Carter’s, Inc. Reports Third Quarter Fiscal 2024 Results
Carter's (NYSE:CRI) reported Q3 2024 results with net sales of $758 million, down from $792 million in Q3 2023. Operating margin decreased to 10.2% from 11.8%, while diluted EPS fell to $1.62 from $1.78. The company returned $138 million to shareholders through dividends and share repurchases. Despite challenging market conditions, Carter's reaffirmed its fiscal 2024 outlook with projected net sales of $2.785-2.825 billion and raised its adjusted diluted EPS outlook to $4.70-5.15. The company initiated a $50 million investment plan, allocating $40 million for competitive pricing and $10 million for brand marketing in the second half of the year.
Carter's (NYSE:CRI) ha riportato i risultati del terzo trimestre 2024 con vendite nette di 758 milioni di dollari, in calo rispetto ai 792 milioni di dollari del terzo trimestre 2023. Il margine operativo è sceso al 10,2% dall'11,8%, mentre l'EPS diluito è diminuito a 1,62 dollari rispetto a 1,78 dollari. L'azienda ha restituito 138 milioni di dollari agli azionisti attraverso dividendi e riacquisti di azioni. Nonostante le difficili condizioni di mercato, Carter's ha confermato le previsioni fiscali per il 2024 con vendite nette previste tra 2,785 e 2,825 miliardi di dollari e ha alzato le previsioni di EPS diluito rettificato a un intervallo di 4,70-5,15 dollari. L'azienda ha avviato un piano di investimento di 50 milioni di dollari, destinando 40 milioni per la competitività dei prezzi e 10 milioni per il marketing del brand nella seconda metà dell'anno.
Carter's (NYSE:CRI) reportó los resultados del tercer trimestre de 2024 con ventas netas de 758 millones de dólares, una disminución desde los 792 millones de dólares en el tercer trimestre de 2023. El margen operativo disminuyó al 10.2% desde el 11.8%, mientras que el EPS diluido cayó a 1.62 dólares desde 1.78 dólares. La compañía devolvió 138 millones de dólares a los accionistas a través de dividendos y recompra de acciones. A pesar de las desafiantes condiciones del mercado, Carter's reafirmó su pronóstico fiscal para 2024 con ventas netas proyectadas de 2.785 a 2.825 mil millones de dólares y aumentó su pronóstico de EPS diluido ajustado a un rango de 4.70-5.15 dólares. La compañía inició un plan de inversión de 50 millones de dólares, destinando 40 millones para precios competitivos y 10 millones para el marketing de la marca en la segunda mitad del año.
카터스(Carter's, NYSE:CRI)는 2024년 3분기 실적을 발표하며 순매출이 7억 5천 8백만 달러로, 2023년 3분기 7억 9천 2백만 달러에서 감소했다고 전했습니다. 운영 마진은 11.8%에서 10.2%로 감소했으며, 희석된 EPS는 1.78달러에서 1.62달러로 하락했습니다. 이 회사는 배당금과 자사주 매입을 통해 주주에게 1억 3천 8백만 달러를 반환했습니다. 어려운 시장 환경에도 불구하고 카터스는 2024 회계연도 전망을 재확인했으며, 예상 순매출을 27억 8천 5백만 달러에서 28억 2천 5백만 달러로 설정하고 희석된 조정 EPS 전망을 4.70~5.15달러로 상향 조정했습니다. 이 회사는 5천만 달러 규모의 투자 계획을 시작하여 4천만 달러를 경쟁 가격 책정에, 1천만 달러를 브랜드 마케팅에 올해 하반기에 배정했습니다.
Carter's (NYSE:CRI) a annoncé ses résultats du troisième trimestre 2024 avec des ventes nettes de 758 millions de dollars, en baisse par rapport à 792 millions de dollars au troisième trimestre 2023. La marge opérationnelle a diminué à 10,2% contre 11,8%, tandis que le BPA dilué a chuté à 1,62 dollar contre 1,78 dollar. L'entreprise a restitué 138 millions de dollars aux actionnaires par le biais de dividendes et de rachats d'actions. Malgré des conditions de marché difficiles, Carter's a réaffirmé ses prévisions pour l'exercice 2024 avec des ventes nettes projetées entre 2,785 et 2,825 milliards de dollars et a relevé ses prévisions de BPA dilué ajusté à un intervalle de 4,70 à 5,15 dollars. L'entreprise a lancé un plan d'investissement de 50 millions de dollars, allouant 40 millions pour des prix compétitifs et 10 millions pour le marketing de la marque dans la seconde moitié de l'année.
Carter's (NYSE:CRI) hat die Ergebnisse des dritten Quartals 2024 veröffentlicht, mit Nettoumsätzen von 758 Millionen Dollar, was einem Rückgang von 792 Millionen Dollar im dritten Quartal 2023 entspricht. Die operative Marge sank von 11,8% auf 10,2%, während das verwässerte EPS von 1,78 Dollar auf 1,62 Dollar fiel. Das Unternehmen hat 138 Millionen Dollar an die Aktionäre durch Dividenden und Aktienrückkäufe zurückgegeben. Trotz herausfordernder Marktbedingungen bekräftigte Carter's die Prognose für das Geschäftsjahr 2024 mit einer erwarteten Nettoumsatzspanne von 2,785 bis 2,825 Milliarden Dollar und hob die Prognose für das angepasste verwässerte EPS auf 4,70 bis 5,15 Dollar an. Das Unternehmen hat einen Investitionsplan von 50 Millionen Dollar initiiert, wobei 40 Millionen Dollar für wettbewerbsfähige Preise und 10 Millionen Dollar für das Markenmarketing in der zweiten Jahreshälfte vorgesehen sind.
