– моментальные уведомления о рынке акций
– моментальные уведомления о рынке акций
Net sales and earnings exceeded expectations Net sales $781 million Diluted EPS $1.66
Returned $105 million to shareholders through share repurchases and dividends
Company reaffirms full year fiscal 2022 outlook: Net sales growth of 2% to 3% Adjusted diluted EPS growth of 12% to 14%
ATLANTA--(BUSINESS WIRE)--Carter’s, Inc. (NYSE:CRI), the largest branded marketer in North America of apparel exclusively for babies and young children, today reported its first quarter fiscal 2022 results.
“Our first quarter sales and earnings exceeded our expectations,” said Michael D. Casey, Chairman and Chief Executive Officer. “Inventory levels improved in the quarter and enabled us to support higher demand in our wholesale and international businesses. As expected, our retail sales were lower in the quarter and reflect the impact of store closures, timing of the Easter holiday, and non-recurring benefit realized last year from the unprecedented government stimulus which supported families with young children.
“We are encouraged by the improving trend in births in the United States which began last summer. We believe our leading position in the young children’s apparel market and unparalleled multi-channel business model will enable us to build on our strong performance last year and achieve our growth objectives for 2022.”
Adjustments to Reported GAAP Results
In addition to the results presented in this earnings release in accordance with GAAP, the Company has provided adjusted, non-GAAP financial measurements, as presented below. The Company believes these non-GAAP financial measurements provide a meaningful comparison of the Company’s results and afford investors a view of what management considers to be the Company’s underlying performance. These measures are presented for informational purposes only. See “Reconciliation of Adjusted Results to GAAP” section of this release for additional disclosures and reconciliations regarding these non-GAAP financial measures. There were no adjustments to the Company’s Q1 fiscal 2022 results; adjustments which were made to the Company’s Q1 fiscal 2021 results are summarized in the table below.
|
Fiscal Quarter Ended |
||||||||||||||||||||||||||
|
April 2, 2022 |
|
|
April 3, 2021 |
|||||||||||||||||||||||
(In millions, except earnings per share) |
Operating
|
|
% Net
|
|
Net
|
|
Diluted
|
|
|
Operating
|
|
% Net
|
|
Net
|
|
Diluted
|
|||||||||||
As reported (GAAP) |
$ |
102.6 |
|
13.1 |
% |
|
$ |
67.9 |
|
$ |
1.66 |
|
|
$ |
127.5 |
|
|
16.2 |
% |
|
$ |
86.2 |
|
|
$ |
1.96 |
|
COVID-19 expenses |
|
— |
|
|
|
|
— |
|
|
— |
|
|
|
2.1 |
|
|
|
|
|
1.6 |
|
|
|
0.04 |
|
||
Restructuring costs |
|
— |
|
|
|
|
— |
|
|
— |
|
|
|
0.5 |
|
|
|
|
|
0.4 |
|
|
|
0.01 |
|
||
Retail store operating leases and other long-lived asset impairments, net of gain |
|
— |
|
|
|
|
— |
|
|
— |
|
|
|
(1.5 |
) |
|
|
|
|
(1.2 |
) |
|
|
(0.03 |
) |
||
As adjusted |
$ |
102.6 |
|
13.1 |
% |
|
$ |
67.9 |
|
$ |
1.66 |
|
|
$ |
128.5 |
|
|
16.3 |
% |
|
$ |
87.0 |
|
|
$ |
1.98 |
|
Note: Results may not be additive due to rounding. |
|||||||||||||||||||||||||||
Consolidated Results
First Quarter of Fiscal 2022 compared to First Quarter of Fiscal 2021
Net sales decreased $6.1 million, or 0.8%, to $781.3 million, reflecting growth in the Company’s U.S. Wholesale and International segments, offset by lower sales in its U.S. Retail segment.
U.S. Wholesale and International net sales grew 8% and 11%, respectively. U.S. Retail net sales declined 10%, reflecting: 1) comparison to first quarter of 2021 which benefited from significant and unprecedented government stimulus payments made to consumers in response to the pandemic; 2) 113 fewer retail stores at the beginning of the quarter; and 3) a later Easter holiday. U.S. Retail comparable sales declined 7%.
Operating income decreased $24.9 million to $102.6 million, compared to $127.5 million in the first quarter of fiscal 2021. Operating margin decreased to 13.1%, compared to 16.2% in the prior year period. Adjusted operating income (a non-GAAP measure) decreased $25.9 million to $102.6 million, compared to $128.5 million in the first quarter of fiscal 2021. Adjusted operating margin was 13.1%, compared to 16.3% in the prior year period, largely due to higher ocean freight and transportation costs.
Net income decreased $18.3 million to $67.9 million, or $1.66 per diluted share, compared to $86.2 million, or $1.96 per diluted share, in the first quarter of fiscal 2021. Adjusted net income (a non-GAAP measure) decreased $19.1 million to $67.9 million, compared to $87.0 million in the first quarter of fiscal 2021. Adjusted earnings per diluted share (a non-GAAP measure) was $1.66, compared to $1.98 in the first quarter of fiscal 2021.
Net cash used in operations in the first quarter of fiscal 2022 was $163.8 million compared to net cash used in operations of $39.5 million in the prior-year period. The increase in net cash used in operating activities principally reflects earlier receipt of inventory to help mitigate pandemic-related transportation delays and disbursements for 2021 performance-based compensation.
See the “Business Segment Results” and “Reconciliation of Adjusted Results to GAAP” sections of this release for additional disclosures regarding business segment performance and non-GAAP measures.
Return of Capital Activity
In the first quarter of fiscal 2022, the Company returned to shareholders a total of $105.1 million through share repurchases and cash dividends as described below.
Debt Redemption / Refinancing Update
On April 4, 2022, the Company redeemed $500 million principal amount of its 5.500% senior notes using cash on hand. This debt redemption is estimated to result in a loss on extinguishment of debt of approximately $20 million in the second quarter of fiscal 2022. Our adjusted diluted earnings per share forecasts described below in “2022 Business Outlook” exclude this estimated charge. We continue to evaluate the opportunity to refinance our 5.625% senior notes in 2022, subject to market conditions, which may result in additional charges related to loss on extinguishment of debt.
2022 Business Outlook
For the second quarter of fiscal 2022, the Company projects:
This outlook for the second quarter of fiscal 2022 reflects:
For fiscal 2022, the Company is reaffirming its prior guidance and continues to project:
This outlook for fiscal 2022 reflects:
We have not reconciled forward-looking adjusted operating income or adjusted diluted earnings per share to their most directly comparable GAAP measures because we cannot predict with reasonable certainty the ultimate outcome of certain components of such reconciliations, including early extinguishment of debt that are not within our control including due to factors described above, or others that may arise, without unreasonable effort. For these reasons, we are unable to assess the probable significance of the unavailable information, which could materially impact the amount of future operating income or diluted EPS, the most directly comparable GAAP metrics to adjusted operating income and adjusted diluted earnings per share, respectively.
Conference Call
The Company will hold a conference call with investors to discuss first quarter fiscal 2022 results and its business outlook on April 29, 2022 at 8:30 a.m. Eastern Daylight Time. To participate in the call, please dial 213-217-9349. To listen to a live broadcast via the internet and view the accompanying presentation materials, please visit ir.carters.com and select links for “News & Events” followed by “Webcasts & Presentations.” A replay of the call will be available shortly after the broadcast through May 29, 2022, at 855-859-2056 (U.S. / Canada) or +1 404-537-3406 (international), passcode 4698757. The replay will also be archived online on the “Webcasts & Presentations” page noted above.
About Carter’s, Inc.
