Why Carter's Stock Was Flopping on Friday
Friday was a generally upbeat day for the stock market, but you wouldn't know that from the performance of children's apparel retailer Carter's (NYSE: CRI). The company's stock was down by almost 5% in midafternoon trading, in the wake of its latest earnings release.
Carter's unveiled its third-quarter results before market open on Friday, revealing that it took in net sales of just under $819 million. That was more than 20% below the third quarter of 2021 figure (more than $890 million). It also roughly corresponded with the 24% decline in non-GAAP (adjusted) net income, which landed at $65 million ($1.67 per share).
Both of the specialty retail company's headline fundamentals missed analyst estimates. On average, pundits following the stock were expecting a top-line number of just over $856 million and adjusted per-share net income of $1.73.
Source Fool.com
