Carter's falls on downbeat annual forecast

Carters

24/02/2023 14:03

** Shares of baby clothes maker Carter's Inc  CRI.N  down
~5% at $70 premarket 
    ** Co sees full-year sales and profit below Wall Street
expectations, hurt by slowing apparel demand and wholesale
customers tightening inventory
    ** Expects 2023 sales of $3 bln vs analysts' expectations of
$3.18 bln - Refinitiv 
    ** Sees annual profit of $6.15 per share, below estimates of
$6.37
    ** Co beats Q4 sales, profit estimates on price hikes and
steady demand during the holiday season
    ** "In 2023, we expect inflation will continue to weigh on
consumers," CEO Michael Casey says 
    ** "We expect that the trend in demand for our brands will
improve beginning in the second half this year," Casey adds
    ** Up to Thursday's close, stock down ~16% in the past 12
months
 (Reporting by Anne Florentyna Gnanaraja Sekar in Bengaluru)
 ((AnneFlorentyna.GnanarajaSekar@thomsonreuters.com;))