Carter’s, Inc. Reports Second Quarter Fiscal 2016 Results

  • Net sales $639 million, growth of 4%
  • Diluted EPS $0.71, growth of 4%; adjusted diluted EPS $0.72,
    decline of 2%
  • Returned $214 million to shareholders through share repurchases and
    dividends in the first half of fiscal 2016
  • Company revises fiscal 2016 sales forecast to growth of 5% – 6%
    (previously growth of 6% – 7%) and adjusted diluted EPS forecast to
    growth of approximately 10% (previously growth of 10% – 12%)

ATLANTA–(BUSINESS WIRE)–Carter’s, Inc. (NYSE:CRI), the largest branded marketer in the United
States and Canada of apparel exclusively for babies and young children,
today reported its second quarter fiscal 2016 results.

“We achieved our sales and earnings objectives in the second quarter,”
said Michael D. Casey, Chairman and Chief Executive Officer. “Our sales
growth was driven by higher demand in our retail and international
businesses. We are expecting good growth in the balance of the year, and
have revised our previous forecasts to reflect the current outlook for
our wholesale and international businesses.”

Consolidated Results

Second Quarter of Fiscal 2016 compared to Second Quarter of Fiscal
2015

Net sales increased $26.7 million, or 4.4%, to $639.5 million,
reflecting growth in the Company’s U.S. Carter’s and OshKosh retail
businesses as well as in its international segment. Changes in foreign
currency exchange rates in the second quarter of fiscal 2016 compared to
the second quarter of fiscal 2015 negatively impacted consolidated net
sales in the second quarter of fiscal 2016 by $2.5 million, or 0.4%. On
a constant currency basis, consolidated net sales increased 4.8% in the
second quarter of fiscal 2016.

Operating income in the second quarter of fiscal 2016 increased $1.3
million, or 2.1%, to $63.2 million, compared to $62.0 million in the
second quarter of fiscal 2015. Operating margin decreased approximately
20 basis points to 9.9%, compared to 10.1% in the second quarter of
fiscal 2015. Adjusted operating income (a non-GAAP measure) decreased
$1.4 million, or 2.1%, to $64.0 million, compared to $65.4 million in
the second quarter of fiscal 2015. Adjusted operating margin (a non-GAAP
measure) decreased approximately 70 basis points to 10.0%, compared to
10.7% in the second quarter of fiscal 2015, which reflects improved
gross margin offset by increased investments in store expansion,
technology, marketing, and China eCommerce.

Net income in the second quarter of fiscal 2016 increased $0.1 million,
or 0.3%, to $36.2 million, or $0.71 per diluted share, compared to $36.1
million, or $0.68 per diluted share, in the second quarter of fiscal
2015. Adjusted net income (a non-GAAP measure) decreased $2.1 million,
or 5.4%, to $36.7 million, compared to $38.8 million in the second
quarter of fiscal 2015. Adjusted earnings per diluted share (a non-GAAP
measure) in the second quarter of fiscal 2016 decreased 1.7% to $0.72,
compared to $0.73 in the second quarter of fiscal 2015.

First Half of Fiscal 2016 compared to First Half of Fiscal 2015

Net sales increased $66.0 million, or 5.1%, to $1.36 billion, reflecting
growth in the Company’s U.S. Carter’s and OshKosh retail
and Carter’s wholesale businesses, as well as in its
international segment. Changes in foreign currency exchange rates in the
first half of fiscal 2016 compared to the first half of fiscal 2015
negatively impacted consolidated net sales in the first half of fiscal
2016 by $7.0 million, or 0.5%. On a constant currency basis,
consolidated net sales increased 5.6% in the first half of fiscal 2016.

Operating income in the first half of fiscal 2016 increased $9.8
million, or 6.7%, to $156.3 million, compared to $146.5 million in the
first half of fiscal 2015. Operating margin increased approximately 20
basis points to 11.5%, compared to 11.3% in the first half of fiscal
2015. Adjusted operating income (a non-GAAP measure) increased $5.3
million, or 3.5%, to $158.0 million, compared to $152.7 million in the
first half of fiscal 2015. Adjusted operating margin (a non-GAAP
measure) decreased approximately 20 basis points to 11.6%, compared to
11.8% in the first half of fiscal 2015, which reflects improved gross
margin offset by increased investments in our growth initiatives.

