07:04 AM EDT, 07/26/2024 (MT Newswires) -- Carter's (CRI) reported fiscal Q2 adjusted earnings Friday of $0.76 per diluted share, up from $0.64 a year earlier.

Analysts polled by Capital IQ expected $0.50.

Reported net sales for the quarter ended June 29 were $564.4 million, down from $600.2 million a year earlier.

Analysts surveyed by Capital IQ expected $568.2 million.

The company expects Q3 adjusted earnings of $1.10 to $1.35 per diluted share. Analysts polled by Capital IQ expect $1.88.

Carter's expects net sales for the fiscal quarter of $735 million to $755 million. Analysts surveyed by Capital IQ expect $805.9 million.

For 2024, the company expects adjusted earnings of $4.60 to $5.05 per diluted share. The company previously said it expected EPS to grow in the low to mid-single-digit. Analysts polled by Capital IQ expect $6.23.

Net sales for the fiscal year are expected to be $2.79 billion to $2.83 billion, down from its earlier guidance of between $2.95 billion and $3 billion. Analysts surveyed by Capital IQ expect $2.92 billion.

Shares of the company were down more than 10% in recent Friday premarket activity.

Price: 53.00, Change: -6.81, Percent Change: -11.39