Carter's, a US-based marketer of apparels for babies and young children, has posted 45 per cent sales increase to $746.4 million in its second quarter (Q2) of FY21 ended on July 3, 2021, which also exceeded pre-pandemic performance due to strong growth in all business segments. The company’s net income for Q2 rose to $71.6 million (Q2 FY20: $8.1 million).
Carter's, a US-based marketer of apparels for babies and young children, has posted 45 per cent sales increase to $746.4 million in its second quarter (Q2) of FY21 ended on July 3, 2021, which also exceeded pre-pandemic performance due to strong growth in all business segments. The company's net income for Q2 rose to $71.6 million (Q2 FY20: $8.1 million).#
“Our performance meaningfully exceeded our expectations and was driven, we believe, by the strength of our product offerings, more effective marketing, leaner inventories, and improved price realisation,” Michael Casey, chairman and chief executive officer at Carter’s, said in a press release.
Carter's, a US-based marketer of apparels for babies and young children, has posted 45 per cent sales increase to $746.4 million in its second quarter (Q2) of FY21 ended on July 3, 2021, which also exceeded pre-pandemic performance due to strong growth in all business segments. The company's net income for Q2 rose to $71.6 million (Q2 FY20: $8.1 million).#
The company’s gross profit for Q2 FY21 was $368.7 million ($235.5 million), and operating income expanded to $107.6 million ($20.9 million).
Carter's, a US-based marketer of apparels for babies and young children, has posted 45 per cent sales increase to $746.4 million in its second quarter (Q2) of FY21 ended on July 3, 2021, which also exceeded pre-pandemic performance due to strong growth in all business segments. The company's net income for Q2 rose to $71.6 million (Q2 FY20: $8.1 million).#
US retail segment’s sales surged to $423.6 million contributing 56.8 per cent to the net sales, whereas US wholesale sales were $231.6 million contributing 31.0 per cent to the net sales. Carter’s international sales during Q2 FY21 climbed to $91.1 million which was 12.2 per cent of the net sales.
Carter's, a US-based marketer of apparels for babies and young children, has posted 45 per cent sales increase to $746.4 million in its second quarter (Q2) of FY21 ended on July 3, 2021, which also exceeded pre-pandemic performance due to strong growth in all business segments. The company's net income for Q2 rose to $71.6 million (Q2 FY20: $8.1 million).#
According to the company, factors expected to benefit the company’s performance in the second half of FY21 include its market-leading product assortments, structural changes made during the pandemic, such as improved assortment productivity, inventory management and marketing effectiveness, and the benefit of government stimulus. Carter’s expects its FY21 sales to grow approximately 15 per cent.
Carter's, a US-based marketer of apparels for babies and young children, has posted 45 per cent sales increase to $746.4 million in its second quarter (Q2) of FY21 ended on July 3, 2021, which also exceeded pre-pandemic performance due to strong growth in all business segments. The company's net income for Q2 rose to $71.6 million (Q2 FY20: $8.1 million).#
“In the second half, we are also planning increased investments in e-commerce capabilities, technology, brand marketing, and employee compensation. We believe these investments, together with structural improvements we’ve made in our business over the past year, will enable us to further strengthen our market leadership position and continue to provide the best value and experience in young children’s apparel,” Casey concluded.
Fibre2Fashion News Desk (JL)
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