Carter’s, Inc. is the largest branded marketer in North America of apparel exclusively for babies and young children. The Company owns the Carter’s and OshKosh B’gosh brands, two of the most recognized brands in the marketplace. These brands are sold in leading department stores, national chains, and specialty retailers domestically and internationally. They are also sold through nearly 1,000 Company-operated stores in the United States, Canada, and Mexico and online at www.carters.com, www.oshkosh.com, www.cartersoshkosh.ca, and www.carters.com.mx. The Company’s Child of Mine brand is available at Walmart, its Just One You brand is available at Target, and its Simple Joys brand is available on Amazon. The Company also owns Skip Hop, a global lifestyle brand for families with young children. Carter’s is headquartered in Atlanta, Georgia. Additional information may be found at www.carters.com.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the federal securities laws relating to our future performance, including statements with respect to the potential effects of the COVID-19 pandemic and the Company’s future outlook, earnings, liquidity, strategy, financings, and investments. Such statements are based on current expectations only, and are subject to certain risks, uncertainties, and assumptions. Should one or more of these risks or uncertainties materialize or not materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated, or projected. Certain of the risks and uncertainties that could cause actual results and performance to differ materially are described in the Company’s most recently filed Annual Report on Form 10-K and other reports filed with the Securities and Exchange Commission from time to time under the headings “Risk Factors.” Included among those risks are those related to: the effects of the current coronavirus outbreak; financial difficulties for one or more of our major customers; an overall decrease in consumer spending; our products not being accepted in the marketplace; increased competition in the market place; diminished value of our brands; the failure to protect our intellectual property; the failure to comply with applicable quality standards or regulations; unseasonable or extreme weather conditions; pending and threatened lawsuits; a breach of our information technology systems and the loss of personal data; increased margin pressures, including increased cost of materials and labor; our foreign sourcing arrangements; disruptions in our supply chain; the management and expansion of our business domestically and internationally; the acquisition and integration of other brands and businesses; and changes in our tax obligations, including additional customs, duties or tariffs. The Company does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
CARTER’S, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (dollars in thousands, except per share data) (unaudited) |
|||||||
|
Fiscal Quarter Ended |
||||||
|
April 2, 2022 |
|
April 3, 2021 |
||||
Net sales |
$ |
781,284 |
|
|
$ |
787,361 |
|
Cost of goods sold |
|
426,193 |
|
|
|
401,731 |
|
Adverse purchase commitments (inventory and raw materials), net |
|
49 |
|
|
|
(6,330 |
) |
Gross profit |
|
355,042 |
|
|
|
391,960 |
|
Royalty income, net |
|
7,474 |
|
|
|
7,463 |
|
Selling, general, and administrative expenses |
|
259,893 |
|
|
|
271,927 |
|
Operating income |
|
102,623 |
|
|
|
127,496 |
|
Interest expense |
|
15,132 |
|
|
|
15,348 |
|
Interest income |
|
(338 |
) |
|
|
(225 |
) |
Other income, net |
|
(512 |
) |
|
|
(917 |
) |
Income before income taxes |
|
88,341 |
|
|
|
113,290 |
|
Income tax provision |
|
20,408 |
|
|
|
27,094 |
|
Net income |
$ |
67,933 |
|
|
$ |
86,196 |
|
|
|
|
|
||||
Basic net income per common share |
$ |
1.66 |
|
|
$ |
1.96 |
|
Diluted net income per common share |
$ |
1.66 |
|
|
$ |
1.96 |
|
Dividend declared and paid per common share |
$ |
0.75 |
|
|
$ |
— |
|
CARTER’S, INC. BUSINESS SEGMENT RESULTS (dollars in thousands) (unaudited) |
|||||||||||||
|
Fiscal Quarter Ended |
||||||||||||
|
April 2, 2022 |
|
% of
|
|
April 3, 2021 |
|
% of
|
||||||
Net sales: |
|
|
|
|
|
|
|
||||||
U.S. Retail |
$ |
366,358 |
|
|
46.9 |
% |
|
$ |
407,067 |
|
|
51.7 |
% |
U.S. Wholesale |
|
307,301 |
|
|
39.3 |
% |
|
|
283,377 |
|
|
36.0 |
% |
International |
|
107,625 |
|
|
13.8 |
% |
|
|
96,917 |
|
|
12.3 |
% |
Consolidated net sales |
$ |
781,284 |
|
|
100.0 |
% |
|
$ |
787,361 |
|
|
100.0 |
% |
|
|
|
|
|
|
|
|
||||||
Operating income: |
|
|
% of
|
|
|
|
% of
|
||||||
U.S. Retail |
$ |
49,994 |
|
|
13.6 |
% |
|
$ |
76,521 |
|
|
18.8 |
% |
U.S. Wholesale |
|
60,506 |
|
|
19.7 |
% |
|
|
70,058 |
|
|
24.7 |
% |
International |
|
10,388 |
|
|
9.7 |
% |
|
|
9,734 |
|
|
10.0 |
% |
Corporate expenses(*) |
|
(18,265 |
) |
|
n/a |
|
|
|
(28,817 |
) |
|
n/a |
|
Consolidated operating income |
$ |
102,623 |
|
|
13.1 |
% |
|
$ |
127,496 |
|
|
16.2 |
% |
(*) |
Corporate expenses include expenses related to incentive compensation, stock-based compensation, executive management, severance and relocation, finance, office occupancy, information technology, certain legal fees, consulting fees, and audit fees. |
|
Fiscal Quarter Ended April 3, 2021 |
||||||||
(dollars in millions) |
U.S. Retail |
|
U.S. Wholesale |
|
International |
||||
Incremental costs associated with COVID-19 pandemic |
$ |
1.1 |
|
|
$ |
0.9 |
|
$ |
0.1 |
Retail store operating leases and other long-lived asset impairments, net of gain |
|
(1.5 |
) |
|
|
— |
|
|
— |
Total charges |
$ |
(0.4 |
) |
|
$ |
0.9 |
|
$ |
0.1 |
(*) |
The first fiscal quarter ended April 3, 2021 also includes corporate charges related to organizational restructuring of $0.5 million. |
CARTER’S, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (dollars in thousands, except per share data) (unaudited) |
|||||||||||
|
April 2, 2022 |
|
January 1, 2022 |
|
April 3, 2021 |
||||||
ASSETS |
|
|
|
|
|
||||||
Current assets: |
|
|
|
|
|
||||||
Cash and cash equivalents |
$ |
702,266 |
|
|
$ |
984,294 |
|
|
$ |
1,053,690 |
|
Accounts receivable, net of allowance for credit losses of $5,766, $7,281, and $6,695, respectively |
|
265,694 |
|
|
|
231,354 |
|
|
|
240,212 |
|
Finished goods inventories, net of inventory reserves of $11,307, $14,378, and $15,581, respectively |
|
679,729 |
|
|
|
647,742 |
|
|
|
560,683 |
|
Prepaid expenses and other current assets |
|
64,389 |
|
|
|
50,131 |
|
|
|
63,290 |
|
Total current assets |
|
1,712,078 |
|
|
|
1,913,521 |
|
|
|
1,917,875 |
|
Property, plant, and equipment, net of accumulated depreciation of $536,580, $528,926, and $557,608, respectively |
|
197,515 |
|
|
|
216,004 |
|
|
|
248,799 |
|
Operating lease assets |
|
469,354 |
|
|
|
487,748 |
|
|
|
559,391 |
|
Tradenames, net |
|
307,581 |
|
|
|
307,643 |
|
|
|
307,830 |
|
Goodwill |
|
212,518 |
|
|
|
212,023 |
|
|
|
212,271 |
|
Customer relationships, net |
|
33,151 |
|
|
|
33,969 |
|
|
|
36,596 |
|
Other assets |
|
29,084 |
|
|
|
30,889 |
|
|
|
27,711 |
|
Total assets |
$ |
2,961,281 |
|
|
$ |
3,201,797 |
|
|
$ |
3,310,473 |
|
|
|
|
|
|
|
||||||
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
||||||
Current liabilities: |
|
|
|
|
|
||||||
Accounts payable |
$ |
284,034 |
|
|
$ |
407,044 |
|
|
$ |
334,831 |
|
Current portion of long-term debt, net |
|
495,743 |
|
|
|
— |
|
|
|
— |
|
Current operating lease liabilities |
|
146,823 |
|
|
|
147,537 |
|
|
|
172,117 |
|
Other current liabilities |
|
111,078 |
|
|
|
176,449 |
|
|
|
149,911 |
|
Total current liabilities |
|
1,037,678 |
|
|
|
731,030 |
|
|
|
656,859 |
|
|
|
|
|
|
|
||||||
Long-term debt, net |
|
496,104 |
|
|
|
991,370 |
|
|
|
989,980 |
|
Deferred income taxes |
|
48,450 |
|
|
|
40,910 |
|
|
|
56,990 |
|
Long-term operating lease liabilities |
|
419,493 |
|
|
|
441,861 |
|
|
|
517,875 |
|
Other long-term liabilities |
|
44,266 |
|
|
|
46,440 |
|
|
|
59,160 |
|
Total liabilities |
