Carter's Inc drops to near one-month low on full-year forecast cut

Carters

28/10/2022 15:48

(Updates)
    ** Shares of children's apparel chain Carter's Inc  CRI.N 
falls as much as ~12% to near one-month low of $65 
    ** CRI cuts full-year net sales and profit forecast, citing
challenging macroeconomic environment, reduced discretionary
spending and declining U.S. retail comparable sales 
    ** "This is the first holiday shopping season in over 40
years that consumers are weighed down by record inflation," says
CEO Michael Casey
    ** Says "early indications suggest that holiday shopping may
not be as robust as last year"
    ** Co expects FY 2022 net sales to be between $3.14 bln and
$3.18 bln vs previous forecast of $3.25 bln to $3.30 bln 
    ** On adjusted basis, co sees 2022 profit between $6.05 and
$6.65 per share vs prior outlook of $7.10 to $7.60
    ** CRI missed analysts' expectations on Q3 revenue, profit
 urn:newsml:reuters.com:*:nTUADFZRD
    ** YTD, stock has fallen ~34%  
 (Reporting by Granth Vanaik in Bengaluru)
 ((Granth.Vanaik@thomsonreuters.com;))