Carter's rises after Q4 results beat estimates

Carters

24/02/2023 16:15

(Updates)
    ** Shares of baby clothes maker Carter's Inc  CRI.N  rise as
much as 4% to $76.47 during the morning trade
    ** Stock last up ~2%, set for third straight session of
gains, if trend holds
    ** Co beats Q4 sales, profit estimates on price hikes and
steady demand during the holiday season
    ** However, 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
    ** "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
    ** CRI down ~15% in the past 12 months, compared with ~13%
decline in the S&P Composite 1500 Textiles, Apparel & Luxury
Goods index  .SPCOMTEX 
 (Reporting by Anne Florentyna Gnanaraja Sekar in Bengaluru)
 ((AnneFlorentyna.GnanarajaSekar@thomsonreuters.com;))