Carter's reverses course on easing inflationary pressures

Carters

28/04/2023 15:24

(Updates)
    ** Shares of apparel retailer Carter's Inc  CRI.N  rise as
much as 5.4% to $72.65
    ** Company beats Q1 revenue and profit expectations on
strong demand for its spring season apparel collection
    ** Impact of historic inflation is moderating, with product
costs and ocean freight rates trending lower, CEO Michael Casey
says
    ** CRI expects to see the benefit of those lower costs
beginning later in 2023 and the full benefit next year - CEO
    ** However, co forecasts Q2 sales and profit below Wall
Street estimates, hurt by inflationary pressures on consumer
demand
    ** Stock last up 2.8% at $70.85; CRI down 4.8% in 2023

 (Reporting by Anne Florentyna Gnanaraja Sekar in Bengaluru)
 ((AnneFlorentyna.GnanarajaSekar@thomsonreuters.com;))