closure of the Company's Hogansville, Georgia distribution center in 2013 and the revaluation of contingent consideration associated with the June 2011 acquisition of Bonnie Togs, a retailer of children's apparel in Canada.

First quarter 2011 pre-tax income included approximately $1.0 million of expenses related to the acquisition of Bonnie Togs. 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 first quarter of 2012 was $55.6 million, an increase of $0.9 million, or 1.7%, compared to $54.7 million in the first quarter of 2011.

Net income increased $0.2 million, or 0.5%, to $32.3 million, or $0.54 per diluted share, compared to $32.1 million, or $0.55 per diluted share, in the first quarter of 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 first quarter of 2012 increased $0.9 million, or 2.7%, to $33.7 million, or $0.56 per diluted share. This compares to adjusted net income of $32.8 million, or $0.56 per diluted share, in the first quarter of 2011.

A reconciliation of income as reported under accounting principles generally accepted in the United States of America (“GAAP”) to adjusted income is provided at the end of this release.


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