US-based children’s apparel manufacturer Carter’s has announced financial results for its first quarter fiscal 2017. During the quarter under review, net sales increased US $ 8.7 million, or 1.2 per cent, to US $ 732.8 million, reflecting growth in the company’s domestic retail and wholesale sales, which was partially offset by a decline in International sales.
“We achieved our sales and earnings objectives in the first quarter,” said Michael D. Casey, Chairman and Chief Executive Officer, adding, “Stronger than planned demand in our wholesale and e-commerce businesses helped to offset the effects of delayed tax refunds to families with young children and a later Easter holiday. We have seen a meaningful improvement in sales trends in April, driven by Easter holiday shopping, and expect good growth in sales and earnings in the balance of the year.”
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Operating income in the first quarter of fiscal 2017 decreased US $ 14.4 million, or 15.5 per cent, to US $ 78.6 million, compared to US $ 93.0 million in the first quarter of fiscal 2016. Net income in the first quarter of fiscal 2017 plunged US $ 7.3 million, or 13.6 per cent, to US $ 46.7 million, or US $ 0.95 per diluted share, compared to US $ 54.0 million, or US $ 1.04 per diluted share, in the first quarter of fiscal 2016.
Carter’s Inc. is the largest branded marketer in the US and Canada of apparels and related products exclusively for babies and young children. The company owns the Carter’s and OshKosh B’gosh brands, two of the most recognized brands in the marketplace.
