eToro surges in IPO debut, pushing valuation to $6 billion
Overnight, the company priced its upsized IPO of 11,923,018 common shares, up from 10 million, at $52, which was above the expected $46-$50 range.
The company and selling shareholders raised $620 million in the deal.
The company sold 5,961,509 shares in the offering, and selling shareholders, including CEO and founder Yoni Assia, are selling the other 5,961,509 shares.
The offering is being led by Goldman Sachs, Jefferies, UBS and Citigroup (NYSE:C). The underwriters have been granted an option to purchase up to an additional 1.79 million shares.
Cornerstone investor Blackrock (NYSE:BLK), Inc. has indicated an interest in purchasing up to an aggregate of $100 million class A common shares in the IPO.
As many as 82.37 million Class A and Class B shares will be outstanding immediately following the offering, suggesting a total valuation of nearly $6 billion based on the current price level.
Founded in 2007, eToro boasted over 3.5 million funded accounts in 75 countries as of the end of 2024.
eToro has been a pioneer in the crypto space. The company was among the first EU-regulated brokers to offer Bitcoin. Further, CEO Assia, co-authored the Colored Coins white paper with Ethereum creator Vitalik Buterin—one of the earliest protocols for asset tokenization on Bitcoin.
Net contribution was $787 million in 2024, up 41% from the prior year. Total commission for the year was up 46% to $931 million. Net income for 2024 surged 1,161% to $192 million.
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Business Wire
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- Business Wire
ImmunityBio Reports 60% Increase in Revenue in Q2 2025, with Year-to-Date Sales of $43 Million and 246% Unit Growth Since J-Code with Regulatory Updates
CULVER CITY, Calif.--(BUSINESS WIRE)--ImmunityBio, Inc. (NASDAQ: IBRX) Q2 2025 Revenue Growth with Continued Strong Sales Momentum: $26.4 million, up 60% from Q1 2025, with year-to-date sales of ~$43 million. ANKTIVA ® Unit Growth Since J-Code: 246% unit sales volume growth in 1H 2025 compared to 2H 2024. Cash Position: $153.7 million in cash, cash equivalents and marketable securities as of June 30, 2025. NSCLC: Initiated randomized clinical trial (RCT) ResQ201A with N-803 + tislelizumab in 2 nd line lung cancer; US sites initiated, submitted clinical trial applications in EU, UK; Canada and Asia filings planned. Lymphopenia: FDA supportive of new data; reaffirmed RMAT/EAP; collaborative discussion outlining regulatory endpoints, trial design and registrational pathways to full approval for the treatment of lymphopenia with randomized trial design in progress. Full Enrollment Reached in the Randomized NCI Cancer Prevention Clinical Trial Using ANKTIVA + Adenovirus Vaccine in 186 Patients with Lynch Syndrome. United Kingdom's Medicines and Healthcare products Regulatory Agency (MHRA) marketing authorization application of ANKTIVA approved. Papillary NMIBC: Discussion with FDA regarding filing status of supplemental BLA. ImmunityBio performing ongoing evaluation of next steps to address the Refuse to File decision by the FDA, following June Type A meeting with the Agency. New updated data on Papillary disease provided to the FDA and discussions with Agency to continue. Separately, ImmunityBio has applied to the National Comprehensive Cancer Network (NCCN) to seek expansion of the BCG-unresponsive NMIBC guidelines to include papillary-only disease. Financial Overview In the second quarter of 2025, ImmunityBio reported $26.4 million in revenue, representing a 60% increase from $16.5 million in the first quarter of 2025. This growth reflects continued commercial traction of ANKTIVA + BCG in BCG-unresponsive non-muscle invasive bladder cancer with CIS with or without Papillary tumors. The 1H 2025 sales of $42.9 million represents a 246% increase in unit volume during the first two quarters of 2025 since the J-code approval versus the last two quarters of 2024. The Company ended the quarter with $153.7 million in cash, cash equivalents and marketable securities as of June 30, 2025. Non-Muscle Invasive Bladder Cancer (Papillary NMIBC) ImmunityBio conducted a Type A meeting with the FDA in June to discuss its program targeting papillary-only NMIBC and the Agency's response to the supplemental BLA filing. Contrary to the advice the FDA gave the Company in January 2025 to submit the supplemental BLA, the FDA responded with a Refuse-to-File (RTF) notice in May on the basis of requiring a randomized controlled trial (RCT) against chemotherapy. At the June meeting, ImmunityBio provided new data regarding the updated results since the initial BLA filing of papillary only data as well as real-world data of chemotherapy just published in this indication. In the papillary only NMIBC new data based on 26 of the 100 subjects in Cohort A and 80 subjects in Cohort B (Papillary Alone) of our QUILT-3.032 trial, demonstrated long-term (36-month) progression free survival and bladder sparing with ANKTIVA + BCG. ImmunityBio presented the newly published real-world data which demonstrates that compared to chemotherapy, ANKTIVA + BCG led to improved outcomes of progression free survival and cystectomy avoidance at 36-months. To our knowledge, the results to date of ANKTIVA + BCG represent the longest duration of follow-up with the longest duration of bladder sparing in these subjects. The Company indicated at the meeting that it would seek a new meeting request with this new data and withdraw the prior supplemental BLA filing; however, the Company is re-evaluating this approach in consultation with its regulatory counsel and may seek to amend the initial filing with