Carter’s, Inc. Reports Third Quarter Fiscal 2025 Results

About this update from Carter's, Inc.

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(NYSE:CRI), North America’s largest and most-enduring apparel company exclusively for babies and young children, today reported its third quarter fiscal 2025 results.","length":225,"tagName":"p"},{"type":"text","content":""Our third quarter performance reflected continued improvement in U.S. Retail business demand as we achieved positive comparable sales and improved pricing for the second consecutive quarter," said Douglas C. Palladini, Chief Executive Officer & President. "However, elevated product costs, in part due to the impact of higher tariffs, as well as additional investment, weighed meaningfully on our profitability.","length":431,"tagName":"p"},{"type":"text","content":""While we are steadying our business in 2025, there’s still meaningful work to do for Carter’s to unlock its full potential in terms of exceeding both consumer and shareholder expectations. Our team is acting decisively to improve the Company’s financial performance: Today we are announcing a significant acceleration of our productivity agenda. We are pursuing several initiatives, including closing low-margin retail stores, right-sizing our organization, and honing product choices, which we believe will generate significant savings, improve overall cost structure, and provide investment capacity as we establish the foundation to return to consistent, profitable growth going forward. In light of the difficult decisions being made to improve our performance, the Board of Directors and I have also decided to reduce our 2026 compensation.","length":851,"tagName":"p"},{"type":"text","content":""Our multi-channel business model affords Carter’s brands unparalleled availability and awareness, and deep consumer trust built over our 160-year legacy enables our position as the young children’s apparel market leader. I’m confident our new product, marketing, and consumer experience initiatives, which have begun to bear fruit, will further strengthen our market position in the years ahead."","length":407,"tagName":"p"},{"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 non-GAAP financial measurements 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":628,"tagName":"p"},{"type":"readMore"},{"type":"text","content":"Third quarter and first three quarters of fiscal 2025 results included expenses related to organizational restructuring initiatives, operating model improvement costs, leadership transition costs, a non-cash charge for settlement of the OshKosh B’Gosh Pension Plan, and a tax charge associated with the termination of the Company’s deferred compensation plan. Adjustments made to the third quarter and first three quarters of fiscal 2024 results reflect a non-cash charge for a partial settlement of the OshKosh B’Gosh Pension Plan.","length":532,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"colspan":"1","rowspan":"1","style":"vertical-align:bottom;width:28%;padding-left:5.0px;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"colspan":"24","rowspan":"1","style":"vertical-align:bottom;border-bottom:solid black 1.0pt;padding-left:0.0px;text-align:center;list-style-position:inside;","val":[{"type":"text","content":" Third Fiscal Quarter ","length":20,"tagName":"p","attribs":{}}]}]},{"val":[{"colspan":"1","rowspan":"1","style":"vertical-align:bottom;width:28%;padding-left:5.0px;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"colspan":"11","rowspan":"1","style":"vertical-align:bottom;border-bottom:solid black 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","length":50,"tagName":"p","attribs":{}}]}]}],"length":1189},{"type":"text","content":" Consolidated Results ","length":20,"tagName":"p"},{"type":"text","content":" Third Quarter of Fiscal 2025 compared to Third Quarter of Fiscal 2024 ","length":69,"tagName":"p"},{"type":"text","content":"Net sales decreased $0.6 million, or 0.1%, to $757.8 million, compared to $758.5 million in the third quarter of fiscal 2024, reflecting lower U.S. Wholesale segment sales, partially offset by growth in U.S. Retail and International segment sales. U.S. Retail and International segment net sales increased 2.6% and 4.9%, respectively, while U.S. Wholesale segment net sales decreased 5.1%. U.S. Retail comparable net sales increased 2.0%. Changes in foreign currency exchange rates in the third quarter of fiscal 2025, as compared to the third quarter of fiscal 2024, had a negligible effect on consolidated net sales.","length":618,"tagName":"p"},{"type":"text","content":"Operating income decreased $47.9 million, or 62.2% to $29.1 million, compared to $77.0 million in the third quarter of fiscal 2024. Operating margin decreased to 3.8%, compared to 10.2% in the prior year, reflecting higher tariff costs, investments in product make, lower unit volume, and investments in new stores, partially offset by higher pricing.","length":351,"tagName":"p"},{"type":"text","content":"Adjusted operating income (a non-GAAP measure) decreased $37.7 million, or 48.9% to $39.4 million, compared to $77.0 million in the third quarter of fiscal 2024. Adjusted operating margin decreased to 5.2%, compared to 10.2% in the prior year period, principally due to the factors described above.","length":298,"tagName":"p"},{"type":"text","content":"Net income was $11.6 million, or $0.32 per diluted share, compared to $58.3 million, or $1.62 per diluted share, in the third quarter of fiscal 2024. Third quarter fiscal 2025 net income included an $8.8 million ($6.7 million net of tax) non-cash charge for settlement of the OshKosh B’Gosh Pension Plan and a $0.8 million tax charge associated with the termination of a deferred compensation plan. Third quarter fiscal 2024 net income included a $0.7 million non-cash charge for a partial settlement of the OshKosh B’Gosh Pension Plan.","length":536,"tagName":"p"},{"type":"text","content":"Adjusted net income (a non-GAAP measure) was $26.8 million, compared to $59.0 million in the third quarter of fiscal 2024. Adjusted earnings per diluted share (a non-GAAP measure) was $0.74, compared to $1.64 in the prior-year