Carter's, Inc.(NYSE:CRI) began the week on a sharp downturn , as the largest branded marketer in North America of apparel exclusively for babies and young children, today reported its fourth-quarter and fiscal 2019 results.
The Atlanta-based company posted fourth quarter net sales came in at $1.1 billion, growth of 1.3%. Diluted EPS were $2.82; adjusted diluted EPS were $2.81, making for a decline of 1.1%
Full-year fiscal 2019 net sales hit $3.5 billion, amounting to growth of 1.6%. Diluted EPS of $5.85; adjusted diluted EPS $6.46, growth of 2.7%
Said CEO Michael Casey, "We achieved our fourth quarter sales objective with growth driven by our retail and international businesses.
"During the November and December holiday period, we saw good demand for our brands with comparable retail sales up over 2%. Profitability in the quarter was lower than last year, and reflects continued investments in our business and higher inventory-related costs.
"For the year, Carter’s is reporting a record level of sales, earnings and cash flow, and its 31st consecutive year of sales growth. In 2019, Carter’s strengthened its leading share of the $27 billion U.S. young children’s apparel market. Our growth was driven by the success of our exclusive brands designed for the largest retailers of young children’s apparel in North America, and stronger omni-channel capabilities in our direct-to-consumer business."
Cash flow from operations in fiscal 2019 was $387.2 million compared to $356.2 million in fiscal 2018. The increase primarily reflected changes in net working capital.
CRI lost $15.73, or 14.2%, to $95.00
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