-
NET SALES INCREASED $27 MILLION, UP 8%
-
NET INCOME INCREASED $5 MILLION, UP 42%, INCLUDING $6 MILLION IN
AFTER-TAX RESTRUCTURING CHARGES
Carter’s, Inc. (NYSE:CRI), the largest branded marketer in the United
States of apparel exclusively for babies and young children, today
reported its first quarter 2009 results.
“The trends in our business continue to be favorable, despite a very
difficult retail market,” said Michael D. Casey, Chief Executive
Officer. "In this economy, consumers are more cautious with their
spending, and we believe that the compelling value and nature of our
product offerings, combined with the investments we have made in product
benefits, brand presentation, and retail store operations, give us a
competitive advantage.
“In addition, we have recently taken steps to improve our cost structure
in order to stay ahead of the risks inherent in this economy,” continued
Mr. Casey. “We are committed to improving the profitability of the
Company and believe these actions will contribute meaningfully to our
long-term growth objectives.”
First Quarter Highlights
Consolidated net sales increased 8.1% to $356.8 million. Net sales of
the Company’s Carter’s brands increased 6.1% to $283.6 million. Net
sales of the Company’s OshKosh brand increased 16.6% to $73.2 million.
Consolidated retail sales increased 17.6% to $153.8 million. Carter’s
retail segment sales increased 18.0% to $101.9 million, with comparable
store sales increasing 5.2%. OshKosh retail segment sales increased
16.8% to $51.8 million, with comparable store sales increasing 11.1%.
Consolidated retail operating income increased $11.5 million to $16.3
million. Increased sales, improved gross margin, and improved inventory
management contributed to the growth in earnings.
In the first quarter of fiscal 2009, the Company opened seven Carter’s
retail stores. As of the end of the first quarter, the Company operated
260 Carter’s and 165 OshKosh retail stores.
Carter’s wholesale sales increased 4.3% to $122.9 million due to strong
product sell-through performance. OshKosh wholesale sales increased
15.9% to $21.4 million due to timing of shipments.
The Company’s mass channel sales, which are comprised of sales of its Child
of Mine brand to Walmart and Just One Year brand to Target,
decreased 6.6% to $58.7 million due to timing of shipments.
The Company has announced a restructuring initiative comprised of a net
reduction of its corporate workforce of approximately 10%, including the
closure of its Oshkosh, Wisconsin facility; the closure of one of the
Company's three distributions centers; and a program to improve the
efficiency of retail store labor and benefits expenses. The Company has
also reduced discretionary spending, including implementing a wage
freeze and suspending the Company's matching contribution to its 401(k)
plan.
As a result of the workforce reduction and distribution facility
closure, the Company has recorded pre-tax charges of approximately $8.7
million related to severance, asset impairment, accelerated
depreciation, and other closure costs. The Company expects to incur
approximately $2.0 million of additional severance and accelerated
depreciation charges in the second quarter of fiscal 2009. The Company
expects to incur approximately $4.0 million of expenses throughout the
balance of 2009 related to recruiting, relocation, and retention costs
in order to consolidate certain functions currently managed in the
Company’s Oshkosh, Wisconsin facility into the Company’s other corporate
offices. Pre-tax annual savings resulting from the Company’s
restructuring activities are expected to be approximately $10.0 million.
Reported operating income in the first quarter of fiscal 2009 was $28.6
million, an increase of 39.0% from $20.6 million in the first quarter of
fiscal 2008. Excluding the effect of certain items in the current year,
which are detailed at the end of this release, adjusted operating income
increased 81.5% to $37.3 million, driven primarily by growth in earnings
from the Carter’s and OshKosh retail segments.
Reported net income increased 41.6% to $16.4 million, or $0.28 per
diluted share, compared to $11.6 million, or $0.19 per diluted share, in
the first quarter of fiscal 2008. Excluding the effect of certain items
in the current year, which are detailed at the end of this release,
adjusted net income for the first quarter of fiscal 2009 increased
89.2%, and adjusted diluted earnings per share increased 100% to $0.38
per diluted share.
A reconciliation of income as reported under accounting principles
generally accepted in the United States of America (“GAAP”) to income
adjusted for certain items is provided at the end of this release.
