Carter's (CRI) Misses Q3 EPS by 6c, Guides

October 27, 2016 6:19 AM EDT

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Carter's (NYSE: CRI) reported Q3 EPS of $1.61, $0.06 worse than the analyst estimate of $1.67. Revenue for the quarter came in at $901 million versus the consensus estimate of $901.99 million.

GUIDANCE:

Carter's sees Q4 2016 EPS of $1.66-$1.70, versus the consensus of $1.64.

2016 Business Outlook

For the fourth quarter of fiscal 2016, the Company projects net sales will increase approximately 5% to 6% compared to the fourth quarter of fiscal 2015 and adjusted diluted earnings per share in the range of $1.65 to $1.70 (growth of approximately 18% to 21%) compared to adjusted diluted earnings per share of $1.40 in the fourth quarter of fiscal 2015. This forecast for the fourth quarter of fiscal 2016 adjusted earnings per share excludes anticipated expenses of approximately $0.3 million related to the Company's direct sourcing initiative. The Company believes that these adjustments provide a meaningful comparison of the Company's results and afford investors a view of what management considers to be the Company's core performance.

For fiscal 2016, the Company continues to project net sales growth of approximately 5% to 6% compared to fiscal 2015 and now projects adjusted diluted earnings per share will increase approximately 9% to 10% (previously projected growth of approximately 10%) 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 $0.8 million related to the Company's direct sourcing initiative. The Company believes that these adjustments provide a meaningful comparison of the Company's results and afford investors a view of what management considers to be the Company's core performance.

For earnings history and earnings-related data on Carter's (CRI) click here.



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