- Better than expected Q3 performance leading to raised adjusted EPS guidance
- Strong cash position with no seasonal borrowings and over $1 billion in liquidity
- Growth in exclusive brands sales to mass channel retailers
- Improved U.S. Retail trends in conversion rates, transactions, and customer acquisition
- Net sales declined 4.3% to $758M from $792M YoY
- Operating margin decreased to 10.2% from 11.8% YoY
- Diluted EPS dropped to $1.62 from $1.78 YoY
- Lower sales to department stores and off-price retailers
- Reduced International sales due to slower Canadian performance and lower wholesale shipments
Insights
Carter's Q3 results show mixed performance with some concerning trends. Net sales declined -4.3% to
The company's strategic
The maintained revenue guidance of
-
Net sales
$758 million $792 million -
Operating margin
10.2% vs.11.8% in Q3 2023; adjusted operating margin10.2% vs.12.2% in Q3 2023 -
Diluted EPS
$1.62 $1.78 $1.64 $1.84 -
Returned
$138 million -
Reaffirming fiscal year 2024 outlook1:
-
Net sales of
$2.78 5 billion$2.82 5 billion -
Adjusted operating income of
$240 million $260 million -
Raising adjusted diluted EPS outlook to
$4.70 $5.15
-
Net sales of
“We exceeded our third quarter sales and earnings objectives,” said Michael D. Casey, Chairman and Chief Executive Officer.
“Our
“In July, we initiated a plan to invest
“Third quarter
“In this inflationary cycle, we are benefiting from consumers choosing the ease of one-stop shopping with Target, Walmart, and Amazon, where they can purchase groceries, diapers, baby formula, and children’s apparel at one location. Carter’s has an unparalleled competitive advantage as the largest supplier of young children’s apparel to these retailers.
“Sales in our International business in the third quarter were also in line with our expectations, but lower than last year. Compared to last year, we had a slower start to cooler weather apparel sales in
“Cash flow through September was better than planned. Relative to last year, we ended the third quarter with a higher cash balance, no seasonal borrowings, lower interest costs, and over
“Our consolidated sales have been under pressure since inflation rose to historic levels in 2022 because those we serve, families raising young children, have been under financial pressure and have reduced their discretionary spending where possible. Carter’s is working its way through a historic and challenging inflationary period. We plan to use this down cycle to strengthen our leading market position as the best-selling national brand in young children’s apparel.
“Our growth strategies are focused on the fundamentals, which include:
- elevating the style and value of our product offerings;
- improving our marketing capabilities and effectiveness; and
- leveraging our unparalleled multi-channel market presence to extend the reach of our brands.
“With the strength of our high-margin business model and cash flow generation, we have the resources to invest in our growth strategies, which we expect will better position us to return to growth when market conditions improve.
“Given our better than expected performance in the third quarter, we are reaffirming our previous outlook for sales and profitability this year.”
|
|
1 |
Refer to “Business Outlook” section of this release for additional information regarding reconciliations of forward-looking non-GAAP financial measures. |
Adjustments to Reported GAAP Results
In addition to the results presented in this earnings release in accordance with GAAP, the Company has provided adjusted, non-GAAP financial measurements, as presented below. The Company believes these non-GAAP financial measurements provide a meaningful comparison of the Company’s results and afford investors a view of what management considers to be the Company’s underlying performance. These measurements are presented for informational purposes only. See “Reconciliation of Adjusted Results to GAAP” section of this release for additional disclosures and reconciliations regarding these non-GAAP financial measures. Adjustments made to the third quarter and first three quarters of fiscal 2024 results reflect a non-cash charge for a partial settlement of the OshKosh B’Gosh Pension Plan. Adjustments made to the third quarter and first three quarters of fiscal 2023 results reflect costs related to organizational restructuring.
|
Third Fiscal Quarter |
|||||||||||||||||||||||
|
2024 |
|
|
2023 |
||||||||||||||||||||
(In millions, except earnings per share) |
Operating Income |
|
% Net
|
|
Net
|
|
Diluted
|
|
|
Operating
|
|
% Net
|
|
Net
|
|
Diluted
|
||||||||
As reported (GAAP) |
$ |
77.0 |
|
10.2 |
% |
|
$ |
58.3 |
|
$ |
1.62 |
|
|
$ |
93.4 |
|
11.8 |
% |
|
$ |
66.1 |
|
$ |
1.78 |
Pension plan settlement |
|
— |
|
|
|
|
0.7 |
|
|
0.02 |
|
|
|
— |
|
|
|
|
— |
|
|
— |
||
Organizational restructuring |
|
— |
|
|
|
|
— |
|
|
— |
|
|
|
2.9 |
|
|
|
|
2.2 |
|
|
0.06 |
||
As adjusted |
$ |
77.0 |
|
10.2 |
% |
|
$ |
59.0 |
|
$ |
1.64 |
|
|
$ |
96.3 |
|
12.2 |
% |
|
$ |
68.4 |
|
$ |
1.84 |
|
First Three Fiscal Quarters |
|||||||||||||||||||||||
|
2024 |
|
|
2023 |
||||||||||||||||||||
(In millions, except earnings per share) |
Operating Income |
|
% Net Sales |
|
Net
|
|
Diluted
|
|
|
Operating
|
|
% Net
|
|
Net
|
|
Diluted
|
||||||||
As reported (GAAP) |
$ |
171.5 |
|
8.6 |
% |
|
$ |
124.0 |
|
$ |
3.41 |
|
|
$ |
187.3 |
|
9.0 |
% |
|
$ |
126.0 |
|
$ |
3.36 |
Pension plan settlement |
|
— |
|
|
|
|
0.7 |
|
|
0.02 |
|
|
|
— |
|
|
|
|
— |
|
|
— |
||
Organizational restructuring |
|
— |
|
|
|
|
— |
|
|
— |
|
|
|
4.4 |
|
|
|
|
3.4 |
|
|
0.09 |
||
As adjusted |
$ |
171.5 |
|
8.6 |
% |
|
$ |
124.7 |
|
$ |
3.43 |
|
|
$ |
191.8 |
|
9.2 |
% |
|
$ |
129.4 |
|
$ |
3.45 |
Note: Results may not be additive due to rounding. |
Consolidated Results
Third Quarter of Fiscal 2024 compared to Third Quarter of Fiscal 2023
Net sales decreased
Operating income decreased
Adjusted operating income (a non-GAAP measure) decreased
Net income was
Adjusted net income (a non-GAAP measure) was
First Three Quarters of Fiscal 2024 compared to First Three Quarters of Fiscal 2023
Net sales decreased
Operating income decreased
Adjusted operating income (a non-GAAP measure) decreased
Net income was
Adjusted net income (a non-GAAP measure) was
Net cash provided by operations in the first three quarters of fiscal 2024 was
See the “Business Segment Results” and “Reconciliation of GAAP to Adjusted Results” sections of this release for additional disclosures regarding business segment performance and non-GAAP measures.
