ATLANTA (AP) — Carter's fourth-quarter net income rose 40 percent, driven by strong sales of its namesake brands and strength overseas during the critical holiday season. Its performance beat Wall Street's expectations.
But its earnings forecast for fiscal 2013 was short of analysts' average estimate, and its shares fell 3 percent in premarket trading.
For the period ended Dec. 29, the children's clothing and accessories company earned $48.7 million, or 81 cents per share. That's up from $34.8 million, or 59 cents per share, a year earlier.
Excluding acquisition-related expenses and facility consolidation and closure-related costs, earnings were 89 cents per share. Analysts forecast earnings of 83 cents per share, according to a FactSet survey.
Revenue increased 14 percent to $689.3 million from $606.6 million. Wall Street expected $666.9 million in revenue.
Domestic sales of Carter's brands rose 16.9 percent to $517 million, while international sales increased 19.5 percent to $10.6 million. Domestic sales of the Oshkosh brand fell 2.3 percent to $2.6 million.
International sales were spurred by better results from Canadian stores. The company had 82 stores in Canada at quarter's end.
Carter's Inc. said Wednesday that its full-year net income climbed 41 percent to $161.2 million, or $2.69 per share, from $114 million, or $1.94 per share, in the previous year. Annual revenue rose 13 percent to $2.38 billion from $2.11 billion.
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