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Carter's wholesale, mass channel & brands sales up in Q1 2007
25 Apr '07
3 min read
In the first quarter of fiscal 2007, the Company opened one Carter's retail store. As of March 31, 2007, the Company had 220 Carter's and 157 OshKosh retail stores. The Company also plans to close six Carter's and three OshKosh retail stores during fiscal 2007.
In February 2007, the Company announced its plans to close its distribution facility located in White House, Tennessee. During the first quarter of fiscal 2007, the Company recorded pre-tax charges of approximately $6.0 million, or $0.06 per diluted share, related to this closure. The Company expects to incur an additional $3.0 million in pre-tax charges related to this closure.
"Our first quarter consolidated sales and earnings were better than planned," noted Fred Rowan, Chairman and CEO. "We continue to realize strong sales growth in our Carter's wholesale and mass channel businesses, and I'm pleased with the progress we're making to improve the performance of our Retail and OshKosh wholesale segments. We're on track to realize the benefits from our product sourcing initiatives, and we expect our operating margin will improve in the second half of this year."
Net cash provided by operating activities during the first quarter of fiscal 2007 was $6.7 million compared to net cash used in operating activities of $14.0 million in the first quarter of fiscal 2006.
In February 2007, the Company's Board of Directors authorized a $100 million share repurchase program. During the first quarter of fiscal 2007, the Company repurchased 1,252,832 shares of its common stock for approximately $30 million at an average price of $23.95 per share.
In February 2007, the Company announced its plans to close its distribution facility located in White House, Tennessee. During the first quarter of fiscal 2007, the Company recorded pre-tax charges of approximately $6.0 million, or $0.06 per diluted share, related to this closure. The Company expects to incur an additional $3.0 million in pre-tax charges related to this closure.
"Our first quarter consolidated sales and earnings were better than planned," noted Fred Rowan, Chairman and CEO. "We continue to realize strong sales growth in our Carter's wholesale and mass channel businesses, and I'm pleased with the progress we're making to improve the performance of our Retail and OshKosh wholesale segments. We're on track to realize the benefits from our product sourcing initiatives, and we expect our operating margin will improve in the second half of this year."
Net cash provided by operating activities during the first quarter of fiscal 2007 was $6.7 million compared to net cash used in operating activities of $14.0 million in the first quarter of fiscal 2006.
In February 2007, the Company's Board of Directors authorized a $100 million share repurchase program. During the first quarter of fiscal 2007, the Company repurchased 1,252,832 shares of its common stock for approximately $30 million at an average price of $23.95 per share.
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