the new data rather than withdrawing it, with a commitment to initiate a randomized controlled trial of chemotherapy free ANKTIVA + BCG versus chemotherapy in the papillary alone indication. Separately, ImmunityBio has applied to the National Comprehensive Cancer Network (NCCN) to seek expansion of the BCG-unresponsive NMIBC guidelines to include papillary-only disease, in addition to the currently recognized CIS with or without papillary disease. The NCCN is expected to review the submission at its August 2025 meeting. Non-Small Cell Lung Cancer (NSCLC) ImmunityBio has launched ResQ201A, a randomized controlled trial, in the United States, evaluating its IL-15 superagonist N-803 in combination with tislelizumab, a PD-1 checkpoint inhibitor from BeOne Medicines in patients with 2 nd line lung cancer who were progressing on checkpoint inhibitors. The Company has also submitted clinical trial applications for ResQ201A in the European Union and the United Kingdom, with Canada expected to be submitted in early Q3 2025, and with plans underway to submit in Asia. Lymphopenia The Company also met with the Division of Non-Malignant Hematology at the FDA in June to present updated data from its lymphopenia program. The Division was supportive of the findings including the underlying science of stimulating lymphocytes with ANKTIVA and expressed a desire to support an efficient path to approval, noting that additional time will be required to finalize the appropriate development plan. Expanded Access Program (EAP) authorization has been activated for the indication for all solid tumors in patients who have failed first-line treatment on chemotherapy, radiotherapy or immunotherapy and exhibit low Absolute Lymphocyte Counts (ALC < 1,000/μL). Disclaimer Regarding Financial Overview The information and amounts presented above, including under the caption 'Financial Overview,' reflects the Company's preliminary estimates based solely upon information available to it as of the date of this press release, and the amounts reported are not a comprehensive statement of its financial results or position as of June 30, 2025. Any actual amount that the Company reports in its Quarterly Report on Form 10-Q for the period ended June 30, 2025 will be subject to its financial closing procedures and any final adjustments that may be made prior to the time its financial results for the period ended June 30, 2025 are finalized. As a result, these preliminary estimates may differ materially from the actual results that will be reflected in the Company's condensed consolidated financial statements for the quarter when they are completed and publicly disclosed. About ANKTIVA The cytokine interleukin-15 (IL-15) plays a crucial role in the immune system by affecting the development, maintenance, and function of key immune cells—NK and CD8+ killer T cells—that are involved in killing cancer cells. By activating NK cells, ANKTIVA overcomes the tumor escape phase of clones resistant to T cells and restores memory T cell activity with resultant prolonged duration of complete response. ANKTIVA is a first-in-class IL-15 agonist IgG1 fusion complex, consisting of an IL-15 mutant (IL-15N72D) fused with an IL-15 receptor alpha, which binds with high affinity to IL-15 receptors on NK, CD4+, and CD8+ T cells. This fusion complex of ANKTIVA mimics the natural biological properties of the membrane-bound IL-15 receptor alpha, delivering IL-15 by dendritic cells and drives the activation and proliferation of NK cells with the generation of memory killer T cells that have retained immune memory against these tumor clones. The proliferation of the trifecta of these immune killing cells and the activation of trained immune memory results in immunogenic cell death, inducing a state of equilibrium with durable complete responses. ANKTIVA has improved pharmacokinetic properties, longer persistence in lymphoid tissues, and enhanced anti-tumor activity compared to native, non-complexed IL-15 in-vivo. ANKTIVA was approved by the FDA in 2024 and by UK MHRA in 2025 for BCG-unresponsive non-muscle invasive bladder cancer CIS with or without papillary tumors. For more information, visit About ImmunityBio ImmunityBio is a vertically-integrated commercial stage biotechnology company developing next-generation therapies that bolster the natural immune system to defeat cancers and infectious diseases. The Company's range of immunotherapy and cell therapy platforms, alone and together, act to drive and sustain an immune response with the goal of creating durable and safe protection against disease. Designated an FDA Breakthrough Therapy, ANKTIVA is the first FDA-approved immunotherapy for non-muscle invasive bladder cancer CIS that activates natural killer cells, T cells, and memory T cells for a long-duration response. The Company is applying its science and platforms to treating cancers, including the development of potential cancer vaccines, as well as developing immunotherapies and cell therapies that we believe sharply reduce or eliminate the need for standard high-dose chemotherapy. These platforms and their associated product candidates are designed to be more effective, accessible, and easily administered than current standards of care in oncology and infectious diseases. For more information, visit (Founder's Vision) and connect with us on X (Twitter), Facebook, LinkedIn, and Instagram. Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements regarding discussions and meetings with the U.S. FDA, including with respect to the previously reported RTF letter received by the Company and potential implications thereof, potential next steps, decisions and timeline related to the Company's regulatory submissions and strategy, financial results anticipated to be reported in future SEC filings, clinical trial data and potential results and implications to be drawn therefrom, the expectation that the EAP described herein will enable patients to have access to ANKTIVA for the indication described, the RMAT designation as previously reported and potential results therefrom and regulatory submissions in connection therewith, the belief that ALC levels and NLR levels obtained from a CBC are predictors of clinical benefit and outcomes relating to overall survival, clinical trial and expanded access program enrollment, timing, data and potential results to be drawn therefrom, anticipated components of ImmunityBio's Cancer BioShield TM platform, anticipated review timeline for the Company's NCCN guidelines submission in NMIBC papillary only and potential implications therefrom, the development of therapeutics for cancer and infectious diseases, potential benefits to patients, potential treatment outcomes for patients, the described mechanism of action and results and contributions therefrom, potential future uses and applications of ANKTIVA alone or in combination with other therapeutic agents for the prevention or reversal of lymphopenia, potential future uses and applications of ANKTIVA alone or in combination with other therapeutic agents across multiple tumor types and indications and for potential applications beyond oncology, potential regulatory pathways and the regulatory review process and timing thereof, the application of the Company's science and platforms to treat cancers or develop cancer vaccines, immunotherapies and cell therapies that have the potential to change the paradigm in cancer care, and ImmunityBio's approved product and investigational agents as compared to existing treatment options, among others. Statements in this press release that are not statements of historical fact are considered forward-looking statements, which are usually identified by the use of words such as 'anticipates,' 'believes,' 'continues,' 'goal,' 'could,' 'estimates,' 'scheduled,' 'expects,' 'intends,' 'may,' 'plans,' 'potential,' 'predicts,' 'indicate,' 'projects,' 'is,' 'seeks,' 'should,' 'will,' 'strategy,' and variations of such words or similar expressions. Statements of past performance, efforts, or results of our preclinical and clinical trials, about which inferences or assumptions may be made, can also be forward-looking statements and are not indicative of future performance or results. Forward-looking statements are neither forecasts, promises nor guarantees, and are based on the current beliefs of ImmunityBio's management as well as assumptions made by and information currently available to ImmunityBio. Such information may be limited or incomplete, and ImmunityBio's statements should not be read to indicate that it has conducted a thorough inquiry into, or review of, all potentially available relevant information. Such statements reflect the current views of ImmunityBio with respect to future events and are subject to known and unknown risks, including business, regulatory, economic and competitive risks, uncertainties, contingencies and assumptions about ImmunityBio, including, without limitation, (i) risks and uncertainties regarding the FDA regulatory submission, filing and review process and the timing thereof, (ii) whether the RMAT designation will lead to an accelerated review or approval, of which there can be no assurance, (iii) risks and uncertainties regarding commercial launch execution, success and timing, (iv) risks and uncertainties regarding participation and enrollment and potential results from the expanded access clinical investigation program described herein, (v) whether clinical trials will result in registrational pathways and the risks, (vi) whether clinical trial data will be accepted by regulatory agencies, (vii) the ability of ImmunityBio to continue its planned preclinical and clinical development of its development programs through itself and/or its investigators, and the timing and success of any such continued preclinical and clinical development, patient enrollment and planned regulatory submissions, (viii) potential delays in product availability and regulatory approvals, (ix) ImmunityBio's ability to retain and hire key personnel, (x) ImmunityBio's ability to obtain additional financing to fund its operations and complete the development and commercialization of its various product candidates, (xi) potential product shortages or manufacturing disruptions that may impact the availability and timing of product, (xii) ImmunityBio's ability to successfully commercialize its approved product and product candidates, (xiii) ImmunityBio's ability to scale its manufacturing and commercial supply operations for its approved product and future approved products, (xiv) whether the NCCN will review and/or approve the Company's submission described herein on the anticipated timeline or at all, and (xv) ImmunityBio's ability to obtain, maintain, protect, and enforce patent protection and other proprietary rights for its product candidates and technologies. More details about these and other risks that may impact ImmunityBio's business are described under the heading 'Risk Factors' in the Company's Form 10-K filed with the U.S. Securities and Exchange Commission (SEC) on March 3, 2025, and the Company's Form 10-Q filed with the SEC on May 12, 2025, and in subsequent filings made by ImmunityBio with the SEC, which are available on the SEC's website at ImmunityBio cautions you not to place undue reliance on any forward-looking statements, which speak only as of the date hereof.
