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Published
Feb 25, 2010
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Carter's fourth quarter beats estimates, sees growth in 2010

By
Reuters
Published
Feb 25, 2010

Feb 25 (Reuters) - Children's clothing company Carter's Inc (CRI.N) posted a fourth-quarter profit that topped estimates, helped by strong performance in its namesake division.

Carter's Inc
Carter's Kids' Wear (www.carters.com)

The company also said it expects sales to rise 5 percent in fiscal 2010, while adjusted earnings are expected to rise 10 percent.

For the latest fourth quarter, the company earned $33.0 million, or 56 cents a share, compared with $27.5 million, or 47 cents a share, last year.

Excluding charges, the company earned 61 cents a share, while analysts, on average, were expecting a profit of 56 cents a share, according to Thomson Reuters I/B/E/S.

Net sales increased $2.6 million to $424.7 million, driven by a 3 percent rise in its retail division.

However, mass channel sales decreased 5.3 percent, partly hurt by Wal-Mart Stores' (WMT.N) decision to cut back floor space allocation to Carter's Child of Mine brand.

Shares of the company had closed at $28.50 Wednesday 24 February on the New York Stock Exchange. (Reporting by Nivedita Bhattacharjee in Bangalore; Editing by Aradhana Aravindan)

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