quarter.","length":235,"tagName":"p"},{"type":"text","content":" First Three Quarters of Fiscal 2025 compared to First Three Quarters of Fiscal 2024 ","length":83,"tagName":"p"},{"type":"text","content":"Net sales decreased $11.4 million, or 0.6%, to $1.97 billion, compared to $1.98 billion in the first three quarters of 2024, reflecting lower U.S. Wholesale segment sales, partially offset by higher International and U.S. Retail segment sales. U.S. Wholesale segment net sales decreased 3.9%, while International and U.S. Retail segment net sales increased 4.4% and 0.6%, respectively. U.S. Retail comparable net sales declined 0.3%. Changes in foreign currency exchange rates in the first three quarters of fiscal 2025, as compared to the first three quarters of fiscal 2024, had an unfavorable effect on consolidated net sales of approximately $9.7 million, or 0.5%.","length":668,"tagName":"p"},{"type":"text","content":"Operating income decreased $112.3 million, or 65.5% to $59.2 million, compared to $171.5 million in the first three quarters of fiscal 2024. Operating margin decreased to 3.0%, compared to 8.6% in the prior year period, reflecting higher tariff costs, investments in product make, investments in new stores, operating model improvement costs, and increased performance-based compensation.","length":388,"tagName":"p"},{"type":"text","content":"Adjusted operating income (a non-GAAP measure) decreased $85.0 million, or 49.6% to $86.5 million, compared to $171.5 million in the first three quarters of fiscal 2024. Adjusted operating margin decreased to 4.4%, compared to 8.6% in the prior year period, principally due to higher tariff costs, investments in product make, investments in new stores, increased provisions for performance-based compensation, and unfavorable foreign currency exchange rates.","length":459,"tagName":"p"},{"type":"text","content":"Net income was $27.6 million, or $0.75 per diluted share, compared to $124.0 million, or $3.41 per diluted share, in the first three quarters of fiscal 2024. First three quarters fiscal 2025 net income included an $8.8 million ($6.7 million net of tax) non-cash charge for settlement of the OshKosh B’Gosh Pension Plan and a $0.8 million tax charge associated with the termination of a deferred compensation plan. First three quarters fiscal 2024 net income included a $0.7 million non-cash charge for a partial settlement of the OshKosh B’Gosh Pension Plan.","length":558,"tagName":"p"},{"type":"text","content":"Adjusted net income (a non-GAAP measure) was $56.9 million, compared to $124.7 million in the first three quarters of fiscal 2024. Adjusted earnings per diluted share (a non-GAAP measure) was $1.57, compared to adjusted earnings per diluted share of $3.43 in the first three quarters of fiscal 2024.","length":299,"tagName":"p"},{"type":"text","content":"Net cash used in operations in the first three quarters of fiscal 2025 was $136.3 million, compared to net cash provided by operations of $11.3 million in the first three quarters of fiscal 2024. The change in net cash from operating activities was primarily driven by lower earnings and higher inventory levels.","length":312,"tagName":"p"},{"type":"text","content":"See "Reconciliation of Adjusted Results to GAAP" sections of this release for additional disclosures regarding non-GAAP measures.","length":139,"tagName":"p"},{"type":"text","content":" Return of Capital ","length":17,"tagName":"p"},{"type":"text","content":"In the third quarter of fiscal 2025, the Company paid a cash dividend of $0.25 per common share totaling $9.1 million. In the first three quarters of fiscal 2025, the Company paid cash dividends totaling $47.2 million. No shares were repurchased in the first three quarters of fiscal 2025.","length":289,"tagName":"p"},{"type":"text","content":"The Company’s Board of Directors will evaluate future distributions of capital, including dividends and share repurchases, based on a number of factors, including business conditions, the Company’s future financial performance, investment priorities, and other considerations.","length":276,"tagName":"p"},{"type":"text","content":" Productivity Improvement Actions ","length":32,"tagName":"p"},{"type":"text","content":"As part of its ongoing transformation efforts, the Company has taken the following actions to right size its cost structure and improve productivity:","length":149,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":" Organizational restructuring : the Company plans to reduce its offices-based roles by approximately 300 positions, or 15%, by the end of 2025. The Company recorded a $6.1 million charge in its fiscal third quarter and expects to incur a $4 million to $5 million charge in the fourth quarter related to severance and outplacement services, to be paid in the first half of 2026. This action is expected to yield annualized savings of approximately $35 million beginning in 2026.","length":475,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":" Other SG&A reductions : the Company is targeting more than $10 million in annual spending reductions across a number of categories, with savings beginning in 2026.","length":166,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":" Store closures : the Company now plans to close approximately 150 stores at lease expiration in North America over the next three years, an increase from its previously-disclosed target of approximately 100 stores, with approximately 100 stores to be closed over the fiscal year 2025 and 2026 periods. The 150 stores collectively represent approximately $110 million in annual net sales on a last 12 months basis. When considering sales transfer to nearby Carter’s stores and online and the elimination of fixed store expenses, the net impact of the closures is expected to be accretive to the Company’s profitability.","length":617,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":1258,"olType":false},{"type":"text","content":"The Company plans to reinvest a portion of the productivity-related savings described above in high return, growth-driving initiatives, to include demand crea...

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