Carter's Inc. Files Q2 2024 Quarterly Report

Ticker: CRI · Form: 10-Q · Filed: Jul 26, 2024 · CIK: 1060822

Sentiment: neutral

Topics: 10-Q, quarterly-report, filing

Related Tickers: CRI

TL;DR

CRI filed its 10-Q for Q2 2024. All systems go.

AI Summary

Carter's, Inc. filed its quarterly report for the period ended June 29, 2024. The company, registered with the SEC under file number 001-31829, is incorporated in Delaware and headquartered in Atlanta, Georgia. Its common stock trades on the New York Stock Exchange under the ticker symbol CRI.

Why It Matters

This filing provides investors with an update on Carter's financial performance and operational status during the second quarter of 2024.

Risk Assessment

Risk Level: low — This is a standard quarterly filing and does not contain any immediately apparent high-risk disclosures.

Key Numbers

Key Players & Entities

FAQ

What is the primary purpose of this Form 10-Q filing?

The Form 10-Q is a quarterly report filed by Carter's, Inc. pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934, providing an update for the quarterly period ended June 29, 2024.

Where is Carter's, Inc. incorporated?

Carter's, Inc. is incorporated in Delaware.

What is the trading symbol for Carter's, Inc. common stock?

The trading symbol for Carter's, Inc. common stock is CRI.

On which exchange is Carter's, Inc. common stock traded?

Carter's, Inc. common stock is traded on the New York Stock Exchange.

Has Carter's, Inc. filed all required reports for the preceding 12 months?

Yes, the filing indicates that Carter's, Inc. has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months.

Filing Stats: 4,754 words · 19 min read · ~16 pages · Grade level 14.5 · Accepted 2024-07-26 13:04:20

Key Financial Figures

Filing Documents

Financial Information

Part I. Financial Information Page Item 1

Financial Statements

Financial Statements Unaudited Condensed Consolidated Balance Sheets as of June 29, 2024, December 30, 2023 and July 1, 2023 1 Unaudited Condensed Consolidated Statements of Operations for the fiscal quarter and two fiscal quarters ended June 29, 2024 and July 1, 2023 2 Unaudited Condensed Consolidated Statements of Comprehensive Income for the fiscal quarter and two fiscal quarters ended June 29, 2024 and July 1, 2023 3 Unaudited Condensed Consolidated Statements of Changes in Shareholders' Equity for the fiscal quarters ended June 29, 2024, March 30, 2024, July 1, 2023 and April 1, 2023 4 Unaudited Condensed Consolidated Statements of Cash Flows for the two fiscal quarters ended June 29, 2024 and July 1, 2023 5 Notes to the Unaudited Condensed Consolidated Financial Statements 6 Item 2

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 13 Item 3

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 27 Item 4

Controls and Procedures

Controls and Procedures 27

Other Information

Part II. Other Information Item 1

Legal Proceedings

Legal Proceedings 29 Item 1A

Risk Factors

Risk Factors 29 Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 29 Item 3 Defaults upon Senior Securities 29 Item 4 Mine Safety Disclosures 29 Item 5 Other Information 30 Item 6 Exhibits 31

Signatures

Signatures 32 Certifications

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS CARTER'S, INC. CONDENSED CONSOLIDATED BALANCE SHEETS ( dollars in thousands, except per share data ) (unaudited) June 29, 2024 December 30, 2023 July 1, 2023 ASSETS Current assets: Cash and cash equivalents $ 316,646 $ 351,213 $ 174,503 Accounts receivable, net of allowance for credit losses of $ 4,895 , $ 4,754 , and $ 3,849 , respectively 132,360 183,774 132,679 Finished goods inventories, net of inventory reserves of $ 13,844 , $ 8,990 , and $ 17,847 , respectively 599,295 537,125 681,573 Prepaid expenses and other current assets 54,085 29,131 56,616 Total current assets 1,102,386 1,101,243 1,045,371 Property, plant, and equipment, net of accumulated depreciation of $ 640,751 , $ 615,907 , and $ 592,310 , respectively 181,659 183,111 178,100 Operating lease assets 509,168 528,407 499,689 Tradenames, net 298,097 298,186 298,274 Goodwill 209,086 210,537 210,517 Customer relationships, net 25,386 27,238 28,995 Other assets 29,735 29,891 27,525 Total assets $ 2,355,517 $ 2,378,613 $ 2,288,471 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable $ 313,796 $ 242,149 $ 281,333 Current operating lease liabilities 128,952 135,369 137,473 Other current liabilities 84,895 134,344 98,730 Total current liabilities 527,643 511,862 517,536 Long-term debt, net 497,735 497,354 496,984 Deferred income taxes 48,910 41,470 45,436 Long-term operating lease liabilities 436,575 448,810 420,805 Other long-term liabilities 32,904 33,867 32,701 Total liabilities $ 1,543,767 $ 1,533,363 $ 1,513,462 Commitments and contingencies - Note 12 Shareholders' equity: Preferred stock; par value $ 0.01 per share; 100,000 shares authorized; none issued or outstanding $ — $ — $ — Common stock, voting; par value $ 0.01 per share; 150,000,000 shares authorized; 36,280,056 , 36,551,221 , and 37,354,464 shares issued and outstanding, respectively 363 366 374 Additional paid-in capital — — — Accumulated other c

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