$ |
2,045,991 |
|
|
$ |
2,251,611 |
|
|
$ |
2,280,864 |
|
|
|
|
|
|
|
||||||
Commitments and contingencies |
|
|
|
|
|
||||||
|
|
|
|
|
|
||||||
Stockholders' equity: |
|
|
|
|
|
||||||
Preferred stock; par value $.01 per share; 100,000 shares authorized; none issued or outstanding at April 2, 2022, January 1, 2022, and April 3, 2021 |
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
Common stock, voting; par value $.01 per share; 150,000,000 shares authorized; 40,555,922, 41,148,870, and 43,947,659 shares issued and outstanding at April 2, 2022, January 1, 2022, and April 3, 2021, respectively |
|
406 |
|
|
|
411 |
|
|
|
440 |
|
Additional paid-in capital |
|
— |
|
|
|
— |
|
|
|
21,904 |
|
Accumulated other comprehensive loss |
|
(26,115 |
) |
|
|
(28,897 |
) |
|
|
(31,534 |
) |
Retained earnings |
|
940,999 |
|
|
|
978,672 |
|
|
|
1,038,799 |
|
Total stockholders' equity |
|
915,290 |
|
|
|
950,186 |
|
|
|
1,029,609 |
|
Total liabilities and stockholders' equity |
$ |
2,961,281 |
|
|
$ |
3,201,797 |
|
|
$ |
3,310,473 |
|
CARTER’S, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (dollars in thousands) (unaudited) |
|||||||
|
Fiscal Quarter Ended |
||||||
|
April 2, 2022 |
|
April 3, 2021 |
||||
Cash flows from operating activities: |
|
|
|
||||
Net income |
$ |
67,933 |
|
|
$ |
86,196 |
|
Adjustments to reconcile net income to net cash used in operating activities: |
|
|
|
||||
Depreciation of property, plant, and equipment |
|
13,282 |
|
|
|
23,183 |
|
Amortization of intangible assets |
|
932 |
|
|
|
932 |
|
(Recoveries of) provisions for excess and obsolete inventory, net |
|
(3,109 |
) |
|
|
1,364 |
|
Other asset impairments and loss (gain) on disposal of property, plant and equipment, net of recoveries |
|
190 |
|
|
|
(25 |
) |
Amortization of debt issuance costs |
|
787 |
|
|
|
738 |
|
Stock-based compensation expense |
|
5,859 |
|
|
|
6,931 |
|
Unrealized foreign currency exchange (gain) loss, net |
|
(189 |
) |
|
|
49 |
|
(Recoveries of) provisions for doubtful accounts receivable from customers |
|
(1,513 |
) |
|
|
766 |
|
Unrealized loss (gain) on investments |
|
935 |
|
|
|
(179 |
) |
Deferred income taxes |
|
7,759 |
|
|
|
4,365 |
|
Effect of changes in operating assets and liabilities: |
|
|
|
||||
Accounts receivable |
|
(32,484 |
) |
|
|
(54,484 |
) |
Finished goods inventories |
|
(27,720 |
) |
|
|
37,812 |
|
Prepaid expenses and other assets |
|
(13,245 |
) |
|
|
(5,007 |
) |
Accounts payable and other liabilities |
|
(183,224 |
) |
|
|
(142,171 |
) |
Net cash used in operating activities |
$ |
(163,807 |
) |
|
$ |
(39,530 |
) |
|
|
|
|
||||
Cash flows from investing activities: |
|
|
|
||||
Capital expenditures |
$ |
(7,652 |
) |
|
$ |
(11,665 |
) |
Proceeds from sale of investments |
|
— |
|
|
|
5,000 |
|
Net cash used in investing activities |
$ |
(7,652 |
) |
|
$ |
(6,665 |
) |
|
|
|
|
||||
Cash flows from financing activities: |
|
|
|
||||
Payment of debt issuance costs |
$ |
(3 |
) |
|
$ |
— |
|
Repurchases of common stock |
|
(74,496 |
) |
|
|
— |
|
Dividends paid |
|
(30,573 |
) |
|
|
— |
|
Withholdings from vesting of restricted stock |
|
(6,623 |
) |
|
|
(3,588 |
) |
Proceeds from exercises of stock options |
|
222 |
|
|
|
811 |
|
Net cash used in financing activities |
$ |
(111,473 |
) |
|
$ |
(2,777 |
) |
|
|
|
|
||||
Net effect of exchange rate changes on cash and cash equivalents |
|
904 |
|
|
|
339 |
|
Net decrease in cash and cash equivalents |
$ |
(282,028 |
) |
|
$ |
(48,633 |
) |
Cash and cash equivalents, beginning of period |
|
984,294 |
|
|
|
1,102,323 |
|
Cash and cash equivalents, end of period |
$ |
702,266 |
|
|
$ |
1,053,690 |
|
CARTER’S, INC. RECONCILIATION OF ADJUSTED RESULTS TO GAAP (dollars in millions, except earnings per share) (unaudited) |
|||||||||||||||||||||||||||||||
|
Fiscal Quarter Ended April 3, 2021 |
||||||||||||||||||||||||||||||
|
Gross
|
|
% Net
|
|
SG&A |
|
% Net
|
|
Operating
|
|
% Net
|
|
Income
|
|
Net
|
|
Diluted
|
||||||||||||||
As reported (GAAP) |
$ |
392.0 |
|
49.8 |
% |
|
$ |
271.9 |
|
|
34.5 |
% |
|
$ |
127.5 |
|
|
16.2 |
% |
|
$ |
27.1 |
|
|
$ |
86.2 |
|
|
$ |
1.96 |
|
COVID-19 expenses (b) |
|
— |
|
|
|
|
(2.1 |
) |
|
|
|
|
2.1 |
|
|
|
|
|
0.5 |
|
|
|
1.6 |
|
|
|
0.04 |
|
|||
Restructuring costs (c) |
|
— |
|
|
|
|
(0.5 |
) |
|
|
|
|
0.5 |
|
|
|
|
|
0.1 |
|
|
|
0.4 |
|
|
|
0.01 |
|
|||
Retail store operating leases and other long-lived asset impairments, net of gain |
|
— |
|
|
|
|
1.5 |
|
|
|
|
|
(1.5 |
) |
|
|
|
|
(0.4 |
) |
|
|
(1.2 |
) |
|
|
(0.03 |
) |
|||
As adjusted (a) (d) |
$ |
392.0 |
|
49.8 |
% |
|
$ |
270.9 |
|
|
34.4 |
% |
|
$ |
128.5 |
|
|
16.3 |
% |
|
$ |
27.3 |
|
|
$ |
87.0 |
|
|
$ |
1.98 |
|
|
Fiscal Quarter Ended July 3, 2021 |
||||||||||||||||||||||||||||||
|
Gross
|
|
% Net
|
|
SG&A |
|
% Net
|
|
Operating
|
|
% Net
|
|
Income
|
|
Net
|
|
Diluted
|
||||||||||||||
As reported (GAAP) |
$ |
368.7 |
|
49.4 |
% |
|
$ |
267.8 |
|
|
35.9 |
% |
|
$ |
107.6 |
|
|
14.4 |
% |
|
$ |
21.6 |
|
|
$ |
71.6 |
|
|
$ |
1.62 |
|
Restructuring costs (c) |
|
— |
|
|
|
|
(2.2 |
) |
|
|
|
|
2.2 |
|
|
|
|
|
0.6 |
|
|
|
1.6 |
|
|
|
0.04 |
|
|||
COVID-19 expenses (b) |
|
— |
|
|
|
|
(1.0 |
) |
|
|
|
|
1.0 |
|
|
|
|
|
0.3 |
|
|
|
0.8 |
|
|
|
0.02 |
|
|||
Retail store operating leases and other long-lived asset impairments, net of gain |
|
— |
|
|
|
|
0.4 |
|
|
|
|
|
(0.4 |
) |
|
|
|
|
(0.1 |
) |
|
|
(0.3 |
) |
|
|
(0.01 |
) |
|||
As adjusted (a) |
$ |
368.7 |
|
49.4 |
% |
|
$ |
264.9 |
|
|
35.5 |
% |
|
$ |
110.4 |
|
|
14.8 |
% |
|
$ |
22.4 |
|
|
$ |
73.7 |
|
|
$ |
1.67 |
|
|
Fiscal Year Ended January 1, 2022 |
||||||||||||||||||||||||||||||
|
Gross
|
|
% Net
|
|
SG&A |
|
% Net
|
|
Operating
|
|
% Net
|
|
Income
|
|
Net
|
|
Diluted
|
||||||||||||||
As reported (GAAP) |
$ |
1,662.3 |
|
47.7 |
% |
|
$ |
1,193.9 |
|
|
34.2 |
% |
|
$ |
497.1 |
|
|
14.3 |
% |
|
$ |
98.5 |
|
|
$ |
339.7 |
|
|
$ |
7.81 |
|
Retail store operating leases and other long-lived asset impairments, net of gain |
|
— |
|
|
|
|
2.6 |
|
|
|
|
|
(2.6 |
) |
|
|
|
|
(0.6 |
) |
|
|
(2.0 |
) |
|
|
(0.05 |
) |
|||
COVID-19 expenses (b) |
|
— |
|
|
|
|
(3.9 |
) |
|
|
|
|
3.9 |
|
|
|
|
|
1.0 |
|
|
|
3.0 |
|
|
|
0.07 |
|
|||
Restructuring costs (c) |
|
— |
|
|
|
|
(2.4 |
) |
|
|
|
|
2.4 |
|
|
|
|
|
0.6 |
|
|
|
1.8 |
|
|
|
0.04 |
|
|||
As adjusted (a) (d) |
$ |
1,662.3 |
|
47.7 |
% |
|
$ |
1,190.2 |
|
|
34.1 |
% |
|
$ |
500.8 |
|
|
14.4 |
% |
|
$ |
99.5 |
|
|
$ |
342.5 |
|
|
$ |
7.87 |
|
(a) |
In addition to the results provided in this earnings release in accordance with GAAP, the Company has provided adjusted, non-GAAP financial measurements that present gross profit, SG&A, operating income, net income, and net income on a diluted share basis excluding the adjustments discussed above. The Company believes these adjustments provide a meaningful comparison of the Company’s results and afford investors a view of what management considers to be the Company's core performance. The adjusted, non-GAAP financial measurements included in this earnings release should not be considered as an alternative to net income or as any other measurement of performance derived in accordance with GAAP. The adjusted, non-GAAP financial measurements are presented for informational purposes only and are not necessarily indicative of the Company’s future condition or results of operations. |
||
(b) |
Net expenses incurred due to the COVID-19 pandemic, including incremental employee-related costs, costs associated with additional protective equipment and cleaning supplies, restructuring costs, and a payroll tax benefit. |
||
(c) |
Certain lease exit, severance and related costs resulting from restructuring actions (not related to COVID-19). |
||
(d) |
Adjusted results exclude a customer bankruptcy recovery of $38,000. |
Note: No adjustments were made to GAAP results in the first quarter of fiscal 2022. Results may not be additive due to rounding.