Cash flow from operations in the first quarter increased $4.4 million
over the first quarter of fiscal 2008 due primarily to increased
earnings.
Outlook
Due to earlier demand by wholesale and mass channel customers which
benefited the first quarter, second quarter sales are expected to be
flat to down low single digits compared to the second quarter of fiscal
2008. Excluding the effect of 2009 restructuring charges and the
executive retirement charges recorded in fiscal 2008, second quarter
adjusted earnings per share are expected to be down $0.07 to $0.10
compared to the second quarter of fiscal 2008.
For the second half of fiscal 2009, net sales are expected to be
comparable to the second half of fiscal 2008 due to an expected
reduction in mass channel sales, which will offset growth expected in
other segments of the business. Performance comparisons for the second
half of fiscal 2009 will be more challenging due to the sales growth
achieved in the second half of fiscal 2008. Excluding the asset
write-down recorded in the second half of fiscal 2008, low single digit
percentage growth in earnings per share is expected compared to the
second half of fiscal 2008, with earnings growth weighted to the fourth
quarter.
Conference Call
The Company will hold a conference call with investors to discuss first
quarter results on April 29, 2009 at 8:30 a.m. Eastern Time. To
participate in the call, please dial 913-312-1448. To listen to a live
broadcast of the call on the internet, please log on to www.carters.com
and select the “Q1 2009 Earnings Conference Call” link under the
“Investor Relations” tab. The conference call will be simultaneously
broadcast on the Company’s website at www.carters.com.
Presentation materials for the call can be accessed on the Company’s
website at www.carters.com
by selecting the “Conference Calls & Webcasts” link under the “Investor
Relations” tab. A replay of the call will be available shortly after the
broadcast through May 8, 2009, at 719-457-0820, passcode 4569492. The
replay will be archived on the Company’s website at the same location.
For more information on Carter’s, Inc., please visit www.carters.com.
Cautionary Language
Statements contained herein that relate to the Company’s future
performance, including, without limitation, statements with respect to
the Company’s anticipated results for fiscal 2009 or any other future
period, are forward-looking statements within the meaning of the safe
harbor provisions of the Private Securities Litigation Reform Act of
1995. Such statements are based on current expectations only, and are
subject to certain risks, uncertainties, and assumptions. Should one or
more of these risks or uncertainties materialize, or should underlying
assumptions prove incorrect, actual results may vary materially from
those anticipated, estimated, or projected. Factors that could cause
actual results to materially differ include: a decrease in sales to, or
the loss of one or more of, the Company’s key customers; increased
competition in the baby and young children’s apparel market; the
acceptance of the Company’s products in the marketplace; deflationary
pricing pressures; our dependence on foreign supply sources; failure of
our foreign supply sources to meet our quality standards or regulatory
requirements; negative publicity; leverage, which increases the
Company’s exposure to interest rate risk and could require the Company
to dedicate a substantial portion of it’s cash flow to repay debt
principal; an inability to access suitable financing due to the current
economic crisis; a continued decrease in the overall value of the United
States equity markets due to the current economic crisis; a continued
decrease in the overall level of consumer spending; changes in consumer
preference and fashion trends; the impact of governmental regulations
and environmental risks applicable to the Company’s business; the breach
of the Company’s consumer databases; the ability of the Company to
adequately forecast demand, which could create significant levels of
excess inventory; the ability of the Company to identify new retail
store locations, and negotiate appropriate lease terms for the retail
stores; the ability to attract and retain key individuals within the
organization; failure to realize the revenue growth and earnings
forecasts of OshKosh B’Gosh, Inc., which could further impact the
carrying value of the Company’s intangible assets; and seasonal
fluctuations in the children’s apparel business. Many of these risks are
further described in the most recently filed Annual Report on Form 10-K
and other reports filed with the Securities and Exchange Commission
under the headings “Risk Factors” and “Forward-Looking Statements.” The
Company undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events, or otherwise.
