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Carter’s Q2 Earnings Miss Estimates

Carter’s Inc (NYSE:CRI) reported a second-quarter FY22 sales decline of 6.1% year-on-year to $700.7 million, missing the consensus of $744.31 million.…
byShivani Kumaresan
July 29, 2022
1 minute read
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  • Carter’s Inc (NYSE:CRI) reported a second-quarter FY22 sales decline of 6.1% year-on-year to $700.7 million, missing the consensus of $744.31 million.
  • The U.S. retail sales fell 11% Y/Y, U.S. wholesale shed 3%, and the international segment sales grew 7%.
  • The gross profit decreased 10.2% Y/Y to $331.2 million with a profit margin of 47.3%.
  • The adjusted operating margin decreased 400 basis points to 10.8%, and adjusted operating income for the quarter fell 31.7% to $75.4 million.
  • The company held $231.3 million in cash and equivalents as of July 2, 2022.
  • Adjusted EPS of $1.30 missed the analyst consensus of $1.61.
  • Outlook: Carter sees FY22 sales of $3.25 billion – $3.30 billion, below the consensus of $3.52 billion.
  • The company expects FY22 adjusted EPS of $7.10 – $7.60 versus the consensus of $8.23.
  • For Q3, it expects sales of $850 million – $865 million, below the Street view of $910.98 million. Adjusted EPS of $1.50 – $1.70, against the consensus of $2.17.
  • Price Action: CRI shares are trading higher by 0.27% at $81.56 on the last check Friday.
 
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