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Carters, Inc. (CRI) has reported 20 percent rise in profit for the quarter ended Dec. 31, 2016. The company has earned $87.12 million, or $1.76 a share in the quarter, compared with $72.60 million, or $1.39 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $88.70 million, or $1.79 a share compared with $73.20 million or $1.40 a share, a year ago. Revenue during the quarter grew 7.81 percent to $934.20 million from $866.54 million in the previous year period. Gross margin for the quarter expanded 199 basis points over the previous year period to 43.94 percent. Total expenses were 85.08 percent of quarterly revenues, down from 86.59 percent for the same period last year. This has led to an improvement of 152 basis points in operating margin to 14.92 percent.
Operating income for the quarter was $139.41 million, compared with $116.18 million in the previous year period.
However, the adjusted operating income for the quarter stood at $142 million compared to $117.10 million in the prior year period. At the same time, adjusted operating margin improved 169 basis points in the quarter to 15.20 percent from 13.51 percent in the last year period.
"The fourth quarter represented a strong finish to another record year of sales and profitability for Carters," said Michael D. Casey, chairman and chief executive officer. "Our focus on providing the best value and experience in young childrens apparel, extending the reach of our brands, and improving profitability enabled us to achieve our 28th consecutive year of sales growth, improve our profit margins, and increase the return of capital to shareholders. We are forecasting good growth in sales and earnings in 2017 as we strive to be the worlds favorite brands in young children’s apparel."
Carters expects revenue to grow in the range of 4 percent to 6 percent for the financial year 2017. On an adjusted basis, the company projects diluted earnings per share to be in the range of $0.80 to $0.85 for the first-quarter.
Operating cash flow improvesCarters, Inc. has generated cash of $369.23 million from operating activities during the year, up 19.88 percent or $61.24 million, when compared with the last year. The company has spent $88.34 million cash to meet investing activities during the year as against cash outgo of $103.42 million in the last year. It has incurred net capital expenditure of $88.34 million on net basis during the year, down 14.59 percent or $15.08 million from year ago.
The company has spent $363.51 million cash to carry out financing activities during the year as against cash outgo of $162 million in the last year period.
Cash and cash equivalents stood at $299.36 million as on Dec. 31, 2016, down 21.47 percent or $81.85 million from $381.21 million on Jan. 02, 2016.
Debt remains almost stable
Total debt of Carters, Inc. remained almost stable for the quarter at $580.38 million, when compared with the last year period. Long-term debt of Carters remained almost stable for the quarter at $580.38 million, when compared with the last year period. Total debt was 29.81 percent of total assets as on Dec. 31, 2016, compared with 28.82 percent on Jan. 02, 2016. Debt to equity ratio was at 0.74 as on Dec. 31, 2016, up from 0.66 as on Jan. 02, 2016. Interest coverage ratio improved to 20.74 for the quarter from 17.88 for the same period last year. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