Net income in the first half of fiscal 2016 increased $4.3 million, or
5.0%, to $90.2 million, or $1.75 per diluted share, compared to $85.9
million, or $1.62 per diluted share, in the first half of fiscal 2015.
Adjusted net income (a non-GAAP measure) increased $0.8 million, or
0.8%, to $91.3 million, compared to $90.5 million in the first half of
fiscal 2015. Adjusted earnings per diluted share (a non-GAAP measure) in
the first half of fiscal 2016 increased 3.9% to $1.77, compared to $1.70
in the first half of fiscal 2015.

Cash flow from operations in the first half of fiscal 2016 was $85.6
million compared to $27.1 million in the first half of fiscal 2015. The
increase reflected favorable changes in net working capital and an
increase in net income.

See the “Reconciliation of GAAP to Adjusted Results” section of this
release for additional disclosures and reconciliations regarding
non-GAAP measures.

Business Segment Results

During the second quarter and first half of fiscal 2016, the Company
believes, based on analysis of credit card transactions and other data,
that Carter’s and OshKosh retail comparable sales were
negatively affected by lower demand from international consumers
shopping in its U.S. stores and on its website, which was likely
influenced by the strength of the U.S. dollar relative to other global
currencies.

Carter’s Retail Segment

Second Quarter of Fiscal 2016 compared to Second Quarter of Fiscal
2015

Carter’s retail segment sales increased $26.9 million, or 10.9%,
to $273.8 million. Carter’s retail comparable sales increased
4.4%, comprised of eCommerce comparable sales growth of 17.4% and a
stores comparable sales increase of 1.4%.

In the second quarter of fiscal 2016, the Company opened 15 Carter’s
stores and closed one store in the United States.

First Half of Fiscal 2016 compared to First Half of Fiscal 2015

Carter’s retail segment sales increased $41.4 million, or 8.2%,
to $546.2 million. Carter’s retail comparable sales increased
2.1%, comprised of eCommerce comparable sales growth of 16.3%, partially
offset by a stores comparable sales decline of 1.4%.

In the first half of fiscal 2016, the Company opened 31 Carter’s
stores and closed one store in the United States. The Company operated
624 Carter’s stores in the United States as of July 2, 2016.

Carter’s Wholesale Segment

Second Quarter of Fiscal 2016 compared to Second Quarter of Fiscal
2015

Carter’s wholesale segment net sales decreased $6.0 million, or
2.8%, to $205.7 million, reflecting a decrease in product demand, in
part due to timing of orders.

First Half of Fiscal 2016 compared to First Half of Fiscal 2015

Carter’s wholesale segment net sales increased $4.8 million, or
1.0%, to $485.9 million.

OshKosh Retail Segment

Second Quarter of Fiscal 2016 compared to Second Quarter of Fiscal
2015

OshKosh retail segment net sales increased $5.5 million, or 7.5%,
to $79.0 million. OshKosh retail comparable sales declined 1.3%,
comprised of a stores comparable sales decline of 5.8%, partially offset
by eCommerce comparable sales growth of 17.6%.

In the second quarter of fiscal 2016, the Company opened 12 OshKosh
stores in the United States and closed one store.

First Half of Fiscal 2016 compared to First Half of Fiscal 2015

OshKosh retail segment net sales increased $14.2 million, or
9.7%, to $160.7 million. OshKosh retail comparable sales
increased 0.7%, comprised of eCommerce comparable sales growth of 18.8%,
partially offset by a stores comparable sales decline of 3.8%.

In the first half of fiscal 2016, the Company opened 23 OshKosh
stores in the United States and closed two stores. The Company operated
262 OshKosh stores in the United States as of July 2, 2016.

OshKosh Wholesale Segment

Second Quarter of Fiscal 2016 compared to Second Quarter of Fiscal
2015

OshKosh wholesale segment net sales decreased $4.9 million, or
34.4%, to $9.4 million, due to a decrease in the number of units
shipped, reflecting lower seasonal bookings.

First Half of Fiscal 2016 compared to First Half of Fiscal 2015

OshKosh wholesale segment net sales decreased $9.1 million, or
29.8%, to $21.3 million, due to a decrease in the number of units
shipped, reflecting lower seasonal bookings.