CARTER’S, INC. RECONCILIATION OF NET INCOME ALLOCABLE TO COMMON SHAREHOLDERS (unaudited) |
|||||||
|
Fiscal Quarter Ended |
||||||
|
April 2, 2022 |
|
April 3, 2021 |
||||
Weighted-average number of common and common equivalent shares outstanding: |
|
|
|
||||
Basic number of common shares outstanding |
|
40,270,895 |
|
|
|
43,370,744 |
|
Dilutive effect of equity awards |
|
77,437 |
|
|
|
129,198 |
|
Diluted number of common and common equivalent shares outstanding |
|
40,348,332 |
|
|
|
43,499,942 |
|
As reported on a GAAP Basis: |
|
|
|
||||
(dollars in thousands, except per share data) |
|
|
|
||||
Basic net income per common share: |
|
|
|
||||
Net income |
$ |
67,933 |
|
|
$ |
86,196 |
|
Income allocated to participating securities |
|
(921 |
) |
|
|
(1,033 |
) |
Net income available to common shareholders |
$ |
67,012 |
|
|
$ |
85,163 |
|
Basic net income per common share |
$ |
1.66 |
|
|
$ |
1.96 |
|
Diluted net income per common share: |
|
|
|
||||
Net income |
$ |
67,933 |
|
|
$ |
86,196 |
|
Income allocated to participating securities |
|
(920 |
) |
|
|
(1,030 |
) |
Net income available to common shareholders |
$ |
67,013 |
|
|
$ |
85,166 |
|
Diluted net income per common share |
$ |
1.66 |
|
|
$ |
1.96 |
|
As adjusted (a): |
|
|
|
||||
Basic net income per common share: |
|
|
|
||||
Net income |
$ |
67,933 |
|
|
$ |
86,987 |
|
Income allocated to participating securities |
|
(921 |
) |
|
|
(1,043 |
) |
Net income available to common shareholders |
$ |
67,012 |
|
|
$ |
85,944 |
|
Basic net income per common share |
$ |
1.66 |
|
|
$ |
1.98 |
|
Diluted net income per common share: |
|
|
|
||||
Net income |
$ |
67,933 |
|
|
$ |
86,987 |
|
Income allocated to participating securities |
|
(920 |
) |
|
|
(1,040 |
) |
Net income available to common shareholders |
$ |
67,013 |
|
|
$ |
85,947 |
|
Diluted net income per common share |
$ |
1.66 |
|
|
$ |
1.98 |
|
(a) |
In addition to the results provided in this earnings release in accordance with GAAP, the Company has provided adjusted, non-GAAP financial measurements that present per share data excluding the adjustments discussed above. The Company has excluded $0.8 million in after-tax expenses from these results for the fiscal quarter ended April 3, 2021. |
Note: Results may not be additive due to rounding.
RECONCILIATION OF ADJUSTED RESULTS TO GAAP (dollars in millions) (unaudited) |
||||||||||||
The following table provides a reconciliation of net income to EBITDA and Adjusted EBITDA for the periods indicated: |
||||||||||||
|
|
Fiscal Quarter Ended |
|
Four Fiscal Quarters Ended |
||||||||
|
|
April 2, 2022 |
|
April 3, 2021 |
|
April 2, 2022 |
||||||
Net income |
|
$ |
67.9 |
|
|
$ |
86.2 |
|
|
$ |
321.5 |
|
Interest expense |
|
|
15.1 |
|
|
|
15.3 |
|
|
|
60.1 |
|
Interest income |
|
|
(0.3 |
) |
|
|
(0.2 |
) |
|
|
(1.2 |
) |
Income tax provision |
|
|
20.4 |
|
|
|
27.1 |
|
|
|
91.9 |
|
Depreciation and amortization |
|
|
14.2 |
|
|
|
24.1 |
|
|
|
84.2 |
|
EBITDA |
|
$ |
117.3 |
|
|
$ |
152.5 |
|
|
$ |
556.4 |
|
|
|
|
|
|
|
|
||||||
Adjustments to EBITDA |
|
|
|
|
|
|
||||||
Retail store operating leases and other long-lived asset impairments, net of gain |
|
$ |
— |
|
|
$ |
(1.5 |
) |
|
$ |
(1.2 |
) |
COVID-19 expenses (a) |
|
|
— |
|
|
|
2.1 |
|
|
|
1.8 |
|
Restructuring costs (b) |
|
|
— |
|
|
|
(0.1 |
) |
|
|
1.3 |
|
Total adjustments |
|
|
— |
|
|
|
0.5 |
|
|
|
1.9 |
|
Adjusted EBITDA (c) |
|
$ |
117.3 |
|
|
$ |
153.0 |
|
|
$ |
558.4 |
|
(a) |
Expenses incurred due to the COVID-19 pandemic. |
||
(b) |
Certain lease exit, severance and related costs resulting from restructuring actions (not related to COVID-19). Amounts for the fiscal quarter ended April 3, 2021 and four fiscal quarters ended April 2, 2022 exclude $0.5 million and $0.6 million of depreciation expense that is included in the corresponding depreciation and amortization line item, respectively. |
||
(c) |
Adjusted EBITDA for the fiscal quarter ended April 3, 2021 excludes a customer bankruptcy recovery of $38,000. |
Note: No adjustments were made to GAAP results in the first quarter of fiscal 2022. Results may not be additive due to rounding.
EBITDA and Adjusted EBITDA are supplemental financial measures that are not defined or prepared in accordance with GAAP. We define EBITDA as net income before interest, income taxes, and depreciation and amortization. Adjusted EBITDA is EBITDA adjusted for the items described in footnotes (a) - (c) to the table above.
We present EBITDA and Adjusted EBITDA because we consider them important supplemental measures of our performance and believe they are frequently used by securities analysts, investors, and other interested parties in the evaluation of companies in our industry. These measures also afford investors a view of what management considers to be the Company's core performance.
The use of EBITDA and Adjusted EBITDA instead of net income or cash flows from operations has limitations as an analytical tool, and you should not consider them in isolation, or as a substitute for analysis of our results as reported under GAAP. EBITDA and Adjusted EBITDA do not represent net income or cash flow from operations as those terms are defined by GAAP and do not necessarily indicate whether cash flows will be sufficient to fund cash needs. While EBITDA, Adjusted EBITDA and similar measures are frequently used as measures of operations and the ability to meet debt service requirements, these terms are not necessarily comparable to other similarly titled captions of other companies due to the potential inconsistencies in the method of calculation. EBITDA and Adjusted EBITDA do not reflect the impact of earnings or charges resulting from matters that we consider not to be indicative of our ongoing operations. Because of these limitations, EBITDA and Adjusted EBITDA should not be considered as discretionary cash available to us for working capital, debt service and other purposes.
RECONCILIATION OF GAAP AND NON-GAAP INFORMATION (dollars in millions) (unaudited) |
||||||||||||||||||
The table below reflects the calculation of constant currency net sales on a consolidated and International segment basis for the fiscal quarter ended April 2, 2022: |
||||||||||||||||||
|
Fiscal Quarter Ended |
|||||||||||||||||
|
Reported Net
|
|
Impact of
|
|
Constant-
|
|
Reported Net
|
|
Reported
|
|
Constant-
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Consolidated net sales |
$ |
781.3 |
|
$ |
(0.2 |
) |
|
$ |
781.5 |
|
$ |
787.4 |
|
(0.8 |
) % |
|
(0.7 |
)% |
International segment net sales |
$ |
107.6 |
|
$ |
(0.2 |
) |
|
$ |
107.8 |
|
$ |
96.9 |
|
11.0 |
% |
|
11.2 |
% |
The Company evaluates its net sales on both an “as reported” and a “constant currency” basis. The constant currency presentation, which is a non-GAAP measure, excludes the impact of fluctuations in foreign currency exchange rates that occurred between the comparative periods. Constant currency net sales results are calculated by translating current period net sales in local currency to the U.S. dollar amount by using the currency conversion rate for the prior comparative period. The Company consistently applies this approach to net sales for all countries where the functional currency is not the U.S. dollar. The Company believes that the presentation of net sales on a constant currency basis provides useful supplemental information regarding changes in our net sales that were not due to fluctuations in currency exchange rates and such information is consistent with how the Company assesses changes in its net sales between comparative periods.
Note: Results may not be additive due to rounding.
Чистые продажи и прибыль превзошли ожидания Чистый объем продаж - 781 миллион долларов Разводненная прибыль на акцию $1,66
Вернул акционерам 105 миллионов долларов за счет выкупа акций и дивидендов
Компания подтверждает прогноз на 2022 финансовый год на весь год: Чистый рост продаж от 2% до 3% Скорректированный рост разводненной прибыли на акцию с 12% до 14%
АТЛАНТА - (BUSINESS WIRE) - Carter's, Inc. (NYSE:CRI), крупнейший в Северной Америке производитель брендовой одежды исключительно для младенцев и детей младшего возраста, сегодня отчиталась о результатах за первый квартал 2022 финансового года.
“Наши продажи и прибыль в первом квартале превзошли наши ожидания”, - сказал Майкл Д. Кейси, председатель правления и главный исполнительный директор. “Уровень запасов улучшился за квартал и позволил нам поддерживать более высокий спрос в нашем оптовом и международном бизнесе. Как и ожидалось, наши розничные продажи в этом квартале были ниже и отражают влияние закрытия магазинов, времени пасхальных праздников и единовременных льгот, полученных в прошлом году в результате беспрецедентного государственного стимулирования, которое поддержало семьи с маленькими детьми.
“Нас обнадеживает тенденция к улучшению рождаемости в Соединенных Штатах, которая началась прошлым летом. Мы считаем, что наше лидирующее положение на рынке детской одежды и беспрецедентная многоканальная бизнес-модель позволят нам развить наши высокие показатели в прошлом году и достичь наших целей роста на 2022 год”.