Business Wire
a minute ago
- Business Wire
Carter's, Inc. Reports Second Quarter Fiscal 2025 Results
ATLANTA--(BUSINESS WIRE)--Carter's, Inc. (NYSE:CRI), North America's largest and most-enduring apparel company exclusively for babies and young children, today reported its second quarter fiscal 2025 results. 'Our second quarter sales performance showed stabilization and momentum, particularly in our direct-to-consumer businesses, which achieved comparable sales growth in the U.S., Canada, and Mexico,' said Douglas C. Palladini, Chief Executive Officer & President. 'We are encouraged by improving business trends, particularly in U.S. Retail, where store traffic, purchase conversion, and demand for our core Baby apparel products all demonstrated momentum in the second quarter. 'I am disappointed, however, in our decline in profitability in the quarter, affected in part by selective investments in pricing, new stores, and more normalized levels of performance-based compensation. We've also begun to see some impact from higher tariffs imposed on product imported into the United States. Returning Carter's to long-term, sustainable, and profitable growth is our highest imperative and we believe we are making informed and thoughtful investments to accomplish this objective. 'In my first 100 days with Carter's, I have come to more fully appreciate the strong emotional connection our brands have with consumers and the privilege Carter's has as a part of families' lives when raising young children. Our return to growth will be fueled by a commitment to serve a new generation of young families with brands and products that emphasize high quality, modern design, and exceptional value. 'Across nearly 40 years of building and nurturing brands, I've consistently seen that thoughtful, measured investment drives profitable growth, and that's exactly the path I believe we're back on at Carter's. I've also learned that the strongest brands are those with a clear sense of identity and purpose, knowing exactly what they stand for and what they don't. And most importantly, lasting consumer loyalty comes from balancing the transactional with the emotional, combining value with meaning. At Carter's, we are returning to all these fundamentals. 'My confidence in our future prospects emanates from the trust placed in Carter's by generations of families: We are the largest and most significant company focused on young children and we must continue to honor that very special relationship at a very special time in peoples' lives.' Adjustments to Reported GAAP Results In addition to the results presented in this earnings release in accordance with GAAP, the Company has provided adjusted, non-GAAP financial measurements, as presented below. The Company believes these non-GAAP financial measurements provide a meaningful comparison of the Company's results and afford investors a view of what management considers to be the Company's underlying performance. These measures are presented for informational purposes only. See 'Reconciliation of Adjusted Results to GAAP' section of this release for additional disclosures and reconciliations regarding these non-GAAP financial measures. Second quarter and first half of fiscal 2025 results included expenses related to operating model improvement initiatives and leadership transition costs. There were no adjustments in the second quarter and first half of fiscal 2024. Second Fiscal Quarter 2025 2024 (In millions, except earnings per share) Operating Income % Net Sales Net Income Diluted EPS Operating Income % Net Sales Net Income Diluted EPS As reported (GAAP) $ 4.0 0.7 % $ 0.4 $ 0.01 $ 39.5 7.0 % $ 27.6 $ 0.76 Operating model improvement costs 6.6 5.0 0.14 — — — Leadership transition costs 1.1 0.8 0.02 — — — As adjusted $ 11.8 2.0 % $ 6.3 $ 0.17 $ 39.5 7.0 % $ 27.6 $ 0.76 Expand First Half 2025 2024 (In millions, except earnings per share) Operating Income % Net Sales Net Income Diluted EPS Operating Income % Net Sales Net Income Diluted EPS As reported (GAAP) $ 30.1 2.5 % $ 16.0 $ 0.43 $ 94.5 7.7 % $ 65.7 $ 1.80 Operating model improvement costs 9.8 7.4 0.21 — — — Leadership transition costs 7.2 6.6 0.18 — — — As adjusted $ 47.1 3.9 % $ 30.1 $ 0.83 $ 94.5 7.7 % $ 65.7 $ 1.80 Note: Results may not be additive due to rounding. Expand Consolidated Results Second Quarter of Fiscal 2025 compared to Second Quarter of Fiscal 2024 Net sales increased $20.9 million, or 3.7%, to $585.3 million, compared to $564.4 million in the second quarter of fiscal 2024, driven by growth in International and U.S. Retail segment sales. International and U.S. Retail segment net sales increased 14.1% and 3.2%, respectively, while U.S. Wholesale segment net sales were comparable to the prior year. U.S. Retail comparable net sales increased 2.2%. Changes in foreign currency exchange rates in the second quarter of fiscal 2025, as compared to the second quarter of fiscal 2024, had an unfavorable effect on consolidated net sales of