Carter's Q4 Results Beat Consensus - Quick Facts

(RTTNews) - Carter's, Inc.(CRI) fourth-quarter net income dropped 12.2% to $42.7 million, or $0.78 per share, from $48.7 million, or $0.81 per share, in the prior-year period. Excluding the expenses in both periods, adjusted net income for the quarter totaled $56.2 million, or $1.02 per share. On average, 12 analysts polled by Thomson Reuters expected earnings per share of $1.00 for the quarter. Analysts' estimates typically exclude one-time items.

Quarterly consolidated net sales advanced by 11.7% year-over-year to $769.7 million, from $689.25 million, and came in above consensus estimate of $759.45 million. Net domestic sales of the firm's Carter's brands rose by 9.7% to $567.2 million.

Looking ahead to the first quarter of fiscal 2014, the company sees net sales to rise nearly 8% to 10% over the first quarter of fiscal 2013 and adjusted earnings per share to fall about 10% to 15% compared with adjusted earnings per share of $0.79 in the first quarter of fiscal 2013, reflecting the expected impact of higher product costs and investment spending.

For fiscal 2014, Carter's projects net sales to grow about 8% to 10% over fiscal 2013 and adjusted earnings per share to increase approximately 12% to 15%.

On February 19, 2014, the board authorized a 19% increase to the quarterly cash dividend, to $0.19 per share for payment on March 20, 2014, to shareholders of record at the close of business on March 10, 2014.