Liquidity and Financial Position
The Company’s total liquidity at the end of the third quarter of fiscal 2024 was
Return of Capital
In the third quarter and first three quarters of fiscal 2024, the Company returned to shareholders a total of
-
Dividends: In the third quarter of fiscal 2024, the Company paid a cash dividend of
$0.80 $28.8 million $87.3 million -
Share repurchases: During the third quarter of fiscal 2024, the Company repurchased and retired approximately 0.3 million shares of its common stock for
$16.7 million $61.01 $50.5 million $68.61 $599 million
The Company paused share repurchases during the third quarter of fiscal 2024. In light of share repurchases completed and dividends paid in the first three quarters of fiscal 2024, along with our projected remaining dividend payments this year, we expect the cumulative distribution of capital through share repurchases and dividends to represent somewhat more than
OshKosh B’Gosh Pension Plan
During the second quarter of fiscal 2024, the Company announced the offering of a single-sum payment option to certain participants in the frozen OshKosh B’Gosh, Inc. Pension Plan (the “pension plan”), which commenced on June 1, 2024 and closed on July 15, 2024. Payouts from pension plan assets totaling
Additionally, the Board of Directors authorized the termination of the pension plan, with an anticipated effective date of November 30, 2024. The Company may be required to make a contribution to fully fund the plan for termination prior to the purchase of a group annuity contract to transfer its remaining liabilities under the pension plan. The contribution amount will depend upon the nature and timing of participant settlements and prevailing market conditions. The Company expects to recognize a non-cash charge upon settlement of the pension plan’s obligations in the second half of fiscal 2025. The Company has the right to change the effective date of the termination date or revoke the decision to terminate, but it has no current intent to do so.
2024 Business Outlook
We do not reconcile forward-looking adjusted operating income, adjusted diluted earnings per share, or free cash flow to their most directly comparable GAAP measures because we cannot predict with reasonable certainty the ultimate outcome of certain components of such reconciliations that are not within our control due to factors described below, or others that may arise, without unreasonable effort. For these reasons, we are unable to assess the probable significance of the unavailable information, which could materially impact the amount of future operating income, diluted EPS, or operating cash flow, the most directly comparable GAAP metrics to adjusted operating income, adjusted diluted earnings per share, and free cash flow, respectively.
For fiscal year 2024, the Company is reaffirming its previously-provided guidance for net sales and adjusted operating income and is increasing its outlook for adjusted diluted earnings per share based on its revised expectations for lower borrowing costs and a lower effective tax rate. Accordingly, for fiscal year 2024 the Company now projects approximately:
-
$2.78 5 billion$2.82 5 billion$2.95 billion -
$240 million $260 million $328 million -
$4.70 $5.15 $0.9 million $4.60 $5.05 $6.19 -
Operating cash flow in excess of
$200 million $529 million -
Capital expenditures of
$65 million $75 million $60 million
Our projections for fiscal year 2024 assume (comparisons vs. prior year):
- comparable gross profit margin;
- increased SG&A, reflecting growth-related investments and inflation, partially offset by cost reduction initiatives;
- lower net interest expense;
- lower effective tax rate; and
- lower share count.
For the fourth quarter of fiscal 2024, the Company projects approximately:
-
$800 million $840 million $858 million -
$70 million $90 million $136 million -
$1.32 $1.72 $2.76
Our projections for the fourth quarter of fiscal 2024 assume (comparisons vs. prior year unless otherwise noted):
- continued macroeconomic pressure on consumer demand;
-
approximately
$30 million $60 million - lower gross profit margin;
- increased SG&A;
- lower net interest expense;
- lower effective tax rate; and
- lower share count.
Conference Call
The Company will hold a conference call with investors to discuss third quarter fiscal 2024 results and its business outlook on October 25, 2024 at 8:30 a.m. Eastern Daylight Time. To listen to a live webcast and view the accompanying presentation materials, please visit ir.carters.com and select links for “News & Events” followed by “Events.”
To access the call by phone, please preregister via the following link to receive your dial-in number and unique passcode: https://register.vevent.com/register/BI006507754eff4716a3479a87d2db574b.
A webcast replay will be available shortly after the conclusion of the call at ir.carters.com.
About Carter’s, Inc.
Carter’s, Inc. is the largest branded marketer in
Forward-Looking Statements
