- Carter’s Inc (NYSE:CRI) reported a third-quarter FY22 sales decline of 8.1% year-on-year to $818.6 million, missing the consensus of $853.58 million.
- Lower sales were driven by declines in the U.S. Retail, International, and U.S. Wholesale sales of 12.3%, 6.7%, and 1.9%, respectively. U.S. Retail comparable net sales declined by 11%.
- The gross profit decreased 9.4% Y/Y to $370.5 million, with a profit margin of 45.3%.
- The adjusted operating margin decreased 270 basis points to 11.2%, and adjusted operating income for the quarter fell 26.1% to $91.6 million.
- The company held $121.65 million in cash and equivalents as of October 1, 2022.
- Adjusted EPS of $1.67 missed the analyst consensus of $1.70.
- “Historic and persistent inflation has continued to weigh on demand for our brands, and is adversely affecting many families raising young children,” said Chairman and CEO Michael D. Casey.
- Outlook: Carter sees FY22 sales of $3.145 billion – $3.185 billion (prior view $3.25 billion – $3.30 billion), below the consensus of $3.29 billion.
- The company expects FY22 adjusted EPS of $6.05 – $6.65 (previous view $7.10 – $7.60) versus the consensus of $7.18.
- For Q4, it expects sales of $845 million – $885 million, below the Street view of $963.82 million. Adjusted EPS of $1.40 – $2.00, against the consensus of $2.56.
- Price Action: CRI shares are trading lower by 6.53% at $68.76 on the last check Friday.
What’s Going On With Virgin Galactic (SPCE) Stock Tuesday?
Virgin Galactic Holdings, Inc. (NYSE: SPCE) shares are trading higher on Tuesday on continued momentum from last week when the company announced the dates for its first commercial spaceflight.
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