x
|
QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934 FOR THE QUARTERLY PERIOD ENDED APRIL 4, 2009 OR
|
¨
|
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM _____TO
______
|
Delaware
|
13-3912933
|
(state
or other jurisdiction of
|
(I.R.S.
Employer Identification No.)
|
incorporation
or organization)
|
Common
Stock
|
Outstanding
Shares at April 30, 2009
|
|
Common
stock, par value $0.01 per share
|
56,690,740
|
Page
|
|||
Certifications
|
35
|
April
4,
2009
|
January
3,
2009
|
|||||||
ASSETS
|
||||||||
Current
assets:
|
||||||||
Cash and cash
equivalents
|
$ | 186,834 | $ | 162,349 | ||||
Accounts receivable,
net
|
112,931 | 106,060 | ||||||
Finished goods inventories,
net
|
153,941 | 203,486 | ||||||
Prepaid expenses and other
current
assets
|
13,974 | 13,214 | ||||||
Deferred income
taxes
|
28,597 | 27,982 | ||||||
Total current
assets
|
496,277 | 513,091 | ||||||
Property,
plant, and equipment,
net
|
84,809 | 86,229 | ||||||
Tradenames
|
305,733 | 305,733 | ||||||
Cost
in excess of fair value of net assets
acquired
|
136,570 | 136,570 | ||||||
Deferred
debt issuance costs, net
|
3,314 | 3,598 | ||||||
Licensing
agreements,
net
|
4,346 | 5,260 | ||||||
Other
assets
|
469 | 576 | ||||||
Total
assets
|
$ | 1,031,518 | $ | 1,051,057 | ||||
LIABILITIES
AND STOCKHOLDERS’ EQUITY
|
||||||||
Current
liabilities:
|
||||||||
Current maturities of long-term
debt
|
$ | 3,503 | $ | 3,503 | ||||
Accounts
payable
|
42,915 | 79,011 | ||||||
Other current
liabilities
|
56,211 | 57,613 | ||||||
Total current
liabilities
|
102,629 | 140,127 | ||||||
Long-term
debt
|
333,648 | 334,523 | ||||||
Deferred
income
taxes
|
107,928 | 108,989 | ||||||
Other
long-term
liabilities
|
41,411 | 40,822 | ||||||
Total
liabilities
|
585,616 | 624,461 | ||||||
Commitments
and contingencies
|
||||||||
Stockholders’
equity:
|
||||||||
Preferred stock; par value $.01
per share; 100,000 shares authorized; none issued or outstanding at April
4, 2009 and January 3, 2009
|
-- | -- | ||||||
Common stock, voting; par value
$.01 per share; 150,000,000 shares authorized; 56,677,490 and 56,352,111
shares issued and outstanding at April 4, 2009 and January 3, 2009,
respectively
|
567 | 563 | ||||||
Additional paid-in
capital
|
214,441 | 211,767 | ||||||
Accumulated other comprehensive
loss
|
(7,058 | ) | (7,318 | ) | ||||
Retained
earnings
|
237,952 | 221,584 | ||||||
Total
stockholders’
equity
|
445,902 | 426,596 | ||||||
Total liabilities and stockholders’
equity
|
$ | 1,031,518 | $ | 1,051,057 |
For
the
three-month
periods ended
|
||||||||
April
4,
2009
|
March
29,
2008
|
|||||||
Net
sales
|
$ | 356,787 | $ | 329,972 | ||||
Cost
of goods
sold
|
229,440 | 225,057 | ||||||
Gross
profit
|
127,347 | 104,915 | ||||||
Selling,
general, and administrative expenses
|
99,130 | 92,276 | ||||||
Workforce
reduction and facility closure costs (Note 10)
|
8,420 | -- | ||||||
Royalty
income
|
