Carter’s first quarter sales go up by 20.3%

Carter’s, Inc., the renowned US-based children’s apparel retailer, has witnessed a jump of 20.3 per cent to US $ 787.4 million in its Q1 sales.

Notably, the retailer saw its US retail grow by 27 per cent in the first quarter.

That’s not all! Its US wholesale and international segments too rose by 12 per cent and 19 per cent, respectively, during the period.

Here it is important to state that the consolidated net sales of the retailer in fiscal March surged by 59 per cent from what it was during the same period last year.

While operating income rose by US $ 206 million to US $ 127.5 million in the quarter, the net income jumped by US $ 164.9 million to post US $ 86.2 million. This is compared to net loss of US $ 78.7 million in Q1 2020.

Stating that numbers have bettered retailer’s expectations, Michael D. Casey, Chairman and CEO, Carter’s said that such a strong start has helped it raise its sales and earnings forecasts for 2021.

Carter’s hopes net sales for fiscal 2021 to rise by around 10 per cent, while for the second quarter, the increase could be by around 35 per cent.

Founded in 1865, Carter’s sells its products through its own Carter’s and OshKosh B’gosh retail stores, its website and in other retail outlets.