approximately $3.1 million, or 0.5%. Operating income decreased $35.4 million, or 89.7% to $4.0 million, compared to $39.5 million in the second quarter of fiscal 2024. Operating margin decreased to 0.7%, compared to 7.0% in the prior year, reflecting investments in pricing and new and remodeled stores, costs related to operating model improvement initiatives and leadership transition, and increased performance-based compensation provisions. Adjusted operating income (a non-GAAP measure) decreased $27.7 million, or 70.2% to $11.8 million, compared to $39.5 million in the second quarter of fiscal 2024. Adjusted operating margin decreased to 2.0%, compared to 7.0% in the prior year period, principally due to investments in pricing and new and remodeled stores and increased performance-based compensation provisions. Net income was $0.4 million, or $0.01 per diluted share, compared to $27.6 million, or $0.76 per diluted share, in the second quarter of fiscal 2024. Adjusted net income (a non-GAAP measure) was $6.3 million, compared to $27.6 million in the second quarter of fiscal 2024. Adjusted earnings per diluted share (a non-GAAP measure) was $0.17, compared to $0.76 in the prior-year quarter. First Half of Fiscal 2025 compared to First Half of Fiscal 2024 Net sales decreased $10.8 million, or 0.9%, to $1.22 billion, compared to $1.23 billion in the first half of 2024, reflecting lower U.S. Wholesale and U.S. Retail segment sales and unfavorable foreign currency exchange rates, partially offset by higher International segment sales. U.S. Wholesale and U.S. Retail segment net sales declined 3.1% and 0.7%, respectively, while International segment net sales grew 4.1%. U.S. Retail comparable net sales declined 1.6%. Changes in foreign currency exchange rates in the first half of fiscal 2025, as compared to the first half of fiscal 2024, had an unfavorable effect on consolidated net sales of approximately $9.5 million, or 0.8%. Operating income decreased $64.3 million, or 68.1% to $30.1 million, compared to $94.5 million in the first half of fiscal 2024. Operating margin decreased to 2.5%, compared to 7.7% in the prior year period, reflecting investments in pricing and new and remodeled stores, spending deleverage, costs related to operating model improvement initiatives and leadership transition, and increased performance-based compensation provisions. Adjusted operating income (a non-GAAP measure) decreased $47.3 million, or 50.1% to $47.1 million, compared to $94.5 million in the first half of fiscal 2024. Adjusted operating margin decreased to 3.9%, compared to 7.7% in the prior year period, principally due to investments in pricing and new and remodeled stores, increased performance-based compensation provisions, and higher distribution costs. Net income was $16.0 million, or $0.43 per diluted share, compared to $65.7 million, or $1.80 per diluted share, in the first half of fiscal 2024. Adjusted net income (a non-GAAP measure) was $30.1 million, compared to $65.7 million in the first half of fiscal 2024. Adjusted earnings per diluted share (a non-GAAP measure) was $0.83, compared to adjusted earnings per diluted share of $1.80 in the first half of fiscal 2024. Net cash used in operations in the first half of fiscal 2025 was $8.3 million, compared to net cash provided by operations of $91.7 million in the first half of fiscal 2024. The change in net cash from operating activities was primarily driven by lower earnings and higher inventory levels. See 'Reconciliation of Adjusted Results to GAAP' sections of this release for additional disclosures regarding non-GAAP measures. Return of Capital In the second quarter of fiscal 2025, the Company paid a cash dividend of $0.25 per common share totaling $9.1 million. In the first half of fiscal 2025, the Company paid cash dividends totaling $38.1 million. No shares were repurchased in the first half of fiscal 2025. The Company's Board of Directors will evaluate future distributions of capital, including dividends and share repurchases, based on a number of factors, including business conditions, the Company's future financial performance, investment priorities, and other considerations. 2025 Business Outlook and Tariffs The Company continues to closely monitor the Administration's proposed plans to implement significant new tariffs on products imported into the United States from a wide range of countries. If implemented, these additional tariffs would add substantially to the approximately $110 million in duties on imported product paid by the Company in fiscal 2024. The Company has estimated that the gross pre-tax earnings impact of additional import duties under an additional baseline tariff of 30% for China, 20% for Vietnam, 19% for Indonesia, and 10% for all other countries is expected to be approximately $125 million to $150 million on an annualized basis. Over time, the Company intends to offset these additional costs through a combination of changes to its product