Carter’s, Inc. Reports Fourth Quarter and Fiscal Year 2024 Results

About this update from Carter's, Inc.

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(NYSE:CRI), the leading company in North America focused exclusively on apparel for babies and young children, today reported its fourth quarter and fiscal year 2024 results.","length":234,"tagName":"p"},{"type":"text","content":""Our product, pricing and promotional strategies in the fourth quarter drove a continued trend improvement in traffic, conversion and comparable sales in our U.S. Retail businesses," said Richard F. Westenberger, Interim Chief Executive Officer, Senior Executive Vice President, Chief Financial Officer & Chief Operating Officer. "We also saw strong demand for our exclusive brands in the wholesale channel and continued momentum in our retail businesses in Mexico and Canada.","length":495,"tagName":"p"},{"type":"text","content":""We achieved a 13.4% adjusted operating margin in the fourth quarter. Our profitability reflected planned investments in pricing, marketing and stores which contributed to a mid-single-digit increase in comparable retail sales over the key Black Friday selling period as well as improved customer acquisition and retention.","length":328,"tagName":"p"},{"type":"text","content":""In 2024, our business generated nearly $300 million of operating cash flow and we ended the year with over $1 billion in total liquidity. Our balance sheet, substantial liquidity and strong cash flow represent significant advantages for Carter’s, providing us with the flexibility and resources to manage through periods of uneven consumer demand such as we’ve experienced in recent years and to invest in growth opportunities.","length":433,"tagName":"p"},{"type":"text","content":""Several factors are expected to weigh on our profitability in 2025, including some residual lower pricing in the first half of the year, higher product costs and the restoration of more normalized variable compensation provisions. In 2025, we intend to rely less on pricing action and lean more into planned improvements in our merchandise assortments and a stronger overall inventory position, particularly in the more significant second half of the year.","length":462,"tagName":"p"},{"type":"readMore"},{"type":"text","content":""Over the past several months, with the assistance of outside industry experts, we have been conducting a comprehensive assessment of our business. This review has highlighted many strengths, including our brand assets, significant equity with consumers and the unique reach of our multi-channel business model. It has also identified a number of opportunities to improve the focus and appeal of our product offerings to capture new customer segments and market share going forward. Our ultimate objectives are to return Carter’s to consistent, profitable growth and to create value for our shareholders, which have historically been hallmarks of this Company’s performance over a long period of time.","length":706,"tagName":"p"},{"type":"text","content":""As previously announced, our Board of Directors has initiated a comprehensive search to identify a permanent Chief Executive Officer. We look forward to introducing our new leader when the search process is completed."","length":229,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"colspan":"1","rowspan":"1","style":"vertical-align:top;padding-left:0.0px;","val":[{"type":"text","content":" ___________________ ","length":19,"tagName":"p","attribs":{}},{"type":"text","content":" 1 Refer to "Business Outlook" section of this release for additional information regarding reconciliations of forward-looking non-GAAP financial measures.","length":164,"tagName":"p","attribs":{}}]}]}],"length":183},{"type":"text","content":" Adjustments to Reported GAAP Results ","length":36,"tagName":"p"},{"type":"text","content":"In addition to the results presented in this earnings release in accordance with GAAP, the Company has provided adjusted, non-GAAP financial measurements, as presented below. The Company believes these adjustments provide a meaningful comparison of the Company’s results and afford investors a view of what management considers to be the Company’s underlying performance. These measures are presented for informational purposes only. See "Reconciliation of Adjusted Results to GAAP" section of this release for additional disclosures and reconciliations regarding these non-GAAP financial measures.","length":608,"tagName":"p"},{"type":"text","content":"Fourth quarter fiscal 2024 results included a non-cash, pre-tax charge of $30.0 million related to the write down of the OshKosh tradename asset, reflecting lower projected sales and earnings for the OshKosh brand, and a pre-tax charge of $1.8 million related to organizational restructuring.","length":292,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"colspan":"1","rowspan":"1","style":"vertical-align:bottom;padding-left:0.0px;width:28%;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"colspan":"30","rowspan":"1","style":"vertical-align:bottom;padding-left:0.0px;border-bottom:solid black 1.0pt;","val":[{"type":"text","content":" Fourth Fiscal Quarter 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Results may not be additive due to rounding.","length":50,"tagName":"p","attribs":{}}]}]}],"length":2132},{"type":"text","content":" Consolidated Results ","length":20,"tagName":"p"},{"type":"text","content":"The discussion of results below is presented on an adjusted (non-GAAP) basis where noted.","length":89,"tagName":"p"},{"type":"text","content":" Fourth Quarter of Fiscal 2024 compared to Fourth Quarter of Fiscal 2023 ","length":71,"tagName":"p"},{"type":"text","content":"Net sales increased $1.8 million, or 0.2%, to $859.7 million, compared to $857.9 million in the fourth quarter of fiscal 2023, reflecting growth in our U.S. Wholesale segment that was offset by declines in our U.S. Retail and International business segments. Macroeconomic factors, including inflation and elevated interest rates, continued to weigh on families with young children and demand for our brands in the fourth quarter of fiscal 2024. U.S. Wholesale net sales increased 7.3%, in part due to favorable changes in timing of shipments to certain customers compared to the prior year period. U.S. Retail and International net sales declined 2.8% and 2.0%, respectively. U.S. Retail comparable net sales declined 3.4% which represented