Корректировки к отчетным результатам GAAP
В дополнение к результатам, представленным в этом отчете о прибылях и убытках в соответствии с GAAP, Компания предоставила скорректированные финансовые показатели, не относящиеся к GAAP, как представлено ниже. Компания считает, что эти финансовые показатели, не относящиеся к GAAP, обеспечивают значимое сравнение результатов Компании и дают инвесторам представление о том, что руководство считает основными показателями Компании. Эти меры представлены исключительно в информационных целях. См. раздел “Сверка скорректированных результатов с GAAP” этого выпуска для получения дополнительной информации и выверки в отношении этих финансовых показателей, не относящихся к GAAP. Результаты Компании за 1 квартал 2022 финансового года не были скорректированы; корректировки, которые были внесены в результаты Компании за 1 квартал 2021 финансового года, суммированы в таблице ниже.
|
Fiscal Quarter Ended |
||||||||||||||||||||||||||
|
April 2, 2022 |
|
|
April 3, 2021 |
|||||||||||||||||||||||
(In millions, except earnings per share) |
Operating
|
|
% Net
|
|
Net
|
|
Diluted
|
|
|
Operating
|
|
% Net
|
|
Net
|
|
Diluted
|
|||||||||||
As reported (GAAP) |
$ |
102.6 |
|
13.1 |
% |
|
$ |
67.9 |
|
$ |
1.66 |
|
|
$ |
127.5 |
|
|
16.2 |
% |
|
$ |
86.2 |
|
|
$ |
1.96 |
|
COVID-19 expenses |
|
— |
|
|
|
|
— |
|
|
— |
|
|
|
2.1 |
|
|
|
|
|
1.6 |
|
|
|
0.04 |
|
||
Restructuring costs |
|
— |
|
|
|
|
— |
|
|
— |
|
|
|
0.5 |
|
|
|
|
|
0.4 |
|
|
|
0.01 |
|
||
Retail store operating leases and other long-lived asset impairments, net of gain |
|
— |
|
|
|
|
— |
|
|
— |
|
|
|
(1.5 |
) |
|
|
|
|
(1.2 |
) |
|
|
(0.03 |
) |
||
As adjusted |
$ |
102.6 |
|
13.1 |
% |
|
$ |
67.9 |
|
$ |
1.66 |
|
|
$ |
128.5 |
|
|
16.3 |
% |
|
$ |
87.0 |
|
|
$ |
1.98 |
|
Note: Results may not be additive due to rounding. |
|||||||||||||||||||||||||||
Консолидированные результаты
Первый квартал 2022 финансового года по сравнению с Первым кварталом 2021 финансового года
Чистые продажи снизились на 6,1 млн долларов, или на 0,8%, до 781,3 млн долларов, что отражает рост в оптовом и международном сегментах Компании в США, компенсированный снижением продаж в розничном сегменте в США.
Оптовые и международные чистые продажи в США выросли на 8% и 11% соответственно. Чистые розничные продажи в США снизились на 10%, что отражает: 1) сравнение с первым кварталом 2021 года, который выиграл от значительных и беспрецедентных государственных стимулирующих выплат, произведенных потребителям в ответ на пандемию; 2) на 113 розничных магазинов в начале квартала; и 3) более поздние пасхальные каникулы. Сопоставимые розничные продажи в США снизились на 7%.
Операционная прибыль снизилась на 24,9 млн долларов до 102,6 млн долларов по сравнению с 127,5 млн долларов в первом квартале 2021 финансового года. Операционная маржа снизилась до 13,1% по сравнению с 16,2% в предыдущем году. Скорректированный операционный доход (показатель, не относящийся к GAAP) снизился на 25,9 млн долларов до 102,6 млн долларов по сравнению со 128,5 млн долларов в первом квартале 2021 финансового года. Скорректированная операционная маржа составила 13,1% по сравнению с 16,3% в предыдущем году, в основном из-за более высоких морских фрахтовых и транспортных расходов.
Чистая прибыль снизилась на 18,3 млн долларов до 67,9 млн долларов, или 1,66 доллара на разводненную акцию, по сравнению с 86,2 млн долларов, или 1,96 доллара на разводненную акцию, в первом квартале 2021 финансового года. Скорректированная чистая прибыль (показатель, не относящийся к GAAP) снизилась на 19,1 млн долларов до 67,9 млн долларов по сравнению с 87,0 млн долларов в первом квартале 2021 финансового года. Скорректированная прибыль на разводненную акцию (показатель, не учитывающий ОПБУ) составила 1,66 доллара США по сравнению с 1,98 доллара США в первом квартале 2021 финансового года.
Чистые денежные средства, использованные в операциях в первом квартале 2022 финансового года, составили 163,8 млн долларов США по сравнению с чистыми денежными средствами, использованными в операциях в размере 39,5 млн долларов США в предыдущем году. Увеличение чистых денежных средств, использованных в операционной деятельности, в основном отражает более раннее получение запасов, чтобы помочь смягчить связанные с пандемией задержки в транспортировке и выплаты компенсации, основанной на результатах деятельности, в 2021 году.
Дополнительную информацию о результатах деятельности бизнес-сегмента и показателях, не относящихся к GAAP, см. в разделах “Результаты бизнес-сегмента” и “Сверка скорректированных результатов с GAAP” данного выпуска.
Возврат капитальной активности
В первом квартале 2022 финансового года Компания вернула акционерам в общей сложности 105,1 млн долларов США путем выкупа акций и выплаты дивидендов наличными, как описано ниже.
Обновление о Погашении долга / Рефинансировании
4 апреля 2022 года Компания погасила основную сумму своих 5.500%-ных старших облигаций на сумму 500 миллионов долларов наличными. По оценкам, это погашение долга приведет к убыткам от погашения долга в размере примерно 20 миллионов долларов во втором квартале 2022 финансового года. Наши прогнозы скорректированной разводненной прибыли на акцию, описанные ниже в разделе “Перспективы бизнеса на 2022 год”, исключают эти предполагаемые расходы. Мы продолжаем оценивать возможность рефинансирования наших старших облигаций на 5,625% в 2022 году в зависимости от рыночных условий, что может привести к дополнительным расходам, связанным с убытками при погашении долга.
Перспективы бизнеса на 2022 год
На второй квартал 2022 финансового года Компания прогнозирует:
Этот прогноз на второй квартал 2022 финансового года отражает:
На 2022 финансовый год Компания подтверждает свои предыдущие рекомендации и продолжает проектировать:
Этот прогноз на 2022 финансовый год отражает:
Мы не сверяли прогнозную скорректированную операционную прибыль или скорректированную разводненную прибыль на акцию с их наиболее непосредственно сопоставимыми показателями GAAP, поскольку мы не можем с достаточной уверенностью предсказать конечный результат определенных компонентов таких сверок, включая досрочное погашение долга, которые находятся вне нашего контроля, в том числе из-за факторов, описанных выше, или других это может возникнуть без необоснованных усилий. По этим причинам мы не можем оценить вероятную значимость недоступной информации, которая может существенно повлиять на величину будущего операционного дохода или разводненной прибыли на акцию, наиболее непосредственно сопоставимых показателей GAAP с скорректированным операционным доходом и скорректированной разводненной прибылью на акцию, соответственно.
Конференц-связь
Компания проведет телефонную конференцию с инвесторами, чтобы обсудить результаты первого квартала 2022 финансового года и перспективы своего бизнеса 29 апреля 2022 года в 8:30 утра по восточному дневному времени. Чтобы принять участие в звонке, пожалуйста, наберите 213-217-9349. Чтобы прослушать прямую трансляцию через Интернет и просмотреть сопроводительные презентационные материалы, пожалуйста, посетите ir.carters.com и выберите ссылки для “Новости и события”, а затем “Веб-трансляции и презентации”. Повтор звонка будет доступен вскоре после трансляции до 29 мая 2022 года по телефону 855-859-2056 (США / Канада) или +1 404-537-3406 (международный), код доступа 4698757. Повтор также будет заархивирован онлайн на странице “Веб-трансляции и презентации”, указанной выше.
О компании Carter's, Inc.
Carter's, Inc. - крупнейший в Северной Америке брендовый маркетолог одежды исключительно для младенцев и маленьких детей. Компания владеет брендами Carter's и OshKosh B'gosh, двумя из самых узнаваемых брендов на рынке. Эти бренды продаются в ведущих универмагах, национальных сетях и специализированных розничных магазинах внутри страны и за рубежом. Они также продаются почти в 1000 фирменных магазинах в Соединенных Штатах, Канаде и Мексике, а также в Интернете по адресу www.carters.com , www.oshkosh.com , www.cartersoshkosh.ca , и www.carters.com.mx . Бренд Child of Mine компании доступен в Walmart, бренд Just One You доступен в Target, а бренд Simple Joys доступен на Amazon. Компания также владеет Skip Hop, мировым брендом стиля жизни для семей с маленькими детьми. Штаб-квартира Carter's находится в Атланте, штат Джорджия. Дополнительную информацию можно найти по адресу www.carters.com .