(8,762 | ) | (7,914 | ) | ||||
Operating
income
|
28,559 | 20,553 | ||||||
Interest
expense,
net
|
3,175 | 4,520 | ||||||
Income
before income taxes
|
25,384 | 16,033 | ||||||
Provision
for income
taxes
|
9,016 | 4,474 | ||||||
Net
income
|
$ | 16,368 | $ | 11,559 | ||||
Basic
net income per common share
|
$ | 0.29 | $ | 0.20 | ||||
Diluted
net income per common share
|
$ | 0.28 | $ | 0.19 | ||||
Basic
weighted-average number of shares outstanding
|
55,958,825 | 57,215,027 | ||||||
Diluted
weighted-average number of shares outstanding
|
57,749,815 | 59,306,222 |
For
the
three-month
periods ended
|
||||||||
April
4,
2009
|
March
29,
2008
|
|||||||
Cash
flows from operating activities:
|
||||||||
Net
income
|
$ | 16,368 | $ | 11,559 | ||||
Adjustments to reconcile net
income to net cash provided by operating
activities:
|
||||||||
Depreciation and
amortization
|
8,395 | 7,007 | ||||||
Amortization of debt issuance
costs
|
284 | 280 | ||||||
Non-cash stock-based compensation
expense
|
1,874 | 1,586 | ||||||
Income tax benefit from exercised
stock options
|
(778 | ) | (40 | ) | ||||
Non-cash asset impairment charges
(Note
10)
|
2,962 | -- | ||||||
Deferred income
taxes
|
(1,665 | ) | 669 | |||||
Effect of changes in operating
assets and liabilities:
|
||||||||
Accounts
receivable
|
(6,871 | ) | (8,794 | ) | ||||
Inventories
|
49,545 | 51,262 | ||||||
Prepaid
expenses and other
assets
|
(760 | ) | (1,564 | ) | ||||
Accounts
payable and other
liabilities
|
(36,002 | ) | (33,031 | ) | ||||
Net
cash provided by operating
activities
|
33,352 | 28,934 | ||||||
Cash
flows from investing activities:
|
||||||||
Capital
expenditures
|
(8,959 | ) | (2,485 | ) | ||||
Net
cash used in investing
activities
|
(8,959 | ) | (2,485 | ) | ||||
Cash
flows from financing activities:
|
||||||||
Payments
on term
loan
|
(875 | ) | -- | |||||
Share
repurchase
|
-- | (10,020 | ) | |||||
Income tax benefit from
exercised stock
options
|
778 | 40 | ||||||
Proceeds from exercise of stock
options
|
189 | 65 | ||||||
Net
cash provided by (used in) financing activities
|
92 | (9,915 | ) | |||||
Net
increase in cash and cash
equivalents
|
24,485 | 16,534 | ||||||
Cash
and cash equivalents, beginning of
period
|
162,349 | 49,012 | ||||||
Cash
and cash equivalents, end of
period
|
$ | 186,834 | $ | 65,546 |
Common
stock
|
Additional
paid-in
capital
|
Accumulated
other
comprehensive
income
(loss)
|
Retained
earnings
|
Total
stockholders’
equity
|
||||||||||||||||
Balance
at January 3,
2009
|
$ | 563 | $ | 211,767 | $ | (7,318 | ) | $ | 221,584 | $ | 426,596 | |||||||||
Exercise
of stock options (147,154 shares)
|
1 | 188 | -- | -- | 189 | |||||||||||||||
Income
tax benefit from exercised stock options
|
-- | 778 | -- | -- | 778 | |||||||||||||||
Restricted
stock grants, net of forfeitures
|
3 | (3 | ) | -- | -- | -- | ||||||||||||||
Stock-based
compensation expense
|
-- | 1,711 | -- | -- | 1,711 | |||||||||||||||