International Segment

Second Quarter of Fiscal 2016 compared to Second Quarter of Fiscal
2015

International segment net sales increased $5.3 million, or 8.0%, to
$71.6 million, driven by growth in the Company’s retail businesses in
Canada and new eCommerce sales in China, partially offset by a decline
in sales to international wholesale customers outside Canada and
unfavorable foreign currency exchange rates.

Changes in foreign currency exchange rates in the second quarter of
fiscal 2016 compared to the second quarter of fiscal 2015 negatively
affected international segment net sales in the second quarter of fiscal
2016 by $2.5 million, or 3.7%. On a constant currency basis,
international segment net sales increased 11.7%.

For the second quarter of fiscal 2016, Canada retail comparable sales
increased 8.0%, comprised of stores comparable sales growth of 6.9% and
eCommerce comparable sales growth of 27.4%. In the second quarter of
fiscal 2016, the Company opened one store in Canada.

First Half of Fiscal 2016 compared to First Half of Fiscal 2015

International segment net sales increased $14.6 million, or 10.8%, to
$149.5 million, driven by growth in the Company’s retail businesses in
Canada and new eCommerce sales in China, partially offset by unfavorable
foreign currency exchange rates.

Changes in foreign currency exchange rates in the first half of fiscal
2016 compared to the first half of fiscal 2015 negatively affected
international segment net sales in the first half of fiscal 2016 by $7.0
million, or 5.2%. On a constant currency basis, international segment
net sales increased 16.0%.

For the first half of fiscal 2016, Canada retail comparable sales
increased 11.3%, comprised of stores comparable sales growth of 9.7% and
eCommerce comparable sales growth of 37.4%. In the first half of fiscal
2016, the Company opened three stores in Canada. The Company operated
150 stores in Canada as of July 2, 2016.

Return of Capital

In the second quarter of fiscal 2016, the Company returned a total of
$125.3 million to shareholders through share repurchases and cash
dividends. In the first half of fiscal 2016, the Company returned a
total of $213.9 million to shareholders through share repurchases and
cash dividends, as described below.

During the second quarter of fiscal 2016, the Company repurchased and
retired 1,049,483 shares of its common stock for $108.6 million at an
average price of $103.52 per share. In the first half of fiscal 2016,
the Company repurchased and retired 1,771,847 shares of its common stock
for $180.2 million at an average price of $101.71 per share. Fiscal
year-to-date through July 26, 2016, the Company repurchased and retired
a total of 1,910,247 shares for $195.1 million at an average price of
$102.15 per share. All shares were repurchased in open market
transactions pursuant to applicable regulations for such transactions.
As of July 26, 2016, the total remaining capacity under the Company’s
previously announced repurchase authorizations was approximately $380
million.

During the second quarter of fiscal 2016, the Company paid a cash
dividend of $0.33 per share totaling $16.6 million. In the first half of
fiscal 2016, the Company paid cash dividends of $0.66 per share totaling
$33.7 million. Future declarations of quarterly dividends and the
establishment of related record and payment dates will be at the
discretion of the Company’s Board of Directors based on a number of
factors, including the Company’s future financial performance and other
considerations.

2016 Business Outlook

For the third quarter of fiscal 2016, the Company projects net sales
will increase approximately 6% to 7% compared to the third quarter of
fiscal 2015 and adjusted diluted earnings per share will increase
approximately 6% to 10% compared to adjusted diluted earnings per share
of $1.52 in the third quarter of fiscal 2015.

For fiscal 2016, the Company now projects net sales will increase
approximately 5% to 6% (previously projected growth of 6% to 7%)
compared to fiscal 2015 and adjusted diluted earnings per share will
increase approximately 10% (previously projected growth of 10% to 12%)
compared to adjusted diluted earnings per share of $4.61 in fiscal 2015.
This forecast for fiscal 2016 adjusted earnings per share excludes
anticipated expenses of approximately $1.7 million related to the
amortization of acquired tradenames and other items the Company believes
to be non-representative of underlying business performance.