|
CARTER’S, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(dollars in thousands, except for share data)
(unaudited)
|
|
|
|
|
|
Three-month periods ended
|
|
|
April 4,
2009
|
|
March 29,
2008
|
|
Net sales:
|
|
|
|
|
|
|
|
|
|
Carter’s:
|
|
|
|
|
Wholesale
|
$
|
122,897
|
|
|
$
|
117,832
|
|
|
Retail
|
|
101,930
|
|
|
|
86,402
|
|
|
Mass Channel
|
|
58,745
|
|
|
|
62,924
|
|
|
Carter’s net sales
|
|
283,572
|
|
|
|
267,158
|
|
|
|
|
|
|
|
OshKosh:
|
|
|
|
|
Retail
|
|
51,828
|
|
|
|
44,365
|
|
|
Wholesale
|
|
21,387
|
|
|
|
18,449
|
|
|
OshKosh net sales
|
|
73,215
|
|
|
|
62,814
|
|
|
|
|
|
|
|
Total net sales
|
|
356,787
|
|
|
|
329,972
|
|
|
|
|
|
|
|
Cost of goods sold
|
|
229,440
|
|
|
|
225,057
|
|
|
Gross profit
|
|
127,347
|
|
|
|
104,915
|
|
|
Selling, general, and administrative expenses
|
|
99,130
|
|
|
|
92,276
|
|
|
Workforce reduction and facility closure costs
|
|
8,420
|
|
|
|
--
|
|
|
Royalty income
|
|
(8,762
|
)
|
|
|
(7,914
|
)
|
|
Operating income
|
|
28,559
|
|
|
|
20,553
|
|
|
Interest expense, net
|
|
3,175
|
|
|
|
4,520
|
|
|
Income before income taxes
|
|
25,384
|
|
|
|
16,033
|
|
|
Provision for income taxes
|
|
9,016
|
|
|
|
4,474
|
|
|
Net income
|
$
|
16,368
|
|
|
$
|
11,559
|
|
|
|
|
|
|
|
Basic net income per common share
|
$
|
0.29
|
|
|
$
|
0.20
|
|
|
|
|
|
|
|
Diluted net income per common share
|
$
|
0.28
|
|
|
$
|
0.19
|
|
|
|
|
|
|
|
Basic weighted-average number of shares outstanding
|
|
55,958,825
|
|
|
|
57,215,027
|
|
|
|
|
|
|
|
Diluted weighted-average number of shares outstanding
|
|
57,749,815
|
|
|
|
59,306,222
|
|
|
CARTER’S, INC.
BUSINESS SEGMENT RESULTS
(unaudited)
|
|
|
|
|
|
For the
three-month periods ended
|
|
(dollars in thousands)
|
April 4,
2009
|
|
% of
Total
|
|
March 29,
2008
|
|
% of
Total
|
|
|
|
|
|
|
|
|
|
|
Net sales:
|
|
|
|
|
|
|
|
|
Carter’s:
|
|
|
|
|
|
|
|
|
Wholesale
|
$
|
122,897
|
|
|
34.4
|
%
|
|
$
|
117,832
|
|
|
35.7
|
%
|
|
Retail
|
|
101,930
|
|
|
28.6
|
%
|
|
|
86,402
|
|
|
26.2
|
%
|
|
Mass Channel
|
|
58,745
|
|
|
16.5
|
%
|
|
|
62,924
|
|
|
19.1
|
%
|
|
Carter’s net sales
|
|
283,572
|
|
|
79.5
|
%
|
|
|
267,158
|
|
|
81.0
|
%
|
|
|
|
|
|
|
|
|
|
|
OshKosh:
|
|
|
|
|
|
|
|
|
Retail
|
|
51,828
|
|
|
14.5
|
%
|
|
|
44,365
|
|
|
13.4
|
%
|
|
Wholesale
|
|
21,387
|
|
|
6.0
|
%
|
|
|
18,449
|
|
|
5.6
|
%
|
|
OshKosh net sales
|
