Carter's Q3 sales drop but earnings up 4.8 percent

Carter’s, Inc. said in a statement that net sales for the third quarter decreased 78.2 million dollars or 8.3 percent to 865.1 million dollars reflecting decreased sales to certain wholesale customers, decreased traffic to company-operated stores, and decreased back-to-school sales due to ongoing disruptions related to the Covid-19 pandemic, partially offset by strong ecommerce channel growth. U.S. Retail segment comparable sales declined 3.5 percent, reflecting a retail store decline, partially offset by ecommerce growth of 17.2 percent. Net income for the quarter increased 21 million dollars or 34.8 percent to 81.2 million dollars or 1.85 dolars per diluted share, while adjusted net income increased 2 million dollars or 2.3 percent to 85.9 million dollars and adjusted earnings per diluted share increased 4.8 percent to 1.96 dollars.