Carter's Inc, the largest branded marketer in the United States of apparel exclusively for babies and young children, reported its second quarter results for fiscal 2006.
On July 14, 2005, Carter's acquired all of the outstanding common stock of OshKosh B'Gosh. Results for the three and six-month periods ended July 1, 2006 include OshKosh for the entire period, while results for the comparable periods in fiscal 2005 do not include OshKosh.
On June 6, 2006, the company effected a two-for-one stock split (the 'stock split'). Earnings per share for all prior periods presented have been adjusted to reflect the stock split.
Second Quarter 2006 compared to Second Quarter 2005
Net sales increased 44.2% to $277.6 million. Excluding OshKosh sales of $71.1 million, net sales increased 7.3% to $206.5 million.
The company's wholesale sales increased 21.5% to $104.5 million. Excluding OshKosh sales of $20.4 million and Carter's off-price sales of $8.1 million in 2006 and $11.8 million in 2005, wholesale sales increased 2.4% to $76.0 million.
The company's mass channel sales, which are comprised of sales of its Child of Mine brand to Wal-Mart and Just One Year brand to Target, increased 30.8% to $51.0 million. The 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.
Retail store sales increased 80.9% to $122.1 million. Excluding OshKosh retail store sales of $50.7 million, retail store sales increased 5.8% to $71.4 million. This increase was driven by sales from new stores and a comparable store sales increase of 1.8%.
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