Comprehensive
income (loss):
|
||||||||||||||||||||
Net
income
|
-- | -- | -- | 16,368 | 16,368 | |||||||||||||||
Unrealized
loss on interest rate swap agreements, net of tax benefit of
$87
|
-- | -- | (147 | ) | -- | (147 | ) | |||||||||||||
Settlement
of interest rate collar agreement, net of tax of $216
|
-- | -- | 407 | -- | 407 | |||||||||||||||
Total
comprehensive income
|
-- | -- | 260 | 16,368 | 16,628 | |||||||||||||||
Balance
at April 4,
2009
|
$ | 567 | $ | 214,441 | $ | (7,058 | ) | $ | 237,952 | $ | 445,902 |
April
4, 2009
|
January
3, 2009
|
||||||||||||||||||||||||
(dollars
in thousands)
|
Weighted-average
useful life
|
Gross
amount
|
Accumulated
amortization
|
Net
amount
|
Gross
amount
|
Accumulated
amortization
|
Net
amount
|
||||||||||||||||||
Carter’s cost in excess
of fair value of net assets acquired
|
Indefinite
|
$ | 136,570 | $ | -- | $ | 136,570 | $ | 136,570 | $ | -- | $ | 136,570 | ||||||||||||
Carter’s
tradename
|
Indefinite
|
$ | 220,233 | $ | -- | $ | 220,233 | $ | 220,233 | $ | -- | $ | 220,233 | ||||||||||||
OshKosh
tradename
|
Indefinite
|
$ | 85,500 | $ | -- | $ | 85,500 | $ | 85,500 | $ | -- | $ | 85,500 | ||||||||||||
OshKosh
licensing agreements
|
4.7
years
|
$ | 19,100 | $ | 14,754 | $ | 4,346 | $ | 19,100 | $ | 13,840 | $ | 5,260 | ||||||||||||
Leasehold
interests
|
4.1
years
|
$ | 1,833 | $ | 1,707 | $ | 126 | $ | 1,833 | $ | 1,599 | $ | 234 |
(dollars in thousands) | ||||
Fiscal
Year
|
Estimated
amortization
expense
|
|||
2009
(period from April 5 through January 2, 2010)
|
$ | 2,695 | ||
2010
|
1,777 | |||
Total
|
$ | 4,472 |
Level
1
|
- Quoted
prices in active markets for identical assets or
liabilities
|
Level
2
|
- Quoted
prices for similar assets and liabilities in active markets or inputs that
are observable
|
Level
3
|
- Inputs
that are unobservable (for example, cash flow modeling inputs based on
assumptions)
|
(dollars
in millions)
|
Level
1
|
Level
2
|
Level
3
|
|||||||||
Assets
|
||||||||||||
Investments
|
$ | -- | $ | 130.0 | $ | -- | ||||||
Liabilities
|
||||||||||||
Interest
rate swap agreements
|
$ | -- | $ | 2.2 | $ | -- |
Asset
Derivatives
|
Liability
Derivatives
|
|||||||||
(dollars
in millions)
|
Balance
sheet
location
|
Fair
value
|
Balance
sheet
location
|
Fair
value
|
||||||
Interest
rate swap agreements
|
Prepaid
expenses and other current assets
|
-- |
Other
current liabilities
|
$ | 2.2 | |||||
(dollars
in thousands)
|
Amount of gain (loss)
recognized in accumulated other comprehensive income (loss) on effective
hedges (1)
|
Amount of gain (loss)
reclassified from accumulated other comprehensive income (loss) into
interest expense (2)
|
||||||
Interest
rate hedge agreements
|
$ | (147 | ) | $ | (407 | ) | ||
(1) Amount
recognized in accumulated other comprehensive income (loss), net of tax
benefit of $87.
|
||||||||
(2) Settlement
of interest rate collar agreement, net of tax of $216.
