- Net sales $819 million
- Operating income $92 million
- Diluted earnings per share $1.67
- $331 million returned to shareholders through share repurchases and dividends year-to-date
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Outlook for the full year 2022:
- Net sales of approximately $3.145 to $3.185 billion
- Adjusted diluted earnings per share of approximately $6.05 to $6.65
Carters, Inc. CRINorth America’s largest branded marketer of apparel exclusively for babies and toddlers, today announced its results for the third quarter of fiscal 2022.
“Historical and sustained inflation continues to weigh on demand for our brands and is adversely affecting many families raising young children,” said Michael D. Casey, chairman and chief executive officer.
“A year ago, unprecedented government stimulus payments helped families with young children to help them recover from the pandemic. They benefited from access to vaccines and the easing of COVID restrictions. Many began to travel again to reconnect with family and friends was a time of optimism.
“By comparison, real wages are lower this year, gas and food prices remain high and many families are struggling to find baby formula given last year’s shortages, while profitability in 2021 has been impacted by inflation and ongoing supply chain delays.
“Our supply chain performance continued to improve in the third quarter, but on-time shipments are not yet back to pre-pandemic levels due to congestion in East Coast ports. There are signs that the global slowdown in consumer demand could lead to improved deliveries and lower product and transport costs from 2023.
“Carter’s has a long history of weathering market disruptions and emerging stronger from them. We are focused on mitigating the impact of current market conditions through inventory management, improved pricing realization and cost control.
“This is the first…