Statements in this press release that are not historical fact and use predictive words such as “estimates”, “outlook”, “guidance”, “expect”, “believe”, “intend”, “designed”, “target”, “plans”, “may”, “will”, “are confident” and similar words are forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). These forward-looking statements and related assumptions involve risks and uncertainties that could cause actual results and outcomes to differ materially from any forward-looking statements or views expressed in this press release. These risks and uncertainties include, but are not limited to, the factors disclosed in Part I, Item 1A. “Risk Factors” of the Company’s Annual Report on Form 10-K for the fiscal year ended December 30, 2023, and otherwise in our reports and filings with the Securities and Exchange Commission, as well as the following factors: risks related to the 2024 U.S. presidential election; risks related to public health crises; changes in global economic and financial conditions, and the resulting impact on consumer confidence and consumer spending, as well as other changes in consumer discretionary spending habits; continued inflationary pressures with respect to labor and raw materials and global supply chain constraints that have had, and could continue to have, an affect on freight, transit, and other costs; risks related to geopolitical conflict, including ongoing geopolitical challenges between
CARTER’S, INC. |
|||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
|||||||||||||||
(dollars in thousands, except per share data) |
|||||||||||||||
(unaudited) |
|||||||||||||||
|
Fiscal Quarter Ended |
|
Three Fiscal Quarters Ended |
||||||||||||
|
September 28, 2024 |
|
September 30, 2023 |
|
September 28, 2024 |
|
September 30, 2023 |
||||||||
Net sales |
$ |
758,464 |
|
|
$ |
791,651 |
|
|
$ |
1,984,390 |
|
|
$ |
2,087,730 |
|
Cost of goods sold |
|
402,450 |
|
|
|
415,254 |
|
|
|
1,030,249 |
|
|
|
1,109,970 |
|
Gross profit |
|
356,014 |
|
|
|
376,397 |
|
|
|
954,141 |
|
|
|
977,760 |
|
Royalty income, net |
|
5,740 |
|
|
|
5,713 |
|
|
|
14,959 |
|
|
|
16,573 |
|
Selling, general, and administrative expenses |
|
284,714 |
|
|
|
288,680 |
|
|
|
797,572 |
|
|
|
806,988 |
|
Operating income |
|
77,040 |
|
|
|
93,430 |
|
|
|
171,528 |
|
|
|
187,345 |
|
Interest expense |
|
7,381 |
|
|
|
8,615 |
|
|
|
23,156 |
|
|
|
26,342 |
|
Interest income |
|
(2,370 |
) |
|
|
(1,064 |
) |
|
|
(8,644 |
) |
|
|
(2,769 |
) |
Other expense (income), net |
|
1,299 |
|
|
|
507 |
|
|
|
1,977 |
|
|
|
(518 |
) |
Income before income taxes |
|
70,730 |
|
|
|
85,372 |
|
|
|
155,039 |
|
|
|
164,290 |
|
Income tax provision |
|
12,410 |
|
|
|
19,245 |
|
|
|
31,047 |
|
|
|
38,300 |
|
Net income |
$ |
58,320 |
|
|
$ |
66,127 |
|
|
$ |
123,992 |
|
|
$ |
125,990 |
|
|
|
|
|
|
|
|
|
||||||||
Basic net income per common share |
$ |
1.62 |
|
|
$ |
1.78 |
|
|
$ |
3.41 |
|
|
$ |
3.36 |
|
Diluted net income per common share |
$ |
1.62 |
|
|
$ |
1.78 |
|
|
$ |
3.41 |
|
|
$ |
3.36 |
|
Dividend declared and paid per common share |
$ |
0.80 |
|
|
$ |
0.75 |
|
|
$ |
2.40 |
|
|
$ |
2.25 |
|
CARTER’S, INC. |
||||||||||||||||||||||||||||
BUSINESS SEGMENT RESULTS |
||||||||||||||||||||||||||||
(dollars in thousands) |
||||||||||||||||||||||||||||
(unaudited) |
||||||||||||||||||||||||||||
|
Fiscal Quarter Ended |
|
|
Three Fiscal Quarters Ended |
||||||||||||||||||||||||
|
Septemer 28, 2024 |
|
% of Total Net Sales |
|
September 30, 2023 |
|
% of Total Net Sales |
|
|
September 28, 2024 |
|
% of Total Net Sales |
|
September 30, 2023 |
|
% of Total Net Sales |
||||||||||||
Net sales: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
$ |
352,987 |
|
|
46.5 |
% |
|
$ |
374,796 |
|
|
47.3 |
% |
|
|
$ |
950,877 |
|
|
47.9 |
% |
|
$ |
1,021,983 |
|
|
49.0 |
% |
|
|
298,980 |
|
|
39.5 |
% |
|
|
300,338 |
|
|
38.0 |
% |
|
|
|
756,022 |
|
|
38.1 |
% |
|
|
767,194 |
|
|
36.7 |
% |
International |
|
106,497 |
|
|
14.0 |
% |
|
|
116,517 |
|
|
14.7 |
% |
|
|
|
277,491 |
|
|
14.0 |
% |
|
|
298,553 |
|
|
14.3 |
% |
Consolidated net sales |
$ |
758,464 |
|
|
100.0 |
% |
|
$ |
791,651 |
|
|
100.0 |
% |
|
|
$ |
1,984,390 |
|
|
100.0 |
% |
|
$ |
2,087,730 |
|
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating income: |
|
|
% of Segment Net Sales |
|
|
|
% of Segment Net Sales |
|
|
|
|
% of Segment Net Sales |
|
|
|
% of Segment Net Sales |
||||||||||||
|
$ |
27,309 |
|
|
7.7 |
% |
|
$ |
47,983 |
|
|
12.8 |
% |
|
|
$ |
59,681 |
|
|
6.3 |
% |
|
$ |
103,132 |
|
|
10.1 |
% |
|
|
63,127 |
|
|
21.1 |
% |
|
|
65,702 |
|
|
21.9 |
% |
|
|
|
162,662 |
|
|
21.5 |
% |
|
|
147,003 |
|
|
19.2 |
% |
International |
|
10,237 |
|
|
9.6 |
% |
|
|
13,379 |
|
|
11.5 |
% |
|
|
|
17,981 |
|
|
6.5 |
% |
|
|
23,193 |
|
|
7.8 |
% |
Corporate expenses (*) |
|
(23,633 |
) |
|
n/a |
|
|
|
(33,634 |
) |
|
n/a |
|
|
|
|
(68,796 |
) |
|
n/a |
|
|
|
(85,983 |
) |
|
n/a |
|
Consolidated operating income |
$ |
77,040 |
|
|
10.2 |
% |
|
$ |
93,430 |
|
|
11.8 |
% |
|
|
$ |
171,528 |
|
|
8.6 |
% |
