Carter's, a US-based marketer of apparels for babies and young children, has posted 14.1 per cent sales decrease to $3.0 billion during the complete fiscal 2020 that ended on January 2, 2021 compared to the sales of $3.5 billion in the previous fiscal. However, net income for the reported year slipped to $109.7 million (FY19: $263.8 million).
Carter's, a US-based marketer of apparels for babies and young children, has posted 14.1 per cent sales decrease to $3.0 billion during the complete fiscal 2020 that ended on January 2, 2021 compared to the sales of $3.5 billion in the previous fiscal. However, net income for the reported year slipped to $109.7 million (FY19: $263.8 million).#
Company’s sales decline reflected the temporary closure of stores and for many of the its stores in Canada and Mexico, and decreased sales to certain wholesale customers as a result of disruptions related to the Covid-19 pandemic. However, Carter's e-commerce sales in the US and Canada increased 30 per cent and 71 per cent, respectively during the year.
Carter's, a US-based marketer of apparels for babies and young children, has posted 14.1 per cent sales decrease to $3.0 billion during the complete fiscal 2020 that ended on January 2, 2021 compared to the sales of $3.5 billion in the previous fiscal. However, net income for the reported year slipped to $109.7 million (FY19: $263.8 million).#
“Despite the ongoing pandemic-related challenges, we achieved our sales and earnings objectives in the fourth quarter,” Michael D Casey, chairman and chief executive officer at Carter's, said in a press release. “The strength and growth of our e-commerce capabilities and exclusive brands sold through Amazon, Target and Walmart helped to mitigate the impact of lower traffic to our stores and demand from international customers.”
Carter's, a US-based marketer of apparels for babies and young children, has posted 14.1 per cent sales decrease to $3.0 billion during the complete fiscal 2020 that ended on January 2, 2021 compared to the sales of $3.5 billion in the previous fiscal. However, net income for the reported year slipped to $109.7 million (FY19: $263.8 million).#
Gross profit for the year was $1.3 billion ($1.5 billion). Selling, general and administrative expenses remained stagnant at $1.1 billion. Company’s operating income during FY20 fell $189.8 million ($371.8 million).
Carter's, a US-based marketer of apparels for babies and young children, has posted 14.1 per cent sales decrease to $3.0 billion during the complete fiscal 2020 that ended on January 2, 2021 compared to the sales of $3.5 billion in the previous fiscal. However, net income for the reported year slipped to $109.7 million (FY19: $263.8 million).#
“We’re projecting good growth in sales and profitability in 2021. The new year got off to a good start with the arrival of our Spring product offerings and the benefit from government stimulus payments to families with young children,” Casey said.
Fibre2Fashion News Desk (JL)