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Carter's, Inc. Reports Second Quarter Fiscal 2013 Results

Stocks in this article: CRI

Carter’s, Inc. (NYSE:CRI), the largest branded marketer in the United States of apparel exclusively for babies and young children, today reported its second quarter fiscal 2013 results.

“Our second quarter results reflect strong sales growth driven by our Carter's brand retail stores, and our eCommerce and International operations,” said Michael D. Casey, Chairman and Chief Executive Officer. “We've made good progress with our growth initiatives in the first half of this year, which include consolidating our operations in Atlanta, improving our supply chain capabilities, integrating our operations in Japan, and strengthening our information systems. We believe these initiatives will help enable the long term growth we envision for our business. We continue to expect good growth in sales and earnings this year.”

Second Quarter of Fiscal 2013 compared to Second Quarter of Fiscal 2012

Consolidated net sales increased $45.7 million, or 9.7%, to $517.9 million. Net domestic sales of the Company’s Carter’s brands increased $32.3 million, or 8.9%, to $396.1 million. Net domestic sales of the Company’s OshKosh B’gosh brand decreased $3.4 million, or 4.7%, to $67.7 million. Net international sales increased $16.8 million, or 44.9%, to $54.0 million.

Operating income in the second quarter of fiscal 2013 was $32.7 million, a decrease of $1.7 million, or 4.9%, from $34.4 million in the second quarter of fiscal 2012. Second quarter fiscal 2013 pre-tax income includes approximately $12.1 million in costs incurred in connection with the office consolidation, the revaluation of contingent consideration associated with the acquisition of Bonnie Togs in 2011, and amortization of recently acquired tradenames, which is detailed later in this release. Second quarter fiscal 2012 pre-tax income included expenses totaling approximately $1.8 million related to the previously-announced Hogansville, Georgia distribution center closure in 2013 and revaluation of the Bonnie Togs contingent consideration. The Hogansville facility is expected to close by the end of fiscal 2013. Excluding the facility consolidation and closure-related costs and acquisition-related expenses noted above, adjusted operating income in the second quarter of fiscal 2013 increased $8.6 million, or 23.8%, to $44.9 million. This compares to adjusted operating income of $36.2 million in the second quarter of fiscal 2012.

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