|
$ |
187,345 |
|
|
9.0 |
% |
(*) |
Corporate expenses include expenses related to incentive compensation, stock based compensation, executive management, severance and relocation, finance, office occupancy, information technology, certain legal fees, consulting fees, and audit fees. |
(dollars in millions) |
Fiscal Quarter Ended September 30, 2023 |
|
|
Three Fiscal Quarters Ended September 30, 2023 |
||||||||||||||
Charges: |
|
|
|
|
International |
|
|
|
|
|
|
International |
||||||
Organizational restructuring(*) |
$ |
0.6 |
|
$ |
0.4 |
|
$ |
0.3 |
|
|
$ |
— |
|
$ |
0.1 |
|
$ |
0.3 |
(*) |
Relates to organizational restructuring and related corporate office lease amendment actions. Additionally, the third fiscal quarter and first three fiscal quarters ended September 30, 2023 includes a corporate charge of |
|
Note: Results may not be additive due to rounding. |
||
CARTER’S, INC. |
|||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS |
|||||||||||
(dollars in thousands, except per share data) |
|||||||||||
(unaudited) |
|||||||||||
|
September 28, 2024 |
|
December 30, 2023 |
|
September 30, 2023 |
||||||
ASSETS |
|
|
|
|
|
||||||
Current assets: |
|
|
|
|
|
||||||
Cash and cash equivalents |
$ |
175,536 |
|
|
$ |
351,213 |
|
|
$ |
169,106 |
|
Accounts receivable, net of allowance for credit losses of |
|
247,013 |
|
|
|
183,774 |
|
|
|
240,507 |
|
Finished goods inventories, net of inventory reserves of |
|
607,384 |
|
|
|
537,125 |
|
|
|
620,669 |
|
Prepaid expenses and other current assets |
|
41,577 |
|
|
|
29,131 |
|
|
|
37,604 |
|
Total current assets |
|
1,071,510 |
|
|
|
1,101,243 |
|
|
|
1,067,886 |
|
Property, plant, and equipment, net of accumulated depreciation of |
|
182,292 |
|
|
|
183,111 |
|
|
|
180,888 |
|
Operating lease assets |
|
560,246 |
|
|
|
528,407 |
|
|
|
506,010 |
|
Tradenames, net |
|
298,053 |
|
|
|
298,186 |
|
|
|
298,230 |
|
Goodwill |
|
209,384 |
|
|
|
210,537 |
|
|
|
209,494 |
|
Customer relationships, net |
|
24,440 |
|
|
|
27,238 |
|
|
|
28,087 |
|
Other assets |
|
32,460 |
|
|
|
29,891 |
|
|
|
29,211 |
|
Total assets |
$ |
2,378,385 |
|
|
$ |
2,378,613 |
|
|
$ |
2,319,806 |
|
|
|
|
|
|
|
||||||
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
||||||
Current liabilities: |
|
|
|
|
|
||||||
Accounts payable |
$ |
273,909 |
|
|
$ |
242,149 |
|
|
$ |
222,210 |
|
Current operating lease liabilities |
|
130,140 |
|
|
|
135,369 |
|
|
|
135,865 |
|
Other current liabilities |
|
80,059 |
|
|
|
134,344 |
|
|
|
106,122 |
|
Total current liabilities |
|
484,108 |
|
|
|
511,862 |
|
|
|
464,197 |
|
|
|
|
|
|
|
||||||
Long-term debt, net |
|
497,930 |
|
|
|
497,354 |
|
|
|
567,168 |
|
Deferred income taxes |
|
48,890 |
|
|
|
41,470 |
|
|
|
41,217 |
|
Long-term operating lease liabilities |
|
485,613 |
|
|
|
448,810 |
|
|
|
427,280 |
|
Other long-term liabilities |
|
32,504 |
|
|
|
33,867 |
|
|
|
34,633 |
|
Total liabilities |
$ |
1,549,045 |
|
|
$ |
1,533,363 |
|
|
$ |
1,534,495 |
|
|
|
|
|
|
|
||||||
Commitments and contingencies |
|
|
|
|
|
||||||
|
|
|
|
|
|
||||||
Stockholders' equity: |
|
|
|
|
|
||||||
Preferred stock; par value |
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
Common stock, voting; par value |
|
360 |
|
|
|
366 |
|
|
|
370 |
|
Additional paid-in capital |
|
— |
|
|
|
— |
|
|
|
— |
|
Accumulated other comprehensive loss |
|
(32,361 |
) |
|
|
(23,915 |
) |
|
|
(29,142 |
) |
Retained earnings |
|
861,341 |
|
|
|
868,799 |
|
|
|
814,083 |
|
Total stockholders' equity |
|
829,340 |
|
|
|
845,250 |
|
|
|
785,311 |
|
Total liabilities and stockholders' equity |
$ |
2,378,385 |
|
|
$ |
2,378,613 |
|
|
$ |
2,319,806 |
|
CARTER’S, INC. |
|||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
|||||||
(dollars in thousands) |
|||||||
(unaudited) |
|||||||
|
Three Fiscal Quarters Ended |
||||||
|
September 28, 2024 |
|
September 30, 2023 |
||||
Cash flows from operating activities: |
|
|
|
||||
Net income |
$ |
123,992 |
|
|
$ |
125,990 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
||||
Depreciation of property, plant, and equipment |
|
40,893 |
|
|
|
45,764 |
|
Amortization of intangible assets |
|
2,778 |
|
|
|
2,805 |
|
Provision for (recoveries of) excess and obsolete inventory, net |
|
8,348 |
|
|
|
(324 |
) |
Gain on partial termination of corporate lease |
|
— |
|
|
|
(4,366 |
) |
Other asset impairments and loss on disposal of property, plant and equipment, net of recoveries |
|
235 |
|
|
|
2,807 |
|
Amortization of debt issuance costs |
|
1,218 |
|
|
|
1,186 |
|
Stock-based compensation expense |
|
13,976 |
|
|
|
14,912 |
|
Unrealized foreign currency exchange loss (gain), net |
|
307 |
|
|
|
(201 |
) |
Provisions for doubtful accounts receivable from customers |
|
3,689 |
|
|
|
2,402 |
|
Unrealized gain on investments |
|
(1,678 |
) |
|
|
(1,391 |
) |
Partial pension plan settlement |
|
949 |
|
|
|
— |
|
Deferred income taxes expense (benefit) |
|
6,416 |
|
|
|
(949 |
) |
Effect of changes in operating assets and liabilities: |
|
|
|
||||
