Carter's Tops Third-Quarter Earnings and Revenue Expectations

Published 2 hours agoCRI

Carter's Tops Third-Quarter Earnings and Revenue Expectations

Carter's, Inc. has reported its fiscal 2024 third-quarter financial results, showing a non-GAAP adjusted diluted earnings per share (EPS) of $1.64. This figure surpasses analyst expectations by $0.14, as reported by the company's own update. Additionally, the company's net sales reached $758 million, outperforming the anticipated $751.41 million by approximately $6.59 million.

Despite surpassing earnings and revenue forecasts, Carter's recorded a decline in operating income. Operating income fell to $77 million, marking a 17.5% decrease from $93.4 million in the same quarter last year. The operating margin also experienced a drop, landing at 10.2%, down from 11.8% a year prior. Nonetheless, Carter's continued to prioritize returns to shareholders, distributing $138 million through dividends and share repurchases over the first three quarters of the fiscal year.

Looking ahead, Carter's reaffirmed its net sales guidance for fiscal year 2024, projecting between $2.785 billion and $2.825 billion. The company also provided an outlook for adjusted operating income, expecting it to be between $240 million and $260 million, with a raised projection for adjusted diluted EPS at $4.70 to $5.15. According to Carter's, strategic investments in pricing, marketing, and enhanced shopping experiences have been pivotal to boosting sales performance.

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