Conference Call

The Company will hold a conference call with investors to discuss second
quarter fiscal 2016 results and its business outlook on July 27, 2016 at
8:30 a.m. Eastern Daylight Time. To participate in the call, please dial
913-312-0642. To listen to a live broadcast via the internet, please
visit www.carters.com
and select the “Q2 2016 Earnings Conference Call” link under the
“Investor Relations” tab. Presentation materials for the call can be
accessed under the same tab by selecting the link for “News & Events”
followed by “Webcasts & Presentations”. A replay of the call will be
available shortly after the broadcast through August 5, 2016, at
888-203-1112 (U.S. / Canada) or 719-457-0820 (international), passcode
3330148. The replay will also be archived on the Company’s website under
the “Investor Relations” tab.

About Carter’s, Inc.

Carter’s, Inc. is the largest branded marketer in the United States and
Canada of apparel and related products exclusively for babies and young
children. The Company owns the Carter’s and OshKosh B’gosh
brands, two of the most recognized brands in the marketplace. These
brands are sold in leading department stores, national chains, and
specialty retailers domestically and internationally. They are also sold
through more than 1,000 Company-operated stores in the United States and
Canada and on-line at www.carters.com,
www.oshkoshbgosh.com,
and www.cartersoshkosh.ca.
The Company’s Just One You, Precious Firsts, and Genuine
Kids
brands are available at Target, and its Child of Mine
brand is available at Walmart. Carter’s is headquartered in Atlanta,
Georgia. Additional information may be found at www.carters.com.

Cautionary Language

This press release contains forward-looking statements within the
meaning of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995 relating to the Company’s future
performance, including, without limitation, statements with respect to
the Company’s anticipated financial results for the third quarter of
fiscal 2016 and fiscal year 2016, or any other future period,
assessments of the Company’s performance and financial position, and
drivers of the Company’s sales and earnings growth. 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 not materialize, or should underlying
assumptions prove incorrect, actual results may vary materially from
those anticipated, estimated, or projected. Certain of the risks and
uncertainties that could cause actual results and performance to differ
materially are described in the Company’s most recently filed Annual
Report on Form 10-K and other reports filed with the Securities and
Exchange Commission from time to time under the headings “Risk Factors”
and “Forward-Looking Statements.” Included among the risks and
uncertainties that may impact future results are the risks of: losing
one or more major customers, vendors, or licensees, due to competition,
inadequate quality of the Company’s products, or otherwise; financial
difficulties for one or more of the Company’s major customers, vendors,
or licensees, or an overall decrease in consumer spending; fluctuations
in foreign currency exchange rates; our products not being accepted in
the marketplace, due to quality concerns, changes in consumer preference
and fashion trends, or otherwise; negative publicity, including as a
result of product recalls or otherwise; failure to protect the Company’s
intellectual property; various types of litigation, including class
action litigation brought under various consumer protection, employment,
and privacy and information security laws; a breach of the Company’s
consumer databases, systems, or processes; the risk of slow-downs,
disruptions, or strikes along the Company’s supply chain, including
disruptions resulting from foreign supply sources, the Company’s
distribution centers, or in-sourcing capabilities; unsuccessful
expansion into international markets or failure to successfully manage
legal, regulatory, political and economic risks of the Company’s
existing international operations, including maintaining compliance with
worldwide anti-bribery laws; and an inability to obtain additional
financing on favorable terms. The Company does not undertake any
obligation to publicly update or revise any forward-looking statements,
whether as a result of new information, future events, or otherwise.

 

CARTER’S, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(dollars in thousands, except per share data)

(unaudited)

 
        Fiscal Quarter Ended       Two Fiscal Quarters Ended
July 2, 2016       July 4, 2015 July 2, 2016       July 4, 2015
Net sales $ 639,471 $ 612,765 $ 1,363,556 $ 1,297,529
Cost of goods sold 357,289   349,870   770,445   750,582  
Gross profit 282,182 262,895 593,111 546,947
Selling, general, and administrative expenses 228,464 209,296 457,460 420,479
Royalty income (9,525 ) (8,353 ) (20,600 ) (19,989 )
Operating income 63,243 61,952 156,251 146,457
Interest expense 6,803 6,935 13,542 13,627
Interest income (178 ) (157 ) (385 ) (294 )
Other expense (income), net 516   (1,900 ) 3,709   62  
Income before income taxes 56,102 57,074 139,385 133,062
Provision for income taxes 19,904   20,969   49,207   47,165  
Net income $ 36,198   $ 36,105   $ 90,178   $ 85,897  
 
Basic net income per common share $ 0.72 $ 0.69 $ 1.77 $ 1.63
Diluted net income per common share $ 0.71 $ 0.68 $ 1.75 $ 1.62
Dividend declared and paid per common share $ 0.33 $ 0.22 $ 0.66 $ 0.44
 
 

CARTER’S, INC.