Прогнозные Заявления
Настоящий пресс-релиз содержит прогнозные заявления по смыслу федеральных законов о ценных бумагах, касающиеся нашей будущей деятельности, включая заявления в отношении потенциальных последствий пандемии COVID-19 и будущих перспектив Компании, доходов, ликвидности, стратегии, финансирования и инвестиций. Такие заявления основаны только на текущих ожиданиях и подвержены определенным рискам, неопределенностям и допущениям. Если один или несколько из этих рисков или неопределенностей материализуются или не материализуются, или если лежащие в их основе допущения окажутся неверными, фактические результаты могут существенно отличаться от ожидаемых, оцененных или прогнозируемых. Некоторые риски и неопределенности, которые могут привести к существенному отличию фактических результатов и результатов деятельности, описаны в последнем Годовом отчете Компании по форме 10-K и других отчетах, которые время от времени подаются в Комиссию по ценным бумагам и биржам под заголовками “Факторы риска”. К числу этих рисков относятся риски, связанные с: последствиями текущей вспышки коронавируса; финансовыми трудностями для одного или нескольких наших основных клиентов; общим снижением потребительских расходов; непринятием нашей продукции на рынке; усилением конкуренции на рынке; снижением стоимости наших брендов; неспособностью защиты нашей интеллектуальной собственности; несоблюдение применимых стандартов или правил качества; не по сезону или экстремальные погодные условия; ожидающие рассмотрения и угрожающие судебные иски; нарушение наших систем информационных технологий и потеря персональных данных; повышенное давление на маржу, включая увеличение стоимости материалов и рабочей силы; наши соглашения о зарубежных поставках; сбои в наша цепочка поставок; управление и расширение нашего бизнеса внутри страны и за рубежом; приобретение и интеграция других брендов и предприятий; а также изменения в наших налоговых обязательствах, включая дополнительные таможенные пошлины, пошлины или тарифы. Компания не берет на себя никаких обязательств по публичному обновлению или пересмотру каких-либо прогнозных заявлений, будь то в результате новой информации, будущих событий или иным образом.
CARTER’S, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (dollars in thousands, except per share data) (unaudited) |
|||||||
|
Fiscal Quarter Ended |
||||||
|
April 2, 2022 |
|
April 3, 2021 |
||||
Net sales |
$ |
781,284 |
|
|
$ |
787,361 |
|
Cost of goods sold |
|
426,193 |
|
|
|
401,731 |
|
Adverse purchase commitments (inventory and raw materials), net |
|
49 |
|
|
|
(6,330 |
) |
Gross profit |
|
355,042 |
|
|
|
391,960 |
|
Royalty income, net |
|
7,474 |
|
|
|
7,463 |
|
Selling, general, and administrative expenses |
|
259,893 |
|
|
|
271,927 |
|
Operating income |
|
102,623 |
|
|
|
127,496 |
|
Interest expense |
|
15,132 |
|
|
|
15,348 |
|
Interest income |
|
(338 |
) |
|
|
(225 |
) |
Other income, net |
|
(512 |
) |
|
|
(917 |
) |
Income before income taxes |
|
88,341 |
|
|
|
113,290 |
|
Income tax provision |
|
20,408 |
|
|
|
27,094 |
|
Net income |
$ |
67,933 |
|
|
$ |
86,196 |
|
|
|
|
|
||||
Basic net income per common share |
$ |
1.66 |
|
|
$ |
1.96 |
|
Diluted net income per common share |
$ |
1.66 |
|
|
$ |
1.96 |
|
Dividend declared and paid per common share |
$ |
0.75 |
|
|
$ |
— |
|
CARTER’S, INC. BUSINESS SEGMENT RESULTS (dollars in thousands) (unaudited) |
|||||||||||||
|
Fiscal Quarter Ended |
||||||||||||
|
April 2, 2022 |
|
% of
|
|
April 3, 2021 |
|
% of
|
||||||
Net sales: |
|
|
|
|
|
|
|
||||||
U.S. Retail |
$ |
366,358 |
|
|
46.9 |
% |
|
$ |
407,067 |
|
|
51.7 |
% |
U.S. Wholesale |
|
307,301 |
|
|
39.3 |
% |
|
|
283,377 |
|
|
36.0 |
% |
International |
|
107,625 |
|
|
13.8 |
% |
|
|
96,917 |
|
|
12.3 |
% |
Consolidated net sales |
$ |
781,284 |
|
|
100.0 |
% |
|
$ |
787,361 |
|
|
100.0 |
% |
|
|
|
|
|
|
|
|
||||||
Operating income: |
|
|
% of
|
|
|
|
% of
|
||||||
U.S. Retail |
$ |
49,994 |
|
|
13.6 |
% |
|
$ |
76,521 |
|
|
18.8 |
% |
U.S. Wholesale |
|
60,506 |
|
|
19.7 |
% |
|
|
70,058 |
|
|
24.7 |
% |
International |
|
10,388 |
|
|
9.7 |
% |
|
|
9,734 |
|
|
10.0 |
% |
Corporate expenses(*) |
|
(18,265 |
) |
|
n/a |
|
|
|
(28,817 |
) |
|
n/a |
|
Consolidated operating income |
$ |
102,623 |
|
|
13.1 |
% |
|
$ |
127,496 |
|
|
16.2 |
% |
(*) |
Corporate expenses include expenses related to incentive compensation, stock-based compensation, executive management, severance and relocation, finance, office occupancy, information technology, certain legal fees, consulting fees, and audit fees. |
|
Fiscal Quarter Ended April 3, 2021 |
||||||||
(dollars in millions) |
U.S. Retail |
|
U.S. Wholesale |
|
International |
||||
Incremental costs associated with COVID-19 pandemic |
$ |
1.1 |
|
|
$ |
0.9 |
|
$ |
0.1 |
Retail store operating leases and other long-lived asset impairments, net of gain |
|
(1.5 |
) |
|
|
— |
|
|
— |
Total charges |
$ |
(0.4 |
) |
|
$ |
0.9 |
|
$ |
0.1 |
(*) |
The first fiscal quarter ended April 3, 2021 also includes corporate charges related to organizational restructuring of $0.5 million. |
CARTER’S, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (dollars in thousands, except per share data) (unaudited) |
|||||||||||
|
April 2, 2022 |
|
January 1, 2022 |
|
April 3, 2021 |
||||||
ASSETS |
|
|
|
|
|
||||||
Current assets: |
|
|
|
|
|
||||||
Cash and cash equivalents |
$ |
702,266 |
|
|
$ |
984,294 |
|
|
$ |
1,053,690 |
|
Accounts receivable, net of allowance for credit losses of $5,766, $7,281, and $6,695, respectively |
|
265,694 |
|
|
|
231,354 |
|
|
|
240,212 |
|
Finished goods inventories, net of inventory reserves of $11,307, $14,378, and $15,581, respectively |
|
679,729 |
|
|
|
647,742 |
|
|
|
560,683 |
|
Prepaid expenses and other current assets |
|
64,389 |
|
|
|
50,131 |
|
|
|
63,290 |
|
Total current assets |
|
1,712,078 |
|
|
|
1,913,521 |
|
|
|
1,917,875 |
|
Property, plant, and equipment, net of accumulated depreciation of $536,580, $528,926, and $557,608, respectively |
|
197,515 |
|
|
|
216,004 |
|
|
|
248,799 |
|
Operating lease assets |
|
469,354 |
|
|
|
487,748 |
|
|
|
559,391 |
|
Tradenames, net |
|
307,581 |
|
|
|
307,643 |
|
|
|
307,830 |
|
Goodwill |
|
212,518 |
|
|
|
212,023 |
|
|
|
212,271 |
|
Customer relationships, net |
|
33,151 |
|
|
|
33,969 |
|
|
|
36,596 |
|
Other assets |
|
29,084 |
|
|
|
30,889 |
|
|
|
27,711 |
|
Total assets |
$ |
2,961,281 |
|
|
$ |
3,201,797 |
|
|
$ |
3,310,473 |
|
|
|
|
|
|
|
||||||
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
||||||
Current liabilities: |
|
|
|
|
|
||||||
Accounts payable |
$ |
284,034 |
|
|
$ |
407,044 |
|
|
$ |
334,831 |
|
Current portion of long-term debt, net |
|
495,743 |
|
|
|
— |
|
|
|
— |
|
Current operating lease liabilities |
|
146,823 |
|
|
|
147,537 |
|
|
|
172,117 |
|
Other current liabilities |
|
111,078 |
|
|
|
176,449 |
|
|
|
149,911 |
|
Total current liabilities |
|
1,037,678 |
|
|
|
731,030 |
|
|
|
656,859 |
|
|
|
|
|
|
|
||||||
Long-term debt, net |
|
496,104 |
|
|
|
991,370 |
|
|
|
989,980 |
|
Deferred income taxes |
|
48,450 |
|
|
|
40,910 |
|
|
|
56,990 |
|
Long-term operating lease liabilities |
|
419,493 |
|
|
|
441,861 |
|
|
|
517,875 |
|
Other long-term liabilities |
|
44,266 |
|
|
|
46,440 |
|
|
|
59,160 |
|
Total liabilities |
$ |
2,045,991 |
|
|
$ |
2,251,611 |
|
|
$ |
2,280,864 |
|
|
|
|
|
|
|
||||||
Commitments and contingencies |
|
|
|
|
|
||||||
|
|
|
|
|
|
||||||
Stockholders' equity: |
|
|
|
|
|
||||||
Preferred stock; par value $.01 per share; 100,000 shares authorized; none issued or outstanding at April 2, 2022, January 1, 2022, and April 3, 2021 |
