Carter’s, a marketer of apparels for babies and young children, posted 11.7 per cent sales decline to $654.4 million in first quarter (Q1) FY20 ended on March 28, 2020 compared to sales of $741.0 million in same period prior year. Company reported operating loss of $78.5 million during the quarter compared to operating income of $60.8 million in Q1 FY19.
Carter's, a marketer of apparels for babies and young children, posted 11.7 per cent sales decline to $654.4 million in first quarter (Q1) FY20 ended on March 28, 2020 compared to sales of $741.0 million in same period prior year. Company reported operating loss of $78.5 million during the quarter compared to operating income of $60.8 million in Q1 FY19.#
“Through early March, our sales and earnings were in line with our growth objectives, and 2020 was forecasted to be another good year for Carter’s. In the second week of March, our sales began to decline as consumers reacted to the various media reports which heightened the awareness of significant risks related to Covid-19, and related precautions needed,” Michael Casey, chairman and chief executive officer.
Carter's, a marketer of apparels for babies and young children, posted 11.7 per cent sales decline to $654.4 million in first quarter (Q1) FY20 ended on March 28, 2020 compared to sales of $741.0 million in same period prior year. Company reported operating loss of $78.5 million during the quarter compared to operating income of $60.8 million in Q1 FY19.#
Gross profit for the quarter were $228.2 million (Q1 FY19: $315.8 million). Selling, general and administrative expenses were $269.8 million (Q1 FY19: $263.6 million). Net income reported a loss of $78.6 million compared to profit of $34.4 million in Q1 FY19.
Carter's, a marketer of apparels for babies and young children, posted 11.7 per cent sales decline to $654.4 million in first quarter (Q1) FY20 ended on March 28, 2020 compared to sales of $741.0 million in same period prior year. Company reported operating loss of $78.5 million during the quarter compared to operating income of $60.8 million in Q1 FY19.#
US retail segment sales decreased 14.9 per cent to $320.7 million reportedly due to store closures as precautionary measures in response to the Covid-19 pandemic, partially offset by an increase in e-commerce sales. In the first quarter the company opened three stores and closed five stores in the United States.
Carter's, a marketer of apparels for babies and young children, posted 11.7 per cent sales decline to $654.4 million in first quarter (Q1) FY20 ended on March 28, 2020 compared to sales of $741.0 million in same period prior year. Company reported operating loss of $78.5 million during the quarter compared to operating income of $60.8 million in Q1 FY19.#
US wholesale segment net sales decreased 8.4 per cent to $252.1 million, reflecting reduced demand due to the closure of certain wholesale customers’ stores as a result of Covid-19.
Carter's, a marketer of apparels for babies and young children, posted 11.7 per cent sales decline to $654.4 million in first quarter (Q1) FY20 ended on March 28, 2020 compared to sales of $741.0 million in same period prior year. Company reported operating loss of $78.5 million during the quarter compared to operating income of $60.8 million in Q1 FY19.#
International segment sales fell 7.9 per cent to $81.6 million reflecting a decrease in retail store sales in Canada driven by store closures and delayed wholesale shipments as a result of Covid-19. The company operated 198 retail stores in Canada and 43 retail stores in Mexico at the end of reported quarter.
Carter's, a marketer of apparels for babies and young children, posted 11.7 per cent sales decline to $654.4 million in first quarter (Q1) FY20 ended on March 28, 2020 compared to sales of $741.0 million in same period prior year. Company reported operating loss of $78.5 million during the quarter compared to operating income of $60.8 million in Q1 FY19.#
“Several states have begun to lift restrictions on store operations and stay-at-home orders. We plan to begin reopening some of our stores this week,” Casey said.
Carter's, a marketer of apparels for babies and young children, posted 11.7 per cent sales decline to $654.4 million in first quarter (Q1) FY20 ended on March 28, 2020 compared to sales of $741.0 million in same period prior year. Company reported operating loss of $78.5 million during the quarter compared to operating income of $60.8 million in Q1 FY19.#
As stores reopen in the balance of this year, we believe Carter’s will be well positioned to continue providing the best value and experience in young children’s apparel for many years to come.”
Fibre2Fashion News Desk (JL)
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