|
73,215
|
|
|
20.5
|
%
|
|
|
62,814
|
|
|
19.0
|
%
|
|
|
|
|
|
|
|
|
|
|
Total net sales
|
$
|
356,787
|
|
|
100.0
|
%
|
|
$
|
329,972
|
|
|
100.0
|
%
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss):
|
|
|
% of
segment
net sales
|
|
|
|
% of
segment
net sales
|
|
Carter’s:
|
|
|
|
|
|
|
|
|
Wholesale
|
$
|
24,179
|
|
|
19.7
|
%
|
|
$
|
21,559
|
|
|
18.3
|
%
|
|
Retail
|
|
16,588
|
|
|
16.3
|
%
|
|
|
11,442
|
|
|
13.2
|
%
|
|
Mass Channel
|
|
8,035
|
|
|
13.7
|
%
|
|
|
6,742
|
|
|
10.7
|
%
|
|
|
|
|
|
|
|
|
|
|
Carter’s operating income
|
|
48,802
|
|
|
17.2
|
%
|
|
|
39,743
|
|
|
14.9
|
%
|
|
|
|
|
|
|
|
|
|
|
OshKosh:
|
|
|
|
|
|
|
|
|
Wholesale
|
|
44
|
|
|
0.2
|
%
|
|
|
(2,524
|
)
|
|
(13.7
|
)%
|
|
Retail
|
|
(331
|
)
|
|
(0.6
|
)%
|
|
|
(6,733
|
)
|
|
(15.2
|
)%
|
|
Mass Channel (a)
|
|
706
|
|
|
--
|
|
|
|
531
|
|
|
--
|
|
|
|
|
|
|
|
|
|
|
|
OshKosh operating income (loss)
|
|
419
|
|
|
0.6
|
%
|
|
|
(8,726
|
)
|
|
(13.9
|
)%
|
|
|
|
|
|
|
|
|
|
|
Segment operating income
|
|
49,221
|
|
|
13.8
|
%
|
|
|
31,017
|
|
|
9.4
|
%
|
|
|
|
|
|
|
|
|
|
|
Corporate expenses (b)
|
|
(11,920
|
)
|
|
(3.3
|
)%
|
|
|
(10,464
|
)
|
|
(3.2
|
)%
|
|
|
|
|
|
|
|
|
|
|
Workforce reduction and facility closure costs (c)
|
|
(8,742
|
)
|
|
(2.5
|
)%
|
|
|
--
|
|
|
--
|
|
|
|
|
|
|
|
|
|
|
|
Net corporate expenses
|
|
(20,662
|
)
|
|
(5.8
|
)%
|
|
|
(10,464
|
)
|
|
(3.2
|
)%
|
|
|
|
|
|
|
|
|
|
|
Total operating income
|
$
|
28,559
|
|
|
8.0
|
%
|
|
$
|
20,553
|
|
|
6.2
|
%
|
|
(a) OshKosh mass channel consists of a licensing agreement with
Target Stores. Operating income consists of royalty income, net of
related expenses.
(b) Other reconciling items generally include expenses related to
severance and relocation, executive management, finance,
stock-based compensation, building occupancy, information
technology, certain legal fees, incentive compensation,
consulting, and audit fees.
(c) Includes closure costs associated with the Company’s
Barnesville, Georgia distribution facility of $3.3 million
consisting of severance, asset impairment charges, and other
closure costs, $0.3 million in related accelerated depreciation,
$1.8 million of asset impairment charges related to the Company’s
Oshkosh, Wisconsin facility, and $3.3 million of severance related
to the Company’s corporate workforce reduction.
|
|
CARTER’S, INC.