BUSINESS SEGMENT RESULTS

(dollars in thousands)

(unaudited)

 
        Fiscal Quarter Ended           Two Fiscal Quarters Ended
                                    % of
% of % of % of Total
July 2, Total Net July 4, Total Net July 2, Total Net July 4, Net
2016 Sales 2015 Sales 2016 Sales 2015 Sales

Net sales:

Carter’s Wholesale $ 205,738 32.2 % $ 211,730 34.6 % $ 485,878 35.5 % $ 481,045 37.1 %
Carter’s Retail (a) 273,832   42.8 % 246,980   40.4 % 546,155   40.1 % 504,707   39.0 %
Total Carter’s (U.S.) 479,570   75.0 % 458,710   75.0 % 1,032,033   75.6 % 985,752   76.1 %
OshKosh Retail (a) 78,950 12.3 % 73,453 12.0 % 160,716 11.8 % 146,495 11.3 %
OshKosh Wholesale 9,384   1.5 % 14,306   2.3 % 21,298   1.6 % 30,357   2.3 %
Total OshKosh (U.S.) 88,334   13.8 % 87,759   14.3 % 182,014   13.4 % 176,852   13.6 %
International (b) 71,567   11.2 % 66,296   10.7 % 149,509   11.0 % 134,925   10.3 %
Total net sales $ 639,471   100.0 % $ 612,765   100.0 % $ 1,363,556   100.0 % $ 1,297,529   100.0 %
 
% of % of % of % of
Segment Segment Segment Segment

Operating income (loss):

Net Sales Net Sales Net Sales Net Sales
Carter’s Wholesale $ 39,899 19.4 % $ 40,207 19.0 % $ 106,104 21.8 % $ 98,138 20.4 %
Carter’s Retail (a) 38,433   14.0 % 38,331   15.5 % 79,687   14.6 % 82,824   16.4 %
Total Carter’s (U.S.) 78,332   16.3 % 78,538   17.1 % 185,791   18.0 % 180,962   18.4 %
OshKosh Retail (a) (1,481 ) (1.9 )% (1,815 ) (2.5 )% (3,266 ) (2.0 )% (2,775 ) (1.9 )%
OshKosh Wholesale (U.S.) 1,610   17.2 % 2,249   15.7 % 3,816   17.9 % 5,228   17.2 %
Total OshKosh 129   0.1 % 434   0.5 % 550   0.3 % 2,453   1.4 %
International (b) (c) 9,105   12.7 % 6,236   9.4 % 17,546   11.7 % 12,747   9.4 %
Corporate expenses (d) (e) (24,323 ) (23,256 ) (47,636 ) (49,705 )
Total operating income $ 63,243   9.9 % $ 61,952   10.1 % $ 156,251   11.5 % $ 146,457   11.3 %
 

(a) Includes eCommerce results.

(b) Net sales includes international retail, eCommerce, and wholesale
sales. Operating income includes international licensing income.

(c) Includes charges associated with the revaluation of the Company’s
contingent consideration related to the Company’s 2011 acquisition of
Bonnie Togs of approximately $1.4 million and $1.9 million for the
fiscal quarter and two fiscal quarters ended July 4, 2015, respectively.

(d) Corporate expenses include expenses related to incentive
compensation, stock-based compensation, executive management, severance
and relocation, finance, building occupancy, information technology,
legal, consulting, and audit fees.

(e) Includes charges related to the amortization of tradenames of $0.8
million and $1.8 million for the fiscal quarter and two fiscal quarters
ended July 2, 2016, respectively, and $2.1 million and $4.4 million for
the fiscal quarter and two fiscal quarters ended July 4, 2015,
respectively.

