Highlights:
* Third quarter results show progress recovering from market disruption
* Net sales
*
* Sales of exclusive brands to Target,
* Operating income
* Diluted EPS
*
'We exceeded our sales and earnings goals in the third quarter,' said
'Earnings in the quarter were driven by the strength of our product offerings, more effective brand marketing, fewer promotions, curtailed spending and growth in eCommerce sales. eCommerce continues to be our fastest growing and highest margin business.
'We believe our third quarter performance reflects the strength of our brands, our strong value proposition, broad market distribution and the less discretionary nature of children's apparel.
'As we enter the final weeks of the year, consumer demand is less predictable this holiday season given the lingering effects and, in some markets, resurgence of the coronavirus. That said, we believe we are well-positioned to outperform the market in the balance of 2020 and years ahead by providing the best value and experience in young children's apparel.'
Adjustments to Reported GAAP Results
In addition to the results presented in this earnings release in accordance with GAAP, the Company has provided adjusted, non-GAAP financial measurements, as presented below. The Company believes 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. These measures are presented for informational purposes only. See 'Reconciliation of GAAP to Adjusted Results' section of this release for additional disclosures and reconciliations regarding these non-GAAP financial measures.
The Company evaluates its net sales on both an 'as reported' and a 'constant currency' basis. The constant currency presentation, which is a non-GAAP measure, excludes the impact of fluctuations in foreign currency exchange rates that occurred between the comparative periods. Constant currency net sales results are calculated by translating current period net sales in local currency to the
See detailed results at: https://ir.carters.com/news-releases/news-release-details/carters-inc-reports-third-quarter-fiscal-2020-results
Vice President & Treasurer
sean.mchugh@carters.com
Source:
(C) 2020 Electronic News Publishing, source