Carter's plans $400M accelerated stock buyback
August 30, 2013 08:00 AM | 1049 views | 0 0 comments | 30 30 recommendations | email to a friend | print
ATLANTA (AP) — Children's clothing and accessories company Carter's plans to buy back $400 million shares of its common stock through an accelerated repurchase program.

The retailer said Friday that the move is part of its plan to help improve its capital structure and return capital to shareholders. It will repurchase the shares under an existing $700 million buyback announced last week.

All shares bought back under the accelerated repurchase program will be retired.

Carter's Inc., which is based in Atlanta, has more than 700 company-run stores in the U.S., Canada and Japan. Its brands include OshKosh Bgosh and its namesake. Its Just One You, Precious Firsts and Genuine Kids brands are available at Target Corp., while its Child of Mine brand is available at Wal-Mart Stores Inc.

Last month Carter's reported that its second-quarter adjusted earnings beat Wall Street's expectations, but its revenue fell short of analysts' estimates. The company also raised its full-year adjusted profit forecast, but it missed Wall Street's view.

Its shares finished at $71 per share on Thursday. That is 6 percent below their high of $75.47 in early July.

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