|
For
the
three-month
periods ended
|
||||||||
(dollars
in thousands)
|
April
4,
2009
|
March
29,
2008
|
||||||
Service
cost – benefits attributed to service during the period
|
$ | 23 | $ | 27 | ||||
Interest
cost on accumulated post-retirement benefit obligation
|
113 | 131 | ||||||
Amortization
of net actuarial gain
|
(7 | ) | -- | |||||
Total
net periodic post-retirement benefit cost
|
$ | 129 | $ | 158 |
For
the
three-month
periods ended
|
||||||||
(dollars
in thousands)
|
April
4,
2009
|
March
29,
2008
|
||||||
Interest
cost on accumulated pension benefit obligation
|
$ | 13 | $ | 13 |
For
the
three-month
periods ended
|
||||||||
(dollars
in thousands)
|
April
4,
2009
|
March
29,
2008
|
||||||
Interest
cost on accumulated pension benefit obligation
|
$ | 567 | $ | 562 | ||||
Expected
return on assets
|
(650 | ) | (943 | ) | ||||
Amortization
of actuarial loss (gain)
|
103 | (19 | ) | |||||
Total
net periodic pension expense (benefit)
|
$ | 20 | $ | (400 | ) |
Assumptions
|
||||
Volatility
|
35.83 | % | ||
Risk-free
interest rate
|
2.50 | % | ||
Expected
term (years)
|
7 | |||
Dividend
yield
|
-- |
Time-based
stock
options
|
Performance-based
stock
options
|
Retained
stock
options
|
Restricted
stock
|
|||||||||||||
Outstanding,
January 3, 2009
|
4,733,080 | 220,000 | 113,514 | 444,589 | ||||||||||||
Granted
|
448,000 | -- | -- | 208,500 | ||||||||||||
Exercised
|
(33,640 | ) | -- | (113,514 | ) | -- | ||||||||||
Vested
restricted stock
|
-- | -- | -- | (28,406 | ) | |||||||||||
Forfeited
|
(40,850 | ) | (20,000 | ) | -- | (30,275 | ) | |||||||||
Expired
|
-- | -- | -- | -- | ||||||||||||
Outstanding,
April 4, 2009
|
5,106,590 | 200,000 | -- | 594,408 | ||||||||||||
Exercisable,
April 4, 2009
|
3,752,673 | -- | -- | -- |
(dollars
in thousands)
|
Time-based
stock
options
|
Restricted
stock
|
Total
|
|||||||||
2009
(period from April 5 through January 2, 2010)
|
$ | 2,329 | $ | 2,294 | $ | 4,623 | ||||||
2010
|
2,608 | 2,594 | 5,202 | |||||||||
2011
|
2,016 | 2,099 | 4,115 | |||||||||
2012
|
1,084 | 1,211 | 2,295 | |||||||||
Total
|
$ | 8,037 | $ | 8,198 | $ | 16,235 |
For
the three-month periods ended
|
||||||||||||||||
(dollars
in thousands)
|
April
4,
2009
|
%
of
Total
|
March
29,
2008
|
%
of
Total
|
||||||||||||
Net
sales:
|
||||||||||||||||
Carter’s:
|
||||||||||||||||
Wholesale
|
$ | 122,897 | 34.4 | % | $ | 117,832 | 35.7 | % | ||||||||
Retail
|
101,930 | 28.6 | % | 86,402 | 26.2 | % | ||||||||||
Mass
Channel
|
58,745 | 16.5 | % | 62,924 | 19.1 | % | ||||||||||
Carter’s
total net sales
|
283,572 | 79.5 | % | 267,158 | 81.0 | % | ||||||||||
OshKosh:
|
||||||||||||||||
Retail
|
51,828 | 14.5 | % | 44,365 | 13.4 | % | ||||||||||
Wholesale
|
21,387 | 6.0 | % | 18,449 | 5.6 | % | ||||||||||
OshKosh
total net sales
|
73,215 | 20.5 | % | 62,814 | 19.0 | % | ||||||||||
Total
net
sales
|
$ | 356,787 | 100.0 | % | $ | 329,972 | 100.0 | % | ||||||||
Operating income
(loss):
|
%
of
segment
net
sales
|
%
of
segment
net
sales
|
||||||||||||||
Carter’s:
|
||||||||||||||||
Wholesale
|
$ | 24,179 | 19.7 | % | $ | 21,559 | 18.3 | % | ||||||||
Retail
|
16,588 | 16.3 | % | 11,442 | 13.2 | % | ||||||||||
Mass
Channel
|
8,035 | 13.7 | % | 6,742 | 10.7 | % | ||||||||||
Carter’s
operating
income
|
48,802 | 17.2 | % | 39,743 | 14.9 | % | ||||||||||
