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Net sales of Carter's brands perk up in Q1

23
Apr '08
Carter's Inc the largest branded marketer in the United States of apparel exclusively for babies and young children, reported its first quarter fiscal 2008 results.

First Quarter of Fiscal 2008 compared to First Quarter of Fiscal 2007

Consolidated net sales increased 3.1% to $330.0 million. Net sales of the Company's Carter's brands increased 7.2% to $267.2 million. Net sales of the Company's OshKosh brand decreased 11.3% to $62.8 million.

Consolidated retail store sales increased 8.4% to $130.8 million. Carter's retail store sales increased 15.5% to $86.4 million, driven by a comparable store sales increase of 12.3%, or $9.2 million, and sales of $2.7 million from new Carter's stores opened since the first quarter of fiscal 2007.

OshKosh retail store sales decreased 3.2% to $44.4 million, due to a comparable store sales decrease of 6.6%, or $3.0 million, partially offset by sales of $1.9 million from new OshKosh stores opened since the first quarter of fiscal 2007.

In the first quarter of fiscal 2008, the Company opened one Carter's retail store. As of March 29, 2008, the Company had 229 Carter's stores and 163 OshKosh stores.

The Company plans to open a total of 25 Carter's stores and two OshKosh stores during fiscal 2008. The Company also plans to close five Carter's stores and three OshKosh stores during fiscal 2008.

The Company's wholesale sales decreased 1.0% to $136.3 million. Carter's wholesale sales increased $5.2 million, or 4.6%, to $117.8 million, due primarily to the timing of demand. OshKosh wholesale sales decreased $6.5 million, or 26.2%, to $18.4 million.

The Company's mass channel sales, which are comprised of sales of our Just One Year brand to Target and Child of Mine brand to Wal-Mart, increased 1.8% to $62.9 million.

Sales of our Just One Year brand increased $4.8 million, or 21.1%, to $27.5 million, while sales of our Child of Mine brand decreased $3.7 million, or 9.4%, to $35.4 million.

Consolidated operating income in the first quarter of fiscal 2008 decreased $0.6 million, or 2.9%, to $20.6 million compared to the first quarter of fiscal 2007.


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