Carter’s, the largest children’s clothing retailer in North America, said Friday (April 30) it saw growth in each of its retail, wholesale, and international business segments as stimulus checks and progress with COVID vaccines got kids back to school and people shopping again.
For the three months ending April 3, the Atlanta-based operator of nearly 1,000 retail locations said its sales increased 20 percent to $787 million, reflecting strong growth in all business segments compared to losses a year ago. Carter’s said its domestic eCommerce sales increased 38 percent.
The retailer said increased traffic to its stores improved following the passage of the $1.9 trillion pandemic relief legislation.
“Our first quarter sales and earnings meaningfully exceeded our expectations, with growth in each of our retail, wholesale, and international business segments,” Carter’s CEO Michael Casey said. “We saw demand for our brands surge in March driven by the strength of our spring product offerings, and unprecedented government stimulus supporting families with young children.”
After being hard hit by retail store closures a year ago, Carter’s is continuing to see a rebound in its business and in the wake of its Q1 results has raised its full year outlook.
Officially, the retailer now expects to see sales growth of 10 percent for fiscal 2021, with earnings growth of approximately 40 percent.
“Despite ongoing pandemic-related challenges, we believe the strength of our brands, unparalleled multi-channel model, depth of relationships with essential retailers, and strong value proposition will enable us to achieve our growth objectives. And, with the continued progress with vaccinations, we believe Carter’s is well positioned to benefit from a global recovery from the pandemic.”
Carter’s has about 18,000 employees at close to 900 retail locations. Its stock is up 25 percent in the past year leaving it with a market value of $4.8 billion.
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