OshKosh:
|
||||||||||||||||
Wholesale
|
44 | 0.2 | % | (2,524 | ) | (13.7 | %) | |||||||||
Retail
|
(331 | ) | (0.6 | %) | (6,733 | ) | (15.2 | %) | ||||||||
Mass
Channel
(a)
|
706 | -- | 531 | -- | ||||||||||||
OshKosh
operating income
(loss)
|
419 | 0.6 | % | (8,726 | ) | (13.9 | %) | |||||||||
Segment
operating income
|
49,221 | 13.8 | % | 31,017 | 9.4 | % | ||||||||||
Corporate
expenses
(b)
|
(11,920 | ) | (3.3 | %) | (10,464 | ) | (3.2 | %) | ||||||||
Workforce
reduction and facility closure costs (c)
|
(8,742 | ) | (2.5 | %) | -- | -- | ||||||||||
Net
corporate
expenses
|
(20,662 | ) | (5.8 | %) | (10,464 | ) | (3.2 | %) | ||||||||
Total
operating
income
|
$ | 28,559 | 8.0 | % | $ | 20,553 | 6.2 | % |
(a)
|
OshKosh
mass channel consists of a licensing agreement with Target
Stores. Operating income consists of royalty income, net of
related expenses.
|
(b)
|
Corporate
expenses generally include expenses related to severance and relocation,
executive management, finance, stock-based compensation, building
occupancy, information technology, certain legal fees, incentive
compensation, consulting, and audit
fees.
|
(c)
|
Includes
closure costs associated with our Barnesville, Georgia distribution
facility of $3.6 million consisting of severance, asset impairment
charges, other closure costs, and accelerated depreciation, $1.8 million
of asset impairment charges related to our Oshkosh, Wisconsin facility,
and $3.3 million of severance related to the corporate workforce
reduction.
|
For
the
three-month
periods ended
|
||||||||
April
4,
2009
|
March
29,
2008
|
|||||||
Weighted-average
number of common and common equivalent shares outstanding:
|
||||||||
Basic
number of common shares outstanding
|
55,958,825 | 57,215,027 | ||||||
Dilutive
effect of unvested restricted stock
|
117,027 | 67,209 | ||||||
Dilutive
effect of stock options
|
1,673,963 | 2,023,986 | ||||||
Diluted
number of common and common equivalent shares outstanding
|
57,749,815 | 59,306,222 | ||||||
Basic
net income per common share:
|
||||||||
Net
income
|
$ | 16,368,000 | $ | 11,559,000 | ||||
Income
allocated to participating securities
|
(172,037 | ) | (70,816 | ) | ||||
Net
income available to common shareholders
|
$ | 16,195,963 | $ | 11,488,184 | ||||
Basic
net income per common share
|
$ | 0.29 | $ | 0.20 | ||||
Diluted
net income per common share:
|
||||||||
Net
income
|
$ | 16,368,000 | $ | 11,559,000 | ||||
Income
allocated to participating securities
|
(167,092 | ) | (68,411 | ) | ||||
Net
income available to common shareholders
|
$ | 16,200,908 | $ | 11,490,589 | ||||
Diluted
net income per common share
|
$ | 0.28 | $ | 0.19 |
Three-month
periods ended
|
||||||||
April
4,
2009
|
March
29,
2008
|
|||||||
Wholesale
sales:
|
||||||||
Carter’s
|
34.4 | % | 35.7 | % | ||||
OshKosh
|
6.0 | 5.6 | ||||||
Total
wholesale
sales
|
40.4 | 41.3 | ||||||
Retail
store sales:
|
||||||||
Carter’s
|
28.6 | 26.2 | ||||||
OshKosh
|
14.5 | 13.4 | ||||||
Total
retail store
sales
|
43.1 | 39.6 | ||||||
Mass
channel
sales
|
16.5 | 19.1 | ||||||
Consolidated
net
sales
|
100.0 | % | 100.0 | % | ||||
Cost
of goods
sold
|
64.3 | 68.2 | ||||||
Gross
profit
|
35.7 | 31.8 | ||||||
Selling,
general, and administrative expenses
|
27.8 | 28.0 | ||||||
Workforce