Accounts receivable |
|
(68,035 |
) |
|
|
(43,623 |
) |
Finished goods inventories |
|
(83,268 |
) |
|
|
127,190 |
|
Prepaid expenses and other assets |
|
(12,376 |
) |
|
|
(3,965 |
) |
Accounts payable and other liabilities |
|
(26,125 |
) |
|
|
(62,447 |
) |
Net cash provided by operating activities |
$ |
11,319 |
|
|
$ |
205,790 |
|
|
|
|
|
||||
Cash flows from investing activities: |
|
|
|
||||
Capital expenditures |
$ |
(39,637 |
) |
|
$ |
(42,470 |
) |
Net cash used in investing activities |
$ |
(39,637 |
) |
|
$ |
(42,470 |
) |
|
|
|
|
||||
Cash flows from financing activities: |
|
|
|
||||
Borrowings under secured revolving credit facility |
$ |
— |
|
|
$ |
70,000 |
|
Payments on secured revolving credit facility |
|
— |
|
|
|
(120,000 |
) |
Repurchases of common stock |
|
(50,526 |
) |
|
|
(67,492 |
) |
Dividends paid |
|
(87,345 |
) |
|
|
(84,503 |
) |
Withholdings from vesting of restricted stock |
|
(7,569 |
) |
|
|
(5,007 |
) |
Proceeds from exercises of stock options |
|
367 |
|
|
|
384 |
|
Net cash used in financing activities |
$ |
(145,073 |
) |
|
$ |
(206,618 |
) |
|
|
|
|
||||
Net effect of exchange rate changes on cash and cash equivalents |
|
(2,286 |
) |
|
|
656 |
|
Net decrease in cash and cash equivalents |
$ |
(175,677 |
) |
|
$ |
(42,642 |
) |
Cash and cash equivalents, beginning of period |
|
351,213 |
|
|
|
211,748 |
|
Cash and cash equivalents, end of period |
$ |
175,536 |
|
|
$ |
169,106 |
|
CARTER’S, INC. |
||||||||||||||||||||
RECONCILIATION OF GAAP TO ADJUSTED RESULTS |
||||||||||||||||||||
(dollars in millions, except earnings per share) |
||||||||||||||||||||
(unaudited) |
||||||||||||||||||||
|
Fiscal Quarter Ended September 28, 2024 |
|||||||||||||||||||
|
SG&A |
|
% Net Sales |
|
Operating Income |
|
% Net Sales |
|
Income Taxes |
|
Net Income |
|
Diluted EPS |
|||||||
As reported (GAAP) |
$ |
284.7 |
|
37.5 |
% |
|
$ |
77.0 |
|
10.2 |
% |
|
$ |
12.4 |
|
$ |
58.3 |
|
$ |
1.62 |
Pension plan settlement (b) |
|
— |
|
|
|
|
— |
|
|
|
|
0.2 |
|
|
0.7 |
|
|
0.02 |
||
As adjusted (a) |
$ |
284.7 |
|
37.5 |
% |
|
$ |
77.0 |
|
10.2 |
% |
|
$ |
12.6 |
|
$ |
59.0 |
|
$ |
1.64 |
|
Three Fiscal Quarters Ended September 28, 2024 |
|||||||||||||||||||
|
SG&A |
|
% Net Sales |
|
Operating Income |
|
% Net Sales |
|
Income Taxes |
|
Net Income |
|
Diluted EPS |
|||||||
As reported (GAAP) |
$ |
797.6 |
|
40.2 |
% |
|
$ |
171.5 |
|
8.6 |
% |
|
$ |
31.0 |
|
$ |
124.0 |
|
$ |
3.41 |
Pension plan settlement (b) |
|
— |
|
|
|
|
— |
|
|
|
|
0.2 |
|
|
0.7 |
|
|
0.02 |
||
As adjusted (a) |
$ |
797.6 |
|
40.2 |
% |
|
$ |
171.5 |
|
8.6 |
% |
|
$ |
31.3 |
|
$ |
124.7 |
|
$ |
3.43 |
|
Fiscal Quarter Ended September 30, 2023 |
||||||||||||||||||||
|
SG&A |
|
% Net Sales |
|
Operating Income |
|
% Net Sales |
|
Income Taxes |
|
Net Income |
|
Diluted EPS |
||||||||
As reported (GAAP) |
$ |
288.7 |
|
|
36.5 |
% |
|
$ |
93.4 |
|
11.8 |
% |
|
$ |
19.2 |
|
$ |
66.1 |
|
$ |
1.78 |
Organizational restructuring (c) |
|
(2.9 |
) |
|
|
|
|
2.9 |
|
|
|
|
0.7 |
|
|
2.2 |
|
|
0.06 |
||
As adjusted (a) |
$ |
285.8 |
|
|
36.1 |
% |
|
$ |
96.3 |
|
12.2 |
% |
|
$ |
19.9 |
|
$ |
68.4 |
|
$ |
1.84 |
|
Three Fiscal Quarters Ended September 30, 2023 |
||||||||||||||||||||
|
SG&A |
|
% Net Sales |
|
Operating Income |
|
% Net Sales |
|
Income Taxes |
|
Net Income |
|
Diluted EPS |
||||||||
As reported (GAAP) |
$ |
807.0 |
|
|
38.7 |
% |
|
$ |
187.3 |
|
9.0 |
% |
|
$ |
38.3 |
|
$ |
126.0 |
|
$ |
3.36 |
Organizational restructuring (c) |
|
(4.4 |
) |
|
|
|
|
4.4 |
|
|
|
|
1.0 |
|
|
3.4 |
|
|
0.09 |
||
As adjusted (a) |
$ |
802.6 |
|
|
38.4 |
% |
|
$ |
191.8 |
|
9.2 |
% |
|
$ |
39.3 |
|
$ |
129.4 |
|
$ |
3.45 |
|
Fiscal Quarter Ended December 30, 2023 |
|||||||||||||||||||||||
|
|
SG&A |
|
% Net Sales |
|
Operating Income |
|
% Net Sales |
|
Income Taxes |
|
Net Income |
|
Diluted EPS |
||||||||||
As reported (GAAP) |
|
$ |
287.0 |
|
33.4 |
% |
|
$ |
136.1 |
|
15.9 |
% |
|
$ |
31.4 |
|
|
$ |
106.5 |
|
|
$ |
2.90 |
|
Benefit from credit card settlement (d) |
|
|
— |
|
|
|
|
— |
|
|
|
|
(1.7 |
) |
|
|
(5.3 |
) |
|
|
(0.14 |
) |
||
As adjusted (a) |
|
$ |
287.0 |
|
33.5 |
% |
|
$ |
136.0 |
|
15.9 |
% |
|
$ |
29.8 |
|
|
$ |
101.2 |
|
|
$ |
2.76 |
|
|
Fiscal Year Ended December 30, 2023 |
|||||||||||||||||||||||
|
SG&A |
|
% Net Sales |
|
Operating Income |
|
% Net Sales |
|
Income Taxes |
|
Net Income |
|
Diluted EPS |
|||||||||||
As reported (GAAP) |
$ |
1,093.9 |
|
|
37.1 |
% |
|
$ |
323.4 |
|
11.0 |
% |
|
$ |
69.7 |
|
|
$ |
232.5 |
|
|
$ |
6.24 |
|
Organizational restructuring (c) |
|
(4.4 |
) |
|
|
|
|
4.4 |
|
|
|
|
1.0 |
|
|
|
3.4 |
|
|
|
0.09 |
|
||
Benefit from credit card settlement (d) |
|
— |
|
|
|
|
|
— |
|
|
|
|
(1.7 |
) |
|
|
(5.3 |
) |
|
|
(0.14 |
) |
||
As adjusted (a) |
$ |
1,089.5 |
|
|
37.0 |
% |
|
$ |
327.8 |
|
11.1 |
% |
|
$ |
69.1 |
|
|
$ |
230.6 |
|
|
$ |
6.19 |
|
(a) |