 

CARTER’S, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(dollars in thousands, except per share data)

(unaudited)

 
        July 2, 2016       January 2, 2016       July 4, 2015
ASSETS
Current assets:
Cash and cash equivalents $ 205,080 $ 381,209 $ 244,301
Accounts receivable, net 150,633 207,570 157,145
Finished goods inventories 587,434 469,934 544,256
Prepaid expenses and other current assets 46,189 37,815 47,639
Deferred income taxes 32,816   34,080   31,871  
Total current assets 1,022,152 1,130,608 1,025,212
Property, plant, and equipment, net of accumulated depreciation of
$317,580, $290,636, and $263,580, respectively
386,034 371,704 353,138

Tradenames, net

309,017 310,848 312,836
Goodwill 177,540 174,874 178,753
Other assets 17,749   15,620   13,759  
Total assets $ 1,912,492   $ 2,003,654   $ 1,883,698  
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable $ 190,366 $ 157,648 $ 145,809
Other current liabilities 80,595   105,070   76,451  
Total current liabilities 270,961 262,718 222,260
 
Long-term debt, net 580,678 578,972 580,427
Deferred income taxes 128,682 128,838 119,230
Other long-term liabilities 165,469   158,075   158,842  
Total liabilities 1,145,790 1,128,603 1,080,759
 
Commitments and contingencies
 
Stockholders’ equity:
Preferred stock; par value $.01 per share; 100,000 shares
authorized; none issued or outstanding at July 2, 2016, January 2,
2016, and July 4, 2015
Common stock, voting; par value $.01 per share; 150,000,000 shares
authorized; 50,194,955, 51,764,309, and 52,331,208 shares issued and
outstanding at July 2, 2016, January 2, 2016 and July 4, 2015,
respectively
502 518 523
Additional paid-in capital
Accumulated other comprehensive loss (30,533 ) (36,367 ) (29,275 )
Retained earnings 796,733   910,900   831,691  
Total stockholders’ equity 766,702   875,051   802,939  
Total liabilities and stockholders’ equity $ 1,912,492   $ 2,003,654   $ 1,883,698  
 
 

CARTER’S, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(dollars in thousands)

(unaudited)

 
        Two Fiscal Quarters Ended
July 2, 2016       July 4, 2015
Cash flows from operating activities:
Net income $ 90,178 $ 85,897
Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation and amortization 34,916 30,338
Amortization of tradenames 1,831 4,429
Accretion of contingent consideration 809
Amortization of debt issuance costs 725 678
Non-cash stock-based compensation expense 9,250 9,560
Unrealized foreign currency loss, net 3,130 84
Income tax benefit from stock-based compensation (3,684 ) (6,890 )
Loss on disposal of property, plant, and equipment 133 90
Deferred income taxes 1,258 1,886
Effect of changes in operating assets and liabilities:
Accounts receivable, net 57,229 28,649
Finished goods inventories (114,817 ) (103,379 )
Prepaid expenses and other assets (12,643 ) (14,244 )
Accounts payable and other liabilities 18,093   (10,775 )
Net cash provided by operating activities 85,599   27,132  
 
Cash flows from investing activities:
Capital expenditures (49,698 ) (50,284 )
Proceeds from sale of property, plant, and equipment 193   43  
Net cash used in investing activities (49,505 ) (50,241 )
 
Cash flows from financing activities:
Borrowings under secured revolving credit facility 20,349
Payments on secured revolving credit facility (20,000 )
Repurchase of common stock (180,209 ) (48,894 )
Dividends paid (33,679 ) (23,143 )
Income tax benefit from stock-based compensation 3,684 6,890
Withholdings from vesting of restricted stock (8,508 ) (12,377 )
Proceeds from exercise of stock options 5,101   4,560  
Net cash used in financing activities (213,611 ) (72,615 )
 
Effect of exchange rate changes on cash and cash equivalents 1,388   (613 )
Net decrease in cash and cash equivalents (176,129 ) (96,337 )
Cash and cash equivalents, beginning of period 381,209   340,638  
Cash and cash equivalents, end of period $ 205,080   $ 244,301  
 

Contacts

Carter’s, Inc.
Sean McHugh, 678-791-7615
Vice President &
Treasurer

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