assortments, cost sharing with its vendor partners, changes to the mix of its production by country, and raising prices to end consumers and its wholesale customers. In the second half of fiscal year 2025, the Company anticipates a net additional baseline tariff impact to pre-tax earnings of approximately $35 million. The gross amount of additional costs from incremental tariffs and the Company's actions to offset them will depend heavily on the final tariff schemes established by the U.S. government, if any. As announced previously, given the Company's leadership transition in April 2025 and the ongoing and significant uncertainty surrounding proposed new tariffs and potential related impact on its business, the Company has suspended its fiscal 2025 guidance. Conference Call The Company will hold a conference call with investors to discuss second quarter fiscal 2025 results and provide an update on its business on July 25, 2025 at 8:30 a.m. Eastern Daylight Time. To listen to a live webcast and view the accompanying presentation materials, please visit and select links for 'News & Events' followed by 'Events.' To access the call by phone, please preregister on to receive your dial-in number and unique passcode. A webcast replay will be available shortly after the conclusion of the call at About Carter's, Inc. Carter's, Inc. is North America's largest and most-enduring apparel company exclusively for babies and young children. The Company's core brands are Carter's and OshKosh B'gosh, iconic and among the sector's most trusted names. These brands are sold through more than 1,000 Company-owned stores in the United States, Canada, and Mexico online at and Carter's also is the largest supplier of baby and young children's apparel to North America's biggest retailers. The Company's Child of Mine brand is available exclusively at Walmart, its Just One You brand is available at Target, and its Simple Joys brand is available on The Company's emerging brands include Little Planet, crafted with organic fabrics and sustainable materials, Otter Avenue, a toddler-focused apparel brand, and Skip Hop, baby essentials from tubs to toys. Carter's is headquartered in Atlanta, Georgia. Additional information may be found at Forward Looking Statements Statements in this press release that are not historical fact and use predictive words such as 'estimates', 'outlook', 'guidance', 'expect', 'believe', 'intend', 'designed', 'target', 'plans', 'may', 'will', 'are confident' and similar words are forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). These forward-looking statements and related assumptions involve risks and uncertainties that could cause actual results and outcomes to differ materially from any forward-looking statements or views expressed in this press release. These risks and uncertainties include, but are not limited to, those disclosed in Part II, Item 1A. 'Risk Factors' of the Company's Quarterly Report on Form 10-Q for the fiscal quarter ended June 28, 2025 and Part I, Item 1A. 'Risk Factors' of the Company's Annual Report on Form 10-K for the fiscal year ended December 28, 2024, and otherwise in our reports and filings with the Securities and Exchange Commission, as well as the following factors: changes in global economic and financial conditions, and the resulting impact on consumer confidence and consumer spending, as well as other changes in consumer discretionary spending habits; risks related to public health crises; risks related to consumer tastes and preferences, as well as fashion trends; the failure to protect our intellectual property; the diminished value of our brands, potentially as a result of negative publicity or unsuccessful branding and marketing efforts; delays, product recalls, or loss of revenue due to a failure to meet our quality standards; risks related to uncertainty regarding the future of international trade agreements and the United States' position on international trade, as well as significant political, trade, and regulatory developments and other circumstances beyond our control; increased competition in the marketplace; financial difficulties for one or more of our major customers; identification of locations and negotiation of appropriate lease terms for our retail stores; distinct risks facing our eCommerce business; failure to forecast demand for our products and our failure to manage our inventory; increased margin pressures, including increased cost of materials and labor and our inability to successfully increase prices to offset these increased costs; continued inflationary pressures with respect to labor and raw materials and global supply chain constraints that have, and could continue, to affect freight, transit, and other costs; fluctuations in foreign currency exchange rates; unseasonable or extreme weather conditions; risks associated with corporate responsibility issues; our foreign sourcing arrangements; a relatively small number of vendors supply a significant amount of