reduction and facility closure costs
|
2.4 | -- | ||||||
Royalty
income
|
(2.5 | ) | (2.4 | ) | ||||
Operating
income
|
8.0 | 6.2 | ||||||
Interest
expense,
net
|
0.9 | 1.3 | ||||||
Income
before income
taxes
|
7.1 | 4.9 | ||||||
Provision
for income
taxes
|
2.5 | 1.4 | ||||||
Net
income
|
4.6 | % | 3.5 | % | ||||
Number
of retail stores at end of period:
|
||||||||
Carter’s
|
260 | 229 | ||||||
OshKosh
|
165 | 163 | ||||||
Total
|
425 | 392 |
For
the three-month periods ended
|
||||||||||||||||
(dollars
in thousands)
|
April
4,
2009
|
%
of
Total
|
March
29,
2008
|
%
of
Total
|
||||||||||||
Net
sales:
|
||||||||||||||||
Wholesale-Carter’s
|
$ | 122,897 | 34.4 | % | $ | 117,832 | 35.7 | % | ||||||||
Wholesale-OshKosh
|
21,387 | 6.0 | % | 18,449 | 5.6 | % | ||||||||||
Retail-Carter’s
|
101,930 | 28.6 | % | 86,402 | 26.2 | % | ||||||||||
Retail-OshKosh
|
51,828 | 14.5 | % | 44,365 | 13.4 | % | ||||||||||
Mass
Channel-Carter’s
|
58,745 | 16.5 | % | 62,924 | 19.1 | % | ||||||||||
Total
net
sales
|
$ | 356,787 | 100.0 | % | $ | 329,972 | 100.0 | % |
·
|
a
greater mix of consolidated retail sales which, on average, have a higher
gross margin than sales in our wholesale and mass channel
segments;
|
·
|
improvement
in our Carter’s and OshKosh retail segment gross margin (consolidated
retail gross margin increased from 47.1% of consolidated retail store
sales in first quarter of fiscal 2008 to 50.9% of consolidated retail
store sales in first quarter of fiscal
2009);
|
·
|
growth
in Carter’s wholesale gross margin due primarily to an increase in average
selling prices to off-price customers;
and
|
·
|
growth
in OshKosh wholesale gross margin due to lower levels of customer support
resulting from improved over-the-counter product
performance.
|
·
|
lower
distribution expenses related to supply chain efficiencies;
and
|
·
|
a
focus on reducing discretionary
spending.
|
·
|
higher
provisions for incentive compensation;
and
|
·
|
higher
retail store expenses as a percentage of consolidated net
sales.
|
|
(a)
|
Evaluation
of Disclosure Controls and
Procedures
|
|
(b)
|
Changes
in Internal Control over Financial
Reporting
|
· financial
instability of one of our major
vendors;
|
· political
instability or other international events resulting in the disruption of
trade in foreign countries from which we source our
products;
|
· increases
in transportation costs as a result of increased fuel
prices;
|
· the
imposition of new regulations relating to imports, duties, taxes, and
other charges on imports;
|
· the
occurrence of a natural disaster, unusual weather conditions, or an
epidemic, the spread of which may impact our ability to obtain products on
a timely basis;
|
· changes
in the United States customs procedures concerning the importation of
apparel products;
|
· unforeseen
delays in customs clearance of any
goods;
|
· disruption
in the global transportation network such as a port strike, world trade
restrictions, or war;
|
· the
application of foreign intellectual property
laws;
|
· the
ability of our vendors to secure sufficient credit to finance the
manufacturing process including the acquisition of raw materials;
and
|
· exchange
rate fluctuations between the United States dollar and the local
currencies of foreign contractors.