In addition to the results provided in this earnings release in accordance with GAAP, the Company has provided adjusted, non-GAAP financial measurements that present SG&A, operating income, income tax, net income, and net income on a diluted share basis excluding the adjustments discussed above. The Company believes these adjustments provide a meaningful comparison of the Company’s results and afford investors a view of what management considers to be the Company's core performance. The adjusted, non-GAAP financial measurements included in this earnings release should not be considered as an alternative to net income or as any other measurement of performance derived in accordance with GAAP. The adjusted, non-GAAP financial measurements are presented for informational purposes only and are not necessarily indicative of the Company’s future condition or results of operations. |
|
(b) |
Non-cash charge for partial settlement of the OshKosh B’Gosh Pension Plan. |
|
(c) |
Net expenses related to organizational restructuring and related corporate office lease amendment actions. |
|
(d) |
Gain resulting from a court-approved settlement related to payment card interchange fees. |
|
Note: Results may not be additive due to rounding. |
||
CARTER’S, INC. |
|||||||||||||||
RECONCILIATION OF NET INCOME ALLOCABLE TO COMMON SHAREHOLDERS |
|||||||||||||||
(unaudited) |
|||||||||||||||
|
Fiscal Quarter
|
|
Three Fiscal
|
||||||||||||
|
September
|
|
September 30,
|
|
September 28,
|
|
September 30,
|
||||||||
Weighted-average number of common and common equivalent shares outstanding: |
|
|
|
|
|
|
|
||||||||
Basic number of common shares outstanding |
|
35,301,131 |
|
|
|
36,438,403 |
|
|
|
35,616,875 |
|
|
|
36,789,140 |
|
Dilutive effect of equity awards |
|
619 |
|
|
|
3,881 |
|
|
|
1,325 |
|
|
|
3,781 |
|
Diluted number of common and common equivalent shares outstanding |
|
35,301,750 |
|
|
|
36,442,284 |
|
|
|
35,618,200 |
|
|
|
36,792,921 |
|
As reported on a GAAP Basis: |
|
|
|
|
|
|
|
||||||||
(dollars in thousands, except per share data) |
|
|
|
|
|
|
|
||||||||
Basic net income per common share: |
|
|
|
|
|
|
|
||||||||
Net income |
$ |
58,320 |
|
|
$ |
66,127 |
|
|
$ |
123,992 |
|
|
$ |
125,990 |
|
Income allocated to participating securities |
|
(1,210 |
) |
|
|
(1,267 |
) |
|
|
(2,401 |
) |
|
|
(2,254 |
) |
Net income available to common shareholders |
$ |
57,110 |
|
|
$ |
64,860 |
|
|
$ |
121,591 |
|
|
$ |
123,736 |
|
Basic net income per common share |
$ |
1.62 |
|
|
$ |
1.78 |
|
|
$ |
3.41 |
|
|
$ |
3.36 |
|
Diluted net income per common share: |
|
|
|
|
|
|
|
||||||||
Net income |
$ |
58,320 |
|
|
$ |
66,127 |
|
|
$ |
123,992 |
|
|
$ |
125,990 |
|
Income allocated to participating securities |
|
(1,210 |
) |
|
|
(1,267 |
) |
|
|
(2,401 |
) |
|
|
(2,254 |
) |
Net income available to common shareholders |
$ |
57,110 |
|
|
$ |
64,860 |
|
|
$ |
121,591 |
|
|
$ |
123,736 |
|
Diluted net income per common share |
$ |
1.62 |
|
|
$ |
1.78 |
|
|
$ |
3.41 |
|
|
$ |
3.36 |
|
As adjusted (a): |
|
|
|
|
|
|
|
||||||||
Basic net income per common share: |
|
|
|
|
|
|
|
||||||||
Net income |
$ |
59,042 |
|
|
$ |
68,362 |
|
|
$ |
124,713 |
|
|
$ |
129,406 |
|
Income allocated to participating securities |
|
(1,226 |
) |
|
|
(1,311 |
) |
|
|
(2,416 |
) |
|
|
(2,319 |
) |
Net income available to common shareholders |
$ |
57,816 |
|
|
$ |
67,051 |
|
|
$ |
122,297 |
|
|
$ |
127,087 |
|
Basic net income per common share |
$ |
1.64 |
|
|
$ |
1.84 |
|
|
$ |
3.43 |
|
|
$ |
3.45 |
|
Diluted net income per common share: |
|
|
|
|
|
|
|
||||||||
Net income |
$ |
59,042 |
|
|
$ |
68,362 |
|
|
$ |
124,713 |
|
|
$ |
129,406 |
|
Income allocated to participating securities |
|
(1,226 |
) |
|
|
(1,311 |
) |
|
|
(2,416 |
) |
|
|
(2,318 |
) |
Net income available to common shareholders |
$ |
57,816 |
|
|
$ |
67,051 |
|
|
$ |
122,297 |
|
|
$ |
127,088 |
|
Diluted net income per common share |
$ |
1.64 |
|
|
$ |
1.84 |
|
|
$ |
3.43 |
|
|
$ |
3.45 |
|
(a) |
In addition to the results provided in this earnings release in accordance with GAAP, the Company has provided adjusted, non-GAAP financial measurements that present per share data excluding the adjustments discussed above. The Company has excluded |
|
Note: Results may not be additive due to rounding. |
||
RECONCILIATION OF |
||||||||||||||||||||
(dollars in millions) |
||||||||||||||||||||
(unaudited) |
||||||||||||||||||||
The following table provides a reconciliation of net income to EBITDA and Adjusted EBITDA for the periods indicated: |
||||||||||||||||||||
|
|
Fiscal Quarter Ended |
|
Three Fiscal Quarters Ended |
|
Four Fiscal Quarters Ended |
||||||||||||||
|
|
September 28, 2024 |
|
September 30, 2023 |
|
September 28, 2024 |
|
September 30, 2023 |
|
September 28, 2024 |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income |
|
$ |
58.3 |
|
|
$ |
66.1 |
|
|
$ |
124.0 |
|
|
$ |
126.0 |
|
|
$ |
230.5 |
|
Interest expense |
|
|
7.4 |
|
|
|
8.6 |
|
|
|
23.2 |
|
|
|
26.3 |
|
|
|
30.8 |
|
Interest income |
|
|
(2.4 |
) |
|
|
(1.1 |
) |
|
|
(8.6 |
) |
|
|
(2.8 |
) |
|
|
(10.7 |
) |
Income tax expense |
|
|
12.4 |
|
|
|
19.2 |
|
|
|
31.0 |
|
|