CONSOLIDATED BALANCE SHEETS
(dollars in thousands, except for share data)
(unaudited)
|
|
|
|
|
|
|
|
|
|
April 4,
2009
|
|
January 3, 2009
|
|
March 29, 2008
|
|
ASSETS
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
Cash and cash equivalents
|
$
|
186,834
|
|
|
$
|
162,349
|
|
|
$
|
65,546
|
|
Accounts receivable, net
|
|
112,931
|
|
|
|
106,060
|
|
|
|
128,501
|
|
Finished goods inventories, net
|
|
153,941
|
|
|
|
203,486
|
|
|
|
174,232
|
|
Prepaid expenses and other current assets
|
|
13,974
|
|
|
|
13,214
|
|
|
|
16,394
|
|
Deferred income taxes
|
|
28,597
|
|
|
|
27,982
|
|
|
|
25,293
|
|
|
|
|
|
|
|
|
Total current assets
|
|
496,277
|
|
|
|
513,091
|
|
|
|
409,966
|
|
Property, plant, and equipment, net
|
|
84,809
|
|
|
|
86,229
|
|
|
|
71,557
|
|
Tradenames
|
|
305,733
|
|
|
|
305,733
|
|
|
|
306,733
|
|
Cost in excess of fair value of net assets acquired
|
|
136,570
|
|
|
|
136,570
|
|
|
|
136,570
|
|
Deferred debt issuance costs, net
|
|
3,314
|
|
|
|
3,598
|
|
|
|
4,463
|
|
Licensing agreements, net
|
|
4,346
|
|
|
|
5,260
|
|
|
|
8,001
|
|
Other assets
|
|
469
|
|
|
|
576
|
|
|
|
7,761
|
|
Total assets
|
$
|
1,031,518
|
|
|
$
|
1,051,057
|
|
|
$
|
945,051
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
Current maturities of long-term debt
|
$
|
3,503
|
|
|
$
|
3,503
|
|
|
$
|
4,379
|
|
Accounts payable
|
|
42,915
|
|
|
|
79,011
|
|
|
|
30,097
|
|
Other current liabilities
|
|
56,211
|
|
|
|
57,613
|
|
|
|
45,425
|
|
|
|
|
|
|
|
|
Total current liabilities
|
|
102,629
|
|
|
|
140,127
|
|
|
|
79,901
|
|
Long-term debt
|
|
333,648
|
|
|
|
334,523
|
|
|
|
337,150
|
|
Deferred income taxes
|
|
107,928
|
|
|
|
108,989
|
|
|
|
114,177
|
|
Other long-term liabilities
|
|
41,411
|
|
|
|
40,822
|
|
|
|
30,998
|
|
|
|
|
|
|
|
|
Total liabilities
|
|
585,616
|
|
|
|
624,461
|
|
|
|
562,226
|
|
|
|
|
|
|
|
|
Commitments and contingencies
|
|
|
|
|
|
|
Stockholders’ equity:
|
|
|
|
|
|
|
Preferred stock; par value $.01 per share; 100,000 shares
authorized; none issued or outstanding at April 4, 2009, January 3,
2009, and March 29, 2008
|
|
--
|
|
|
|
--
|
|
|
|
--
|
|
Common stock, voting; par value $.01 per share; 150,000,000 shares
authorized, 56,677,490, 56,352,111, and 57,008,933 shares issued and
outstanding at April 4, 2009, January 3, 2009, and March 29, 2008,
respectively
|
|
567
|
|
|
|
563
|
|
|
|
570
|
|
Additional paid-in capital
|
|
214,441
|
|
|
|
211,767
|
|
|
|
223,778
|
|
Accumulated other comprehensive (loss) income
|
|
(7,058
|
)
|
|
|
(7,318
|
)
|
|
|
392
|
|
Retained earnings
|
|
237,952
|
|
|
|
221,584
|
|
|
|
158,085
|
|
|
|
|
|
|
|
|
Total stockholders’ equity
|
|
445,902
|
|
|
|
426,596
|
|
|
|
382,825
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders’ equity
|
$
|
1,031,518
|
|
|
$
|
1,051,057
|
|
|
$
|
945,051
|
|
CARTER’S, INC.