our products; disruptions in our supply chain, including increased transportation and freight costs; our ability to effectively source and manage inventory; problems with our Braselton, Georgia distribution facility; pending and threatened lawsuits; a breach of our information technology systems and the loss of personal data or a failure to implement new information technology systems successfully; unsuccessful expansion into international markets; failure to comply with various laws and regulations; failure to properly manage strategic initiatives; retention of key individuals; acquisition and integration of other brands and businesses; failure to achieve sales growth plans and profitability objectives to support the carrying value of our intangible assets; our continued ability to meet obligations related to our debt; changes in our tax obligations, including additional customs, duties or tariffs; our continued ability to declare and pay a dividend; volatility in the market price of our common stock; and the cost or effort required for our shareholders to bring certain claims or actions against us, as a result of our designation of the Court of Chancery of the State of Delaware as the sole and exclusive forum for certain types of actions and proceedings. Except for any ongoing obligations to disclose material information as required by federal securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. The inclusion of any statement in this press release does not constitute an admission by the Company or any other person that the events or circumstances described in such statement are material. CARTER'S, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (dollars in thousands, except per share data) (unaudited) Fiscal Quarter Ended Two Fiscal Quarters Ended June 28, 2025 June 29, 2024 June 28, 2025 June 29, 2024 Net sales $ 585,313 $ 564,434 $ 1,215,139 $ 1,225,926 Cost of goods sold 303,553 281,497 642,289 627,799 Gross profit 281,760 282,937 572,850 598,127 Royalty income, net 3,249 4,004 8,580 9,220 Selling, general, and administrative expenses 280,965 247,489 551,284 512,859 Operating income 4,044 39,452 30,146 94,488 Interest expense 7,857 7,870 15,676 15,775 Interest income (4,292 ) (3,186 ) (7,434 ) (6,274 ) Other (income) expense, net (1,224 ) 404 (1,148 ) 678 Income before income taxes 1,703 34,364 23,052 84,309 Income tax provision 1,257 6,725 7,067 18,637 Net income $ 446 $ 27,639 $ 15,985 $ 65,672 Basic net income per common share $ 0.01 $ 0.76 $ 0.43 $ 1.80 Diluted net income per common share $ 0.01 $ 0.76 $ 0.43 $ 1.80 Dividend declared and paid per common share $ 0.25 $ 0.80 $ 1.05 $ 1.60 Expand CARTER'S, INC. BUSINESS SEGMENT RESULTS (dollars in thousands) (unaudited) Fiscal Quarter Ended Two Fiscal Quarters Ended June 28, 2025 % of Total Net Sales June 29, 2024 % of Total Net Sales June 28, 2025 % of Total Net Sales June 29, 2024 % of Total Net Sales Net sales: U.S. Retail $ 299,549 51.2 % $ 290,249 51.4 % $ 593,980 48.9 % $ 597,890 48.8 % U.S. Wholesale 192,998 33.0 % 192,911 34.2 % 443,094 36.5 % 457,042 37.3 % International 92,766 15.8 % 81,274 14.4 % 178,065 14.6 % 170,994 13.9 % Total consolidated net sales $ 585,313 100.0 % $ 564,434 100.0 % $ 1,215,139 100.0 % $ 1,225,926 100.0 % Segment operating income(1): Segment operating margin Segment operating margin Segment operating margin Segment operating margin U.S. Retail $ 3,768 1.3 % $ 18,078 6.2 % $ 6,076 1.0 % $ 32,372 5.4 % U.S. Wholesale 27,062 14.0 % 36,207 18.8 % 82,372 18.6 % 99,535 21.8 % International 3,607 3.9 % 5,557 6.8 % 3,391 1.9 % 7,744 4.5 % Total segment operating income $ 34,437 5.9 % $ 59,842 10.6 % $ 91,839 7.6 % $ 139,651 11.4 % Items not included in segment operating income: Consolida- ted operating margin Consolida- ted operating margin Consolida- ted operating margin Consolida- ted operating margin Unallocated corporate expenses (2) $ (22,687 ) n/a $ (20,390 ) n/a $ (44,699 ) n/a $ (45,163 ) n/a Operating model improvement costs (3) (6,638 ) n/a — n/a (9,800 ) n/a — n/a Leadership transition costs (4) (1,068 ) n/a — n/a (7,194 ) n/a — n/a Consolidated operating income $ 4,044 0.7 % $ 39,452 7.0 % $ 30,146 2.5 % $ 94,488 7.7 % Expand (1) In fiscal 2024, the Company changed its measure of segment profitability to segment operating income. Segment operating income includes net sales, royalty income, and related cost of goods sold and selling, general, and administrative expenses attributable to each segment. Segment operating income excludes unallocated corporate expenses as well as specific charges that are not directly attributable to segment operations, including restructuring costs, operating model improvement costs, leadership transition costs, and impairment charges related to goodwill and indefinite-lived intangible assets, which were included in our previous measure of segment profitability. Prior period segment operating income for the fiscal quarter and two fiscal quarters ended June 29, 2024 have been recast