|
38.3 |
|
|
|
62.5 |
|
Depreciation and amortization |
|
|
14.4 |
|
|
|
16.0 |
|
|
|
43.7 |
|
|
|
48.6 |
|
|
|
59.2 |
|
EBITDA |
|
$ |
90.2 |
|
|
$ |
109.0 |
|
|
$ |
213.2 |
|
|
$ |
236.4 |
|
|
$ |
372.4 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjustments to EBITDA |
|
|
|
|
|
|
|
|
|
|
||||||||||
Pension plan settlement (a) |
|
$ |
0.9 |
|
|
$ |
— |
|
|
$ |
0.9 |
|
|
$ |
— |
|
|
$ |
0.9 |
|
Organizational restructuring (b) |
|
|
— |
|
|
|
2.9 |
|
|
|
— |
|
|
|
4.4 |
|
|
|
— |
|
Benefit from credit card settlement (c) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(6.9 |
) |
Total adjustments |
|
|
0.9 |
|
|
|
2.9 |
|
|
|
0.9 |
|
|
|
4.4 |
|
|
|
(6.0 |
) |
Adjusted EBITDA |
|
$ |
91.1 |
|
|
$ |
111.8 |
|
|
$ |
214.2 |
|
|
$ |
240.9 |
|
|
$ |
366.4 |
|
a. |
Non-cash charge for partial settlement of the OshKosh B’Gosh Pension Plan. |
|
b. |
Net expenses related to organizational restructuring and related corporate office lease amendment actions. |
|
c. |
Gain resulting from a court-approved settlement related to payment card interchange fees. |
|
| Note: Results may not be additive due to rounding. | ||
EBITDA and Adjusted EBITDA are supplemental financial measures that are not defined or prepared in accordance with GAAP. We define EBITDA as net income before interest, income taxes, and depreciation and amortization. Adjusted EBITDA is EBITDA adjusted for the items described in footnotes (a) - (c) to the table above.
We present EBITDA and Adjusted EBITDA because we consider them important supplemental measures of our performance and believe they are frequently used by securities analysts, investors, and other interested parties in the evaluation of companies in our industry. These measures also afford investors a view of what management considers to be the Company's core performance.
The use of EBITDA and Adjusted EBITDA instead of net income or cash flows from operations has limitations as an analytical tool, and you should not consider them in isolation, or as a substitute for analysis of our results as reported under GAAP. EBITDA and Adjusted EBITDA do not represent net income or cash flow from operations as those terms are defined by GAAP and do not necessarily indicate whether cash flows will be sufficient to fund cash needs. While EBITDA, Adjusted EBITDA and similar measures are frequently used as measures of operations and the ability to meet debt service requirements, these terms are not necessarily comparable to other similarly titled captions of other companies due to the potential inconsistencies in the method of calculation. EBITDA and Adjusted EBITDA do not reflect the impact of earnings or charges resulting from matters that we consider not to be indicative of our ongoing operations. Because of these limitations, EBITDA and Adjusted EBITDA should not be considered as discretionary cash available to us for working capital, debt service and other purposes.
RECONCILIATION OF |
||||||||||||||||||
(dollars in millions) |
||||||||||||||||||
(unaudited) |
||||||||||||||||||
The table below reflects the calculation of constant currency net sales on a consolidated and International segment basis for the fiscal quarter and three fiscal quarters ended September 28, 2024: |
||||||||||||||||||
|
Fiscal Quarter Ended |
|||||||||||||||||
|
Reported Net Sales
|
|
Impact of Foreign Currency Translation |
|
Constant-Currency Net Sales
|
|
Reported Net Sales
|
|
Reported Net Sales % Change |
|
Constant-Currency Net Sales % Change |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Consolidated net sales |
$ |
758.5 |
|
$ |
(3.1 |
) |
|
$ |
761.5 |
|
$ |
791.7 |
|
(4.2 |
)% |
|
(3.8 |
)% |
International segment net sales |
$ |
106.5 |
|
$ |
(3.1 |
) |
|
$ |
109.6 |
|
$ |
116.5 |
|
(8.6 |
)% |
|
(6.0 |
)% |
|
Three Fiscal Quarters Ended |
|||||||||||||||||
|
Reported Net Sales
|
|
Impact of Foreign Currency Translation |
|
Constant-Currency Net Sales
|
|
Reported Net Sales
|
|
Reported Net Sales % Change |
|
Constant-Currency Net Sales % Change |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Consolidated net sales |
$ |
1,984.4 |
|
$ |
(1.5 |
) |
|
$ |
1,985.9 |
|
$ |
2,087.7 |
|
(4.9 |
)% |
|
(4.9 |
)% |
International segment net sales |
$ |
277.5 |
|
$ |
(1.5 |
) |
|
$ |
279.0 |
|
$ |
298.6 |
|
(7.1 |
)% |
|
(6.5 |
)% |
Note: Results may not be additive due to rounding. |
||||||||||||||||||
The Company evaluates its net sales on both an “as reported” and a “constant currency” basis. The constant currency presentation, which is a non-GAAP measure, excludes the impact of fluctuations in foreign currency exchange rates that occurred between the comparative periods. Constant currency net sales results are calculated by translating current period net sales in local currency to the
View source version on businesswire.com: https://www.businesswire.com/news/home/20241024842746/en/
Sean McHugh
Vice President & Treasurer
(678) 791-7615
Source: Carter’s, Inc
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