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
Common stock, voting; par value $.01 per share; 150,000,000 shares authorized; 40,555,922, 41,148,870, and 43,947,659 shares issued and outstanding at April 2, 2022, January 1, 2022, and April 3, 2021, respectively |
|
406 |
|
|
|
411 |
|
|
|
440 |
|
Additional paid-in capital |
|
— |
|
|
|
— |
|
|
|
21,904 |
|
Accumulated other comprehensive loss |
|
(26,115 |
) |
|
|
(28,897 |
) |
|
|
(31,534 |
) |
Retained earnings |
|
940,999 |
|
|
|
978,672 |
|
|
|
1,038,799 |
|
Total stockholders' equity |
|
915,290 |
|
|
|
950,186 |
|
|
|
1,029,609 |
|
Total liabilities and stockholders' equity |
$ |
2,961,281 |
|
|
$ |
3,201,797 |
|
|
$ |
3,310,473 |
|
CARTER’S, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (dollars in thousands) (unaudited) |
|||||||
|
Fiscal Quarter Ended |
||||||
|
April 2, 2022 |
|
April 3, 2021 |
||||
Cash flows from operating activities: |
|
|
|
||||
Net income |
$ |
67,933 |
|
|
$ |
86,196 |
|
Adjustments to reconcile net income to net cash used in operating activities: |
|
|
|
||||
Depreciation of property, plant, and equipment |
|
13,282 |
|
|
|
23,183 |
|
Amortization of intangible assets |
|
932 |
|
|
|
932 |
|
(Recoveries of) provisions for excess and obsolete inventory, net |
|
(3,109 |
) |
|
|
1,364 |
|
Other asset impairments and loss (gain) on disposal of property, plant and equipment, net of recoveries |
|
190 |
|
|
|
(25 |
) |
Amortization of debt issuance costs |
|
787 |
|
|
|
738 |
|
Stock-based compensation expense |
|
5,859 |
|
|
|
6,931 |
|
Unrealized foreign currency exchange (gain) loss, net |
|
(189 |
) |
|
|
49 |
|
(Recoveries of) provisions for doubtful accounts receivable from customers |
|
(1,513 |
) |
|
|
766 |
|
Unrealized loss (gain) on investments |
|
935 |
|
|
|
(179 |
) |
Deferred income taxes |
|
7,759 |
|
|
|
4,365 |
|
Effect of changes in operating assets and liabilities: |
|
|
|
||||
Accounts receivable |
|
(32,484 |
) |
|
|
(54,484 |
) |
Finished goods inventories |
|
(27,720 |
) |
|
|
37,812 |
|
Prepaid expenses and other assets |
|
(13,245 |
) |
|
|
(5,007 |
) |
Accounts payable and other liabilities |
|
(183,224 |
) |
|
|
(142,171 |
) |
Net cash used in operating activities |
$ |
(163,807 |
) |
|
$ |
(39,530 |
) |
|
|
|
|
||||
Cash flows from investing activities: |
|
|
|
||||
Capital expenditures |
$ |
(7,652 |
) |
|
$ |
(11,665 |
) |
Proceeds from sale of investments |
|
— |
|
|
|
5,000 |
|
Net cash used in investing activities |
$ |
(7,652 |
) |
|
$ |
(6,665 |
) |
|
|
|
|
||||
Cash flows from financing activities: |
|
|
|
||||
Payment of debt issuance costs |
$ |
(3 |
) |
|
$ |
— |
|
Repurchases of common stock |
|
(74,496 |
) |
|
|
— |
|
Dividends paid |
|
(30,573 |
) |
|
|
— |
|
Withholdings from vesting of restricted stock |
|
(6,623 |
) |
|
|
(3,588 |
) |
Proceeds from exercises of stock options |
|
222 |
|
|
|
811 |
|
Net cash used in financing activities |
$ |
(111,473 |
) |
|
$ |
(2,777 |
) |
|
|
|
|
||||
Net effect of exchange rate changes on cash and cash equivalents |
|
904 |
|
|
|
339 |
|
Net decrease in cash and cash equivalents |
$ |
(282,028 |
) |
|
$ |
(48,633 |
) |
Cash and cash equivalents, beginning of period |
|
984,294 |
|
|
|
1,102,323 |
|
Cash and cash equivalents, end of period |
$ |
702,266 |
|
|
$ |
1,053,690 |
|
CARTER’S, INC. RECONCILIATION OF ADJUSTED RESULTS TO GAAP (dollars in millions, except earnings per share) (unaudited) |
|||||||||||||||||||||||||||||||
|
Fiscal Quarter Ended April 3, 2021 |
||||||||||||||||||||||||||||||
|
Gross
|
|
% Net
|
|
SG&A |
|
% Net
|
|
Operating
|
|
% Net
|
|
Income
|
|
Net
|
|
Diluted
|
||||||||||||||
As reported (GAAP) |
$ |
392.0 |
|
49.8 |
% |
|
$ |
271.9 |
|
|
34.5 |
% |
|
$ |
127.5 |
|
|
16.2 |
% |
|
$ |
27.1 |
|
|
$ |
86.2 |
|
|
$ |
1.96 |
|
COVID-19 expenses (b) |
|
— |
|
|
|
|
(2.1 |
) |
|
|
|
|
2.1 |
|
|
|
|
|
0.5 |
|
|
|
1.6 |
|
|
|
0.04 |
|
|||
Restructuring costs (c) |
|
— |
|
|
|
|
(0.5 |
) |
|
|
|
|
0.5 |
|
|
|
|
|
0.1 |
|
|
|
0.4 |
|
|
|
0.01 |
|
|||
Retail store operating leases and other long-lived asset impairments, net of gain |
|
— |
|
|
|
|
1.5 |
|
|
|
|
|
(1.5 |
) |
|
|
|
|
(0.4 |
) |
|
|
(1.2 |
) |
|
|
(0.03 |
) |
|||
As adjusted (a) (d) |
$ |
392.0 |
|
49.8 |
% |
|
$ |
270.9 |
|
|
34.4 |
% |
|
$ |
128.5 |
|
|
16.3 |
% |
|
$ |
27.3 |
|
|
$ |
87.0 |
|
|
$ |
1.98 |
|
|
Fiscal Quarter Ended July 3, 2021 |
||||||||||||||||||||||||||||||
|
Gross
|
|
% Net
|
|
SG&A |
|
% Net
|
|
Operating
|
|
% Net
|
|
Income
|
|
Net
|
|
Diluted
|
||||||||||||||
As reported (GAAP) |
$ |
368.7 |
|
49.4 |
% |
|
$ |
267.8 |
|
|
35.9 |
% |
|
$ |
107.6 |
|
|
14.4 |
% |
|
$ |
21.6 |
|
|
$ |
71.6 |
|
|
$ |
1.62 |
|
Restructuring costs (c) |
|
— |
|
|
|
|
(2.2 |
) |
|
|
|
|
2.2 |
|
|
|
|
|
0.6 |
|
|
|
1.6 |
|
|
|
0.04 |
|
|||
COVID-19 expenses (b) |
|
— |
|
|
|
|
(1.0 |
) |
|
|
|
|
1.0 |
|
|
|
|
|
0.3 |
|
|
|
0.8 |
|
|
|
0.02 |
|
|||
Retail store operating leases and other long-lived asset impairments, net of gain |
|
— |
|
|
|
|
0.4 |
|
|
|
|
|
(0.4 |
) |
|
|
|
|
(0.1 |
) |
|
|
(0.3 |
) |
|
|
(0.01 |
) |
|||
As adjusted (a) |
$ |
368.7 |
|
49.4 |
% |
|
$ |
264.9 |
|
|
35.5 |
% |
|
$ |
110.4 |
|
|
14.8 |
% |
|
$ |
22.4 |
|
|
$ |
73.7 |
|
|
$ |
1.67 |
|
|
Fiscal Year Ended January 1, 2022 |
||||||||||||||||||||||||||||||
|
Gross
|
|
% Net
|
|
SG&A |
|
% Net
|
|
Operating
|
|
% Net
|
|
Income
|
|
Net
|
|
Diluted
|
||||||||||||||
As reported (GAAP) |
$ |
1,662.3 |
|
47.7 |
% |
|
$ |
1,193.9 |
|
|
34.2 |
% |
|
$ |
497.1 |
|
|
14.3 |
% |
|
$ |
98.5 |
|
|
$ |
339.7 |
|
|
$ |
7.81 |
|
Retail store operating leases and other long-lived asset impairments, net of gain |
|
— |
|
|
|
|
2.6 |
|
|
|
|
|
(2.6 |
) |
|
|
|
|
(0.6 |
) |
|
|
(2.0 |
) |
|
|
(0.05 |
) |
|||
COVID-19 expenses (b) |
|
— |
|
|
|
|
(3.9 |
) |
|
|
|
|
3.9 |
|
|
|
|
|
1.0 |
|
|
|
3.0 |
|
|
|
0.07 |
|
|||
Restructuring costs (c) |
|
— |
|
|
|
|
(2.4 |
) |
|
|
|
|
2.4 |
|
|
|
|
|
0.6 |
|
|
|
1.8 |
|
|
|
0.04 |
|
|||
As adjusted (a) (d) |
$ |
1,662.3 |
|
47.7 |
% |
|
$ |
1,190.2 |
|
|
34.1 |
% |
|
$ |
500.8 |
|
|
14.4 |
% |
|
$ |
99.5 |
|
|
$ |
342.5 |
|
|
$ |
7.87 |
|
(a) |
In addition to the results provided in this earnings release in accordance with GAAP, the Company has provided adjusted, non-GAAP financial measurements that present gross profit, SG&A, operating income, net income, and net income on a diluted share basis excluding the adjustments discussed above. The Company believes these adjustments provide a meaningful comparison of the Company’s results and afford investors a view of what management considers to be the Company's core performance. The adjusted, non-GAAP financial measurements included in this earnings release should not be considered as an alternative to net income or as any other measurement of performance derived in accordance with GAAP. The adjusted, non-GAAP financial measurements are presented for informational purposes only and are not necessarily indicative of the Company’s future condition or results of operations. |
||
(b) |
Net expenses incurred due to the COVID-19 pandemic, including incremental employee-related costs, costs associated with additional protective equipment and cleaning supplies, restructuring costs, and a payroll tax benefit. |
||
(c) |
Certain lease exit, severance and related costs resulting from restructuring actions (not related to COVID-19). |
||
(d) |
Adjusted results exclude a customer bankruptcy recovery of $38,000. |
Примечание: В первом квартале 2022 финансового года в результаты GAAP не было внесено никаких корректировок. Результаты могут быть не суммирующими из-за округления.
