Carter’s Inc shifts away from brick-and-mortar store model
Carter’s Inc (Carter’s) net sales for the retail segments have decreased over the majority of the past five years, largely due to the company's shift toward selling on their e-commerce website and a reduction in the number of physical stores. In fact, in the fourth quarter of fiscal 2020, the company announced plans to close over 100 retail stores located in unprofitable and less trafficked locations. Accordingly, the company has successfully closed over 60 stores within the first quarter of fiscal 2021. This shift was exacerbated amid the COVID-19 (coronavirus) pandemic, as e-commerce sales accounted for a larger proportion of revenue compared with the traditional retail segment.
ESG|M&AIn response to volatile demand in the wake of the first COVID-19 surge, the company undertook a comprehensive cost reduction program, aimed at shoring up labor and supply costs.
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