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Carter's wholesale sales boost 32.4% to $131 mn for Q1

Apr '06
Largest branded marketer of apparel exclusively for babies and young children, Carter's Inc reported its first quarter results for fiscal 2006.

As noted in its press release dated July 14, 2005, Carter's Inc acquired all of the outstanding common stock of OshKosh B'Gosh Inc for a purchase price of $312.1 million (the "Acquisition").

As part of financing the Acquisition, the Company refinanced its existing debt (the "Refinancing"), including its former senior credit facility, and repurchased all of its 10.875 percent Senior Subordinated Notes due 2011 (the "Notes").

Results for the first quarter of fiscal 2006 include OshKosh for the entire period, while results for the first quarter of fiscal 2005 do not include OshKosh.

First Quarter 2006 compared to First Quarter 2005
Net sales increased 43.8 percent to $296.4 million. Excluding OshKosh sales of $71.0 million, net sales increased 9.3 percent to $225.4 million. The Company's wholesale sales increased 32.4 percent to $131.0 million.

Excluding OshKosh wholesale sales of $28.7 million, wholesale sales increased 3.4 percent to $102.3 million.

The Company's mass channel sales, which are comprised of sales of our Child of Mine and Just One Year brands, increased 36.8 percent to $54.0 million.

Our Genuine Kids from OshKosh brand is sold at Target under a licensing arrangement, the income from which is included in royalty income and has no impact on mass channel sales.

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