an improved trend from third quarter and first half results, in part due to targeted investments in price reductions and more compelling promotional events during the holiday shopping season. Changes in foreign currency exchange rates used for translation in the fourth quarter of fiscal 2024, as compared to the fourth quarter of fiscal 2023, had an unfavorable effect on consolidated net sales of approximately $5.9 million, or 0.7%.","length":1177,"tagName":"p"},{"type":"text","content":"Operating income decreased $52.9 million, or 38.9%, to $83.2 million, compared to $136.1 million in the fourth quarter of fiscal 2023. Operating margin decreased 620 basis points to 9.7%, reflecting the OshKosh tradename impairment, investments in pricing, marketing, and stores, higher inbound freight rates, and increased charitable contributions, partially offset by lower product costs and performance-based compensation expense.","length":433,"tagName":"p"},{"type":"text","content":"Adjusted operating income (a non-GAAP measure) decreased $21.0 million, or 15.4%, to $115.0 million, compared to $136.0 million in the fourth quarter of fiscal 2023. Adjusted operating margin decreased 250 basis points to 13.4%, reflecting investments in pricing, marketing, and stores, higher inbound freight rates, and increased charitable contributions, partially offset by lower product costs and performance-based compensation expense.","length":440,"tagName":"p"},{"type":"text","content":"Net income decreased $45.0 million, or 42.2%, to $61.5 million, compared to $106.5 million in the fourth quarter of fiscal 2023. Diluted earnings per share decreased 41.0% to $1.71, compared to $2.90 in the prior year period.","length":225,"tagName":"p"},{"type":"text","content":"Adjusted net income (a non-GAAP measure) decreased $15.3 million, or 15.1%, to $85.9 million, compared to $101.2 million in the fourth quarter of fiscal 2023. Adjusted diluted earnings per share (a non-GAAP measure) decreased 13.4% to $2.39, compared to $2.76 in the fourth quarter of fiscal 2023.","length":297,"tagName":"p"},{"type":"text","content":" Fiscal Year 2024 compared to Fiscal Year 2023 ","length":45,"tagName":"p"},{"type":"text","content":"Consolidated net sales decreased $101.5 million, or 3.4%, to $2.84 billion, compared to $2.95 billion in fiscal 2023, reflecting declines in our U.S. Retail and International segments that were partially offset by growth in the U.S. Wholesale segment. Macroeconomic factors, including inflation and elevated interest rates, continued to weigh on families with young children and demand for our brands in 2024. U.S. Retail and International net sales declined 5.6%, and 5.5%, respectively, while U.S. Wholesale net sales grew 0.7%. U.S. Retail comparable net sales declined 6.9%. Changes in foreign currency exchange rates used for translation in fiscal 2024, as compared to fiscal 2023, had an unfavorable effect on consolidated net sales of approximately $7.4 million, or 0.3%.","length":778,"tagName":"p"},{"type":"text","content":"Operating income in fiscal 2024 decreased $68.7 million, or 21.2%, to $254.7 million, compared to $323.4 million in fiscal 2023. Operating margin decreased 200 basis points to 9.0%, reflecting the OshKosh tradename impairment, fixed cost deleverage on lower sales, and investments in pricing, marketing, and retail stores, partially offset by lower inbound freight and product costs, lower performance-based compensation provisions, and lower consulting fees.","length":459,"tagName":"p"},{"type":"text","content":"Adjusted operating income (a non-GAAP measure) decreased $41.3 million, or 12.6% to $286.6 million, compared to $327.8 million in fiscal 2023. Adjusted operating margin decreased 100 basis points to 10.1%, reflecting fixed cost deleverage on lower sales and investments in pricing, marketing, and retail stores, partially offset by lower inbound freight and product costs, lower performance-based compensation provisions, and lower consulting fees.","length":448,"tagName":"p"},{"type":"text","content":"Net income in fiscal 2024 decreased $47.0 million, or 20.2%, to $185.5 million, compared to $232.5 million in fiscal 2023. Diluted earnings per share decreased 18.0% to $5.12, compared to $6.24 in fiscal 2023.","length":209,"tagName":"p"},{"type":"text","content":"Adjusted net income (a non-GAAP measure) decreased $20.0 million, or 8.7%, to $210.7 million compared to $230.6 million in fiscal 2023. Adjusted earnings per diluted share (a non-GAAP measure) decreased 6.1% to $5.81, compared to $6.19 in fiscal 2023.","length":251,"tagName":"p"},{"type":"text","content":"Net cash provided by operations in fiscal 2024 was $298.8 million compared to $529.1 million in fiscal 2023. The change in net cash provided by operating activities was primarily driven by lower net income and a more significant reduction in inventory in fiscal 2023 than in 2024.","length":280,"tagName":"p"},{"type":"text","content":"See the "Reconciliation of Adjusted Results to GAAP" section of this release for additional disclosures regarding non-GAAP measures.","length":142,"tagName":"p"},{"type":"text","content":" Liquidity and Financial Position ","length":32,"tagName":"p"},{"type":"text","content":"The Company’s total liquidity at the end of fiscal 2024 was $1.3 billion, comprised of cash and cash equivalents of $413 million and $845 million in unused borrowing capacity under the Company’s $850 million secured revolving credit facility.","length":242,"tagName":"p"},{"type":"text","content":" Return of Capital ","length":17,"tagName":"p"},{"type":"text","content":"In the fourth quarter of fiscal 2024, the Company returned $28.8 million to shareholders through cash dividends. In fiscal 2024, the Company returned a total of $166.7 million to shareholders through cash dividends and share repurchases, as described below.","length":257,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":" Dividends: During the fourth quarter of fiscal 2024, the Company paid a cash dividend of $0.80 per common share totaling $28.8 million. In fiscal 2024, the Company paid quarterly cash dividends of $0.80 per common share each quarter totaling $116.2 million.","length":257,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":" Share repurchases: No shares were repurchased in the fourth quarter of fiscal 2024. During fiscal 2024, the Company repurchased and retired approximately 0.7 m...

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