CONSOLIDATED STATEMENTS OF CASH FLOW
(dollars in thousands)
(unaudited)
|
|
|
|
|
|
For the three-month periods ended
|
|
|
April 4,
2009
|
|
March 29,
2008
|
|
Cash flows from operating activities:
|
|
|
|
|
Net income
|
$
|
16,368
|
|
|
$
|
11,559
|
|
|
Adjustments to reconcile net income to net cash provided by
operating activities:
|
|
|
|
|
Depreciation and amortization
|
|
8,395
|
|
|
|
7,007
|
|
|
Amortization of debt issuance costs
|
|
284
|
|
|
|
280
|
|
|
Non-cash stock-based compensation expense
|
|
1,874
|
|
|
|
1,586
|
|
|
Income tax benefit from exercised stock options
|
|
(778
|
)
|
|
|
(40
|
)
|
|
Non-cash asset impairment charges
|
|
2,962
|
|
|
|
--
|
|
|
Deferred income taxes
|
|
(1,665
|
)
|
|
|
669
|
|
|
Effect of changes in operating assets and liabilities:
|
|
|
|
|
Accounts receivable
|
|
(6,871
|
)
|
|
|
(8,794
|
)
|
|
Inventories
|
|
49,545
|
|
|
|
51,262
|
|
|
Prepaid expenses and other assets
|
|
(760
|
)
|
|
|
(1,564
|
)
|
|
Accounts payable and other liabilities
|
|
(36,002
|
)
|
|
|
(33,031
|
)
|
|
Net cash provided by operating activities
|
|
33,352
|
|
|
|
28,934
|
|
|
|
|
|
|
|
Cash flows from investing activities:
|
|
|
|
|
Capital expenditures
|
|
(8,959
|
)
|
|
|
(2,485
|
)
|
|
Net cash used in investing activities
|
|
(8,959
|
)
|
|
|
(2,485
|
)
|
|
|
|
|
|
|
Cash flows from financing activities:
|
|
|
|
|
Payments on term loan
|
|
(875
|
)
|
|
|
--
|
|
|
Share repurchase
|
|
--
|
|
|
|
(10,020
|
)
|
|
Income tax benefit from exercised stock options
|
|
778
|
|
|
|
40
|
|
|
Proceeds from exercise of stock options
|
|
189
|
|
|
|
65
|
|
|
Net cash provided by (used in) financing activities
|
|
92
|
|
|
|
(9,915
|
)
|
|
|
|
|
|
|
Net increase in cash and cash equivalents
|
|
24,485
|
|
|
|
16,534
|
|
|
Cash and cash equivalents, beginning of period
|
|
162,349
|
|
|
|
49,012
|
|
|
|
|
|
|
|
Cash and cash equivalents, end of period
|
$
|
186,834
|
|
|
$
|
65,546
|
|
|
CARTER’S, INC.
RECONCILIATION OF GAAP TO ADJUSTED RESULTS
|
|
|
Three-month period ended
April 4, 2009
|
|
|
(dollars in millions, except earnings per share)
|
|
|
Operating
Income
|
|
Net
Income
|
|
Diluted
EPS
|
|
|
|
|
|
|
|
|
|
|
|
|
Income, as reported (GAAP)
|
$
|
28.6
|
|
$
|
16.4
|
|
$
|
0.28
|
|
|
|
|
|
|
|
|
Distribution facility closure costs (a)
|
|
3.3
|
|
|
2.1
|
|
|
0.04
|
|
Accelerated depreciation (b)
|
|
0.3
|
|
|
0.2
|
|
|
0.00
|
|
Asset impairment charges (c)
|
|
1.8
|
|
|
1.1
|
|
|
0.02
|
|
Workforce reduction (d)
|
|
3.3
|
|
|
2.1
|
|
|
0.04
|
|
|
|
|
|
|
|
|
Income, as adjusted (e)
|
$
|
37.3
|
|
$
|
21.9
|
|
$
|
0.38
|
|
|
|
|
|
|
|
|
(a) Costs associated with the closure of the Company’s Barnesville,
Georgia distribution facility including $1.7 million in severance
and related payroll taxes, $1.1 million in asset impairment charges,
and $0.5 million in other closure costs.
|
|
|
|
(b) Accelerated depreciation charges (included in selling, general,
and administrative expenses) related to the closure of the Company’s
Barnesville, Georgia distribution facility.
|
|
|
|
(c) Asset impairment charges associated with the closure of the
Company’s Oshkosh, Wisconsin facility.
|
|
|
|
(d) Severance charges and related payroll taxes associated with the
reduction in the Company’s corporate workforce.
|
|
|
|
(e) In addition to the results provided in this earnings release in
accordance with GAAP, the Company has provided adjusted, non-GAAP
financial measurements that present operating income, net income,
and net income on a diluted share basis excluding the adjustments
discussed above. These adjustments which the Company does not
believe to be indicative of on-going business trends are excluded
from these calculations so that investors can better evaluate and
analyze historical and future business trends on a consistent basis.
We believe these adjustments provide a meaningful comparison of the
Company’s results. The adjusted, non-GAAP financial measurements
included in this earnings release should not be considered as an
alternative to net income or as any other measurement of performance
derived in accordance with GAAP. The adjusted, non-GAAP financial
measurements is presented for informational purposes only and is not
necessarily indicative of the Company’s future condition or results
of operations.
|
Carter’s, Inc.
Richard Westenberger, 404-745-2889
Investor
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