|
· adapt
to changes in customer requirements more
quickly;
|
· take
advantage of acquisition and other opportunities more
readily;
|
· devote
greater resources to the marketing and sale of their products;
and
|
· adopt
more aggressive pricing strategies than we
can.
|
· limit
our ability to obtain additional financing to fund future working capital,
capital expenditures, and other general corporate requirements, or to
carry out other aspects
of our business plan;
|
· require
us to dedicate a substantial portion of our cash flow from operations to
pay principal of, and interest on, our indebtedness, thereby reducing the
availability of
that
cash flow to fund working capital, capital expenditures, or other general
corporate purposes, or to carry out other aspects of our business
plan;
|
· limit
our flexibility in planning for, or reacting to, changes in our business
and the industry; and
|
· place
us at a competitive disadvantage compared to our competitors that have
less debt.
|
Exhibit
Number
|
Description
of Exhibits
|
|
|
||
31.1
|
Rule
13a-15(e)/15d-15(e) and 13a-15(f)/15d-15(f)
Certification
|
|
31.2
|
Rule
13a-15(e)/15d-15(e) and 13a-15(f)/15d-15(f)
Certification
|
|
32
|
Section
1350 Certification
|
|
Date: April
30, 2009
|
/s/ MICHAEL
D. CASEY
|
Michael
D. Casey
|
|
Chief
Executive Officer
|
|
(Principal
Executive Officer)
|
Date: April
30, 2009
|
/s/ RICHARD
F. WESTENBERGER
|
Richard
F. Westenberger
|
|
Executive
Vice President and
|
|
Chief
Financial Officer
|
|
(Principal
Financial and Accounting
Officer)
|
|
1.
|
I
have reviewed this quarterly report on Form 10-Q of Carter’s,
Inc.;
|
|
2.
|
Based
on my knowledge, this report does not contain any untrue statement of a
material fact or omit to state a material fact necessary to make the
statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this
report;
|
|
3.
|
Based
on my knowledge, the financial statements, and other financial information
included in this report, fairly present in all material respects the
financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this
report;
|
|
4.
|
The
registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as
defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal
control over financial reporting (as defined in Exchange Act Rules
13a-15(f) and 15d-15(f)) for the registrant and
have:
|
|
5.
|
The
registrant's other certifying officer(s) and I have disclosed, based on
our most recent evaluation of internal control over financial reporting,
to the registrant's auditors and the audit committee of the registrant's
board of directors (or persons performing the equivalent
functions):
|
Date: April
30, 2009
|
/s/ MICHAEL
D. CASEY
|
Michael
D. Casey
|
|
Chief
Executive Officer
|
|
1.
|
I
have reviewed this quarterly report on Form 10-Q of Carter’s,
Inc.;
|
|
2.
|
Based
on my knowledge, this report does not contain any untrue statement of a
material fact or omit to state a material fact necessary to make the
statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this
report;
|
|
3.
|
Based
on my knowledge, the financial statements, and other financial information
included in this report, fairly present in all material respects the
financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this
report;
|
|
4.
|
The
registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as
defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal
control over financial reporting (as defined in Exchange Act Rules
13a-15(f) and 15d-15(f)) for the registrant and
have:
|
|
5.
|
The
registrant's other certifying officer(s) and I have disclosed, based on
our most recent evaluation of internal control over financial reporting,
to the registrant's auditors and the audit committee of the registrant's
board of directors (or persons performing the equivalent
functions):
|
Date: April
30, 2009
|
/s/ RICHARD
F. WESTENBERGER
|
Richard
F. Westenberger
|
|
Chief
Financial Officer
|
Date: April
30, 2009
|
/s/ MICHAEL
D. CASEY
|
Michael
D. Casey
|
|
Chief
Executive Officer
|
Date: April
30, 2009
|
/s/ RICHARD
F. WESTENBERGER
|
Richard
F. Westenberger
|
|
Chief
Financial Officer
|