ATLANTA, May 19 /PRNewswire-FirstCall/ -- Carter's, Inc. (NYSE: CRI), the largest branded marketer of baby and young children's apparel in the United States, announced today the promotion of Joseph Pacifico to President.
In a move underscoring Carter's impressive and long track record of growth, Chairman and CEO Frederick J. Rowan II has announced the promotion of Joseph Pacifico, 54, to President of the Atlanta-based children's apparel company, effective June 1, 2004. Mr. Pacifico, who joined Carter's in 1992, was promoted from his current position as President of Marketing. Mr. Rowan previously served as President of Carter's.
Carter's, Inc., which completed an initial public offering in October of 2003, posted revenues of $703.8 million in 2003, up 21 percent over the prior year. Carter's is the nation's largest branded marketer of children's apparel for ages newborn to six years old. Carter's branded products are sold through over 4,000 department and national chain stores and its 171 retail stores. Carter's Child of Mine and Tykes brands are sold to Wal*Mart and Target, respectively.
As President, Mr. Pacifico will retain his current responsibilities for directing all of Carter's marketing, merchandising, and retailing functions while assuming additional operational responsibilities, including supply chain management.
Commenting on the appointment, Mr. Rowan said, "Joe has played an important role in the growth of Carter's over the past twelve years and is regarded as one of our industry's most creative and innovative marketers. He has been instrumental in establishing the Company's product leadership in each of the Carter's, Tykes and Child of Mine brands. His assumption of broader duties as President now enables me to focus on identifying new opportunities to realize the full potential of our core businesses."
Mr. Pacifico joined Carter's in 1992 as Executive Vice President of Sales and Marketing and was named President of Marketing in 1997. He began his career with VF Corporation in 1983 as a sales representative for that company's HD Lee unit. In 1989, he was promoted to Vice President of Marketing, a position he held until joining Carter's three years later.
For more information on Carter's, please visit www.carters.com.
Statements contained herein that relate to the Company's future performance, including, without limitation, statements with respect to the Company's anticipated results of operations or level of business for 2004 or any other future period, are forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. 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 should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or projected. Among the factors that could cause actual results to materially differ include a decrease in sales to or the loss of one or more of the Company's key customers, downward pressure on the Company's prices, disruptions in foreign supply sources, negative publicity, the loss of one or more of the Company's major suppliers for raw materials, increased competition in the baby and young children's apparel market, the Company's substantial leverage which increases the Company's exposure to interest rate risk and could require the Company to dedicate a substantial portion of its cash flow to repay principal, the impact of governmental regulations and environmental risks applicable to the Company's business, and seasonal fluctuations in the children's apparel business. These risks are described in the Company's final prospectus dated October 23, 2003 under the headings "Risk Factors," "Business-Competition; Certain Risks" and "Statement Regarding Forward-Looking Statements." The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE Carter's, Inc.
CONTACT: Eric Martin, Director of Investor Relations of Carter's, Inc.,
Web site: http://www.carters.com