Carter's falls on downbeat current-quarter forecast

Carters

29/04/2022 15:36

** Shares in children's apparel chain  CRI.N  fall 3.6% to
$85.48
    ** CRI forecasts net sales of around $750 million to $775
million for the second quarter, compared with a Refinitiv IBES
estimates of $800.9 million, as high inflation and lower
consumer confidence have led to a slowdown in demand  urn:newsml:reuters.com:*:nBwhdTsma
    ** Business so far in April has been slower than expected,
CFO Richard Westenberger said on an earnings call
    ** Higher labor costs, marketing investments as well as
distribution and freight expenses mean adjusted earnings per
share will come in between $1.60 and $1.80 for the current
quarter, CRI says, below estimates of $1.81
    ** Downbeat forecasts overshadow better-than-expected profit
and revenue for Q1 as well as reaffirmation of fiscal 2022
forecast    
    ** Shares have fallen nearly 16% this year

 (Reporting by Praveen Paramasivam)
 ((Praveen.Paramasivam@thomsonreuters.com;))