Carter's Inc. (NYSE: CRI) reported Friday that its fiscal third-quarter profit rose, citing shopper loyalty, according to Associated Press.
The baby and children's apparel retailer earned $49.4 million, or 84 cents per share, for the three months ended Sept. 27. That's up 53 percent from $32.4 million, or 55 cents, per share, a year earlier.
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The performance easily beat the 66 cents cents-per-share forecast of analysts surveyed by Thomson Reuters. These estimates typically exclude one-time items.
Sales grew 11 percent to $481.5 million from $434.9 million on increased revenue from its wholesale, retail and mass channel segments. Wall Street anticipated total sales of $451.1 million for the quarter.
Carter's said net sales for its namesake brand climbed 13 percent to $382 million, while net sales of its OshKosh B'Gosh brand rose 4 percent to $99.5 million.
Sales at stores open at least a year increased 6 percent in the quarter.
In its mass channel segment, sales of its Child of Mine brand to Wal-Mart Stores Inc. and Just One Year brand to Target Corp. grew 2 percent to $78.6 million as higher sales of Just One Year products were somewhat offset by lower sales of Child of Mine items.
The retailer anticipates fourth-quarter adjusted earnings of about 56 cents per share, which removes about 6 cents per share in expenses related to a recent accommodations review. Quarterly sales are expected to be comparable to a year ago, when revenue was $422 million.
For the full year, Carter's predicts adjusted profit of about $2.10 per share.
Analysts anticipate fourth-quarter earnings of 56 cents per share on sales of $436.5 million and full-year profit of $1.85 per share.
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