CARTER’S, INC. RECONCILIATION OF NET INCOME ALLOCABLE TO COMMON SHAREHOLDERS (unaudited) |
|||||||
|
Fiscal Quarter Ended |
||||||
|
April 2, 2022 |
|
April 3, 2021 |
||||
Weighted-average number of common and common equivalent shares outstanding: |
|
|
|
||||
Basic number of common shares outstanding |
|
40,270,895 |
|
|
|
43,370,744 |
|
Dilutive effect of equity awards |
|
77,437 |
|
|
|
129,198 |
|
Diluted number of common and common equivalent shares outstanding |
|
40,348,332 |
|
|
|
43,499,942 |
|
As reported on a GAAP Basis: |
|
|
|
||||
(dollars in thousands, except per share data) |
|
|
|
||||
Basic net income per common share: |
|
|
|
||||
Net income |
$ |
67,933 |
|
|
$ |
86,196 |
|
Income allocated to participating securities |
|
(921 |
) |
|
|
(1,033 |
) |
Net income available to common shareholders |
$ |
67,012 |
|
|
$ |
85,163 |
|
Basic net income per common share |
$ |
1.66 |
|
|
$ |
1.96 |
|
Diluted net income per common share: |
|
|
|
||||
Net income |
$ |
67,933 |
|
|
$ |
86,196 |
|
Income allocated to participating securities |
|
(920 |
) |
|
|
(1,030 |
) |
Net income available to common shareholders |
$ |
67,013 |
|
|
$ |
85,166 |
|
Diluted net income per common share |
$ |
1.66 |
|
|
$ |
1.96 |
|
As adjusted (a): |
|
|
|
||||
Basic net income per common share: |
|
|
|
||||
Net income |
$ |
67,933 |
|
|
$ |
86,987 |
|
Income allocated to participating securities |
|
(921 |
) |
|
|
(1,043 |
) |
Net income available to common shareholders |
$ |
67,012 |
|
|
$ |
85,944 |
|
Basic net income per common share |
$ |
1.66 |
|
|
$ |
1.98 |
|
Diluted net income per common share: |
|
|
|
||||
Net income |
$ |
67,933 |
|
|
$ |
86,987 |
|
Income allocated to participating securities |
|
(920 |
) |
|
|
(1,040 |
) |
Net income available to common shareholders |
$ |
67,013 |
|
|
$ |
85,947 |
|
Diluted net income per common share |
$ |
1.66 |
|
|
$ |
1.98 |
|
(a) |
In addition to the results provided in this earnings release in accordance with GAAP, the Company has provided adjusted, non-GAAP financial measurements that present per share data excluding the adjustments discussed above. The Company has excluded $0.8 million in after-tax expenses from these results for the fiscal quarter ended April 3, 2021. |
Примечание: Результаты могут быть не суммирующими из-за округления.
RECONCILIATION OF ADJUSTED RESULTS TO GAAP (dollars in millions) (unaudited) |
||||||||||||
The following table provides a reconciliation of net income to EBITDA and Adjusted EBITDA for the periods indicated: |
||||||||||||
|
|
Fiscal Quarter Ended |
|
Four Fiscal Quarters Ended |
||||||||
|
|
April 2, 2022 |
|
April 3, 2021 |
|
April 2, 2022 |
||||||
Net income |
|
$ |
67.9 |
|
|
$ |
86.2 |
|
|
$ |
321.5 |
|
Interest expense |
|
|
15.1 |
|
|
|
15.3 |
|
|
|
60.1 |
|
Interest income |
|
|
(0.3 |
) |
|
|
(0.2 |
) |
|
|
(1.2 |
) |
Income tax provision |
|
|
20.4 |
|
|
|
27.1 |
|
|
|
91.9 |
|
Depreciation and amortization |
|
|
14.2 |
|
|
|
24.1 |
|
|
|
84.2 |
|
EBITDA |
|
$ |
117.3 |
|
|
$ |
152.5 |
|
|
$ |
556.4 |
|
|
|
|
|
|
|
|
||||||
Adjustments to EBITDA |
|
|
|
|
|
|
||||||
Retail store operating leases and other long-lived asset impairments, net of gain |
|
$ |
— |
|
|
$ |
(1.5 |
) |
|
$ |
(1.2 |
) |
COVID-19 expenses (a) |
|
|
— |
|
|
|
2.1 |
|
|
|
1.8 |
|
Restructuring costs (b) |
|
|
— |
|
|
|
(0.1 |
) |
|
|
1.3 |
|
Total adjustments |
|
|
— |
|
|
|
0.5 |
|
|
|
1.9 |
|
Adjusted EBITDA (c) |
|
$ |
117.3 |
|
|
$ |
153.0 |
|
|
$ |
558.4 |
|
(a) |
Expenses incurred due to the COVID-19 pandemic. |
||
(b) |
Certain lease exit, severance and related costs resulting from restructuring actions (not related to COVID-19). Amounts for the fiscal quarter ended April 3, 2021 and four fiscal quarters ended April 2, 2022 exclude $0.5 million and $0.6 million of depreciation expense that is included in the corresponding depreciation and amortization line item, respectively. |
||
(c) |
Adjusted EBITDA for the fiscal quarter ended April 3, 2021 excludes a customer bankruptcy recovery of $38,000. |
Примечание: В первом квартале 2022 финансового года в результаты GAAP не было внесено никаких корректировок. Результаты могут быть не суммирующими из-за округления.
Показатель EBITDA и скорректированный показатель EBITDA являются дополнительными финансовыми показателями, которые не определены и не подготовлены в соответствии с GAAP. Мы определяем показатель EBITDA как чистую прибыль до вычета процентов, налогов на прибыль, а также износа и амортизации. Скорректированный показатель EBITDA - это показатель EBITDA, скорректированный по статьям, описанным в сносках (a)-(c) к таблице выше.
Мы представляем показатель EBITDA и Скорректированный показатель EBITDA, поскольку считаем их важными дополнительными показателями нашей деятельности и считаем, что они часто используются аналитиками по ценным бумагам, инвесторами и другими заинтересованными сторонами при оценке компаний в нашей отрасли. Эти показатели также дают инвесторам представление о том, что руководство считает основными показателями деятельности Компании.
Использование показателей EBITDA и скорректированной EBITDA вместо чистой прибыли или денежных потоков от операций имеет ограничения в качестве аналитического инструмента, и вам не следует рассматривать их изолированно или в качестве замены анализа наших результатов, представленных в соответствии с GAAP. Показатель EBITDA и скорректированный показатель EBITDA не отражают чистую прибыль или денежный поток от операционной деятельности, поскольку эти термины определены GAAP и не обязательно указывают, будут ли денежные потоки достаточными для финансирования потребностей в денежных средствах. В то время как показатель EBITDA, Скорректированный показатель EBITDA и аналогичные показатели часто используются в качестве показателей операционной деятельности и способности выполнять требования по обслуживанию долга, эти термины не обязательно сопоставимы с другими аналогичными заголовками других компаний из-за потенциальных несоответствий в методе расчета. Показатель EBITDA и скорректированный показатель EBITDA не отражают влияние доходов или расходов, возникающих в результате вопросов, которые, по нашему мнению, не являются показателем нашей текущей деятельности. Из-за этих ограничений показатель EBITDA и скорректированный показатель EBITDA не следует рассматривать как дискреционные денежные средства, доступные нам для пополнения оборотного капитала, обслуживания долга и других целей.
RECONCILIATION OF GAAP AND NON-GAAP INFORMATION (dollars in millions) (unaudited) |
||||||||||||||||||
The table below reflects the calculation of constant currency net sales on a consolidated and International segment basis for the fiscal quarter ended April 2, 2022: |
||||||||||||||||||
|
Fiscal Quarter Ended |
|||||||||||||||||
|
Reported Net
|
|
Impact of
|
|
Constant-
|
|
Reported Net
|
|
Reported
|
|
Constant-
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Consolidated net sales |
$ |
781.3 |
|
$ |
(0.2 |
) |
|
$ |
781.5 |
|
$ |
787.4 |
|
(0.8 |
) % |
|
(0.7 |
)% |
International segment net sales |
$ |
107.6 |
|
$ |
(0.2 |
) |
|
$ |
107.8 |
|
$ |
96.9 |
|
11.0 |
% |
|
11.2 |
% |
Компания оценивает свои чистые продажи как на основе “по состоянию на отчетную дату”, так и на основе “постоянной валюты”. Представление в постоянной валюте, которое не является показателем GAAP, исключает влияние колебаний обменных курсов иностранных валют, произошедших между сравнительными периодами. Результаты чистых продаж в постоянной валюте рассчитываются путем перевода чистых продаж текущего периода в местной валюте в сумму в долларах США с использованием курса пересчета валют за предыдущий сравнительный период. Компания последовательно применяет этот подход к чистым продажам во всех странах, где функциональной валютой не является доллар США. Компания считает, что представление чистых продаж на основе постоянной валюты предоставляет полезную дополнительную информацию об изменениях в наших чистых продажах, которые не были вызваны колебаниями валютных курсов, и такая информация согласуется с тем, как Компания оценивает изменения в своих чистых продажах между сравнительными периодами.
Примечание: Результаты могут быть не суммирующими из-за округления.
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