Carter’s posts Q1 net loss of 78.7 million dollars

Carter’s, Inc., for its first quarter reported net sales decrease of 86.6 million dollars or 11.7 percent to 654.5 million dollars, reflecting store closures in North America and lower wholesale customer demand as a result of the Covid-19 pandemic. The company posted an operating loss of 78.5 million dollars compared to operating income of 60.8 million dollars, while adjusted operating loss was 26.3 million dollars compared to adjusted operating income of 60.3 million dollars in the first quarter of fiscal 2019. The company’s net loss was 78.7 million dollars or 1.82 dollars per diluted share, compared to net income of 34.5 million dollars or 75 cents per diluted share, while adjusted net loss was 34.8 million dollars or 81 cents per diluted share compared to adjusted net income of 39.6 million dollars or earnings per share of 87 cents.