to conform to the current presentation. (2) Unallocated corporate expenses include corporate overhead expenses that are not directly attributable to one of our business segments and include unallocated accounting, finance, legal, human resources, and information technology expenses, occupancy costs for our corporate headquarters, and other benefit and compensation programs, including performance-based compensation. (3) Primarily related to third-party consulting costs. (4) Related to costs associated with the transition of our former CEO, including accelerated vesting of outstanding time-based restricted stock awards. Expand Note: Results may not be additive due to rounding. Expand CARTER'S, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (dollars in thousands, except per share data) (unaudited) June 28, 2025 December 28, 2024 June 29, 2024 ASSETS Current assets: Cash and cash equivalents $ 338,183 $ 412,926 $ 316,646 Accounts receivable, net of allowance for credit losses of $6,340, $5,663, and $4,895, respectively 140,352 194,834 132,360 Finished goods inventories, net of inventory reserves of $10,284, $8,257, and $13,844, respectively 619,074 502,332 599,295 Prepaid expenses and other current assets 60,612 32,580 54,085 Total current assets 1,158,221 1,142,672 1,102,386 Property, plant, and equipment, net of accumulated depreciation of $598,575, $602,670, and $640,751, respectively 188,177 180,956 181,659 Operating lease assets 571,303 577,133 509,168 Tradenames, net 268,777 268,008 298,097 Goodwill 209,016 206,875 209,086 Customer relationships, net 21,854 23,543 25,386 Other assets 38,204 33,980 29,735 Total assets $ 2,455,552 $ 2,433,167 $ 2,355,517 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable $ 306,399 $ 248,200 $ 313,796 Current operating lease liabilities 124,002 130,564 128,952 Other current liabilities 95,270 130,052 84,895 Total current liabilities 525,671 508,816 527,643 Long-term debt, net 498,531 498,127 497,735 Deferred income taxes 42,290 38,210 48,910 Long-term operating lease liabilities 501,804 501,503 436,575 Other long-term liabilities 33,354 31,949 32,904 Total liabilities $ 1,601,650 $ 1,578,605 $ 1,543,767 Commitments and contingencies Shareholders' equity: Preferred stock; par value $0.01 per share; 100,000 shares authorized; none issued or outstanding $ — $ — $ — Common stock, voting; par value $0.01 per share; 150,000,000 shares authorized; 36,467,071, 36,041,995, and 36,280,056 shares issued and outstanding, respectively 365 360 363 Additional paid-in capital 14,460 3,856 — Accumulated other comprehensive loss (32,817 ) (43,678 ) (32,814 ) Retained earnings 871,894 894,024 844,201 Total shareholders' equity 853,902 854,562 811,750 Total liabilities and shareholders' equity $ 2,455,552 $ 2,433,167 $ 2,355,517 Expand CARTER'S, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (dollars in thousands) (unaudited) Two Fiscal Quarters Ended June 28, 2025 June 29, 2024 Cash flows from operating activities: Net income $ 15,985 $ 65,672 Adjustments to reconcile net income to net cash (used in) provided by operating activities: Depreciation of property, plant, and equipment 24,967 27,386 Amortization of intangible assets 1,846 1,858 Provision for excess and obsolete inventory, net 1,853 4,986 (Gain) loss on disposal of property, plant and equipment (4 ) 87 Amortization of debt issuance costs 832 809 Stock-based compensation expense 14,941 9,290 Unrealized foreign currency exchange (gain) loss, net (799 ) 109 Provision for doubtful accounts receivable from customers 1,182 285 Unrealized gain on investments (474 ) (1,081 ) Deferred income taxes expense 3,549 7,153 Effect of changes in operating assets and liabilities: Accounts receivable 54,068 50,516 Finished goods inventories (114,014 ) (70,802 ) Prepaid expenses and other assets (30,218 ) (24,320 ) Accounts payable and other liabilities 17,948 19,743 Net cash (used in) provided by operating activities $ (8,338 ) $ 91,691 Cash flows from investing activities: Capital expenditures $ (26,546 ) $ (24,315 ) Net cash used in investing activities $ (26,546 ) $ (24,315 ) Cash flows from financing activities: Dividends paid $ (38,115 ) $ (58,510 ) Repurchases of common stock — (33,778 ) Withholdings from vesting of restricted stock (4,332 ) (7,436 ) Proceeds from exercises of stock options — 367 Other (370 ) — Net cash used in financing activities $ (42,817 ) $ (99,357 ) Net effect of exchange rate changes on cash and cash equivalents 2,958 (2,586 ) Net decrease in cash and cash equivalents $ (74,743 ) $ (34,567 ) Cash and cash equivalents, beginning of period 412,926 351,213 Cash and cash equivalents, end of period $ 338,183 $ 316,646 Expand CARTER'S, INC. RECONCILIATION OF GAAP TO ADJUSTED RESULTS (dollars in millions, except earnings per share) (unaudited) Fiscal Quarter Ended June 28, 2025 SG&A % Net Sales Operating Income % Net Sales Income Taxes Net Income Diluted EPS As reported (GAAP) $ 281.0 48.0 % $ 4.0 0.7 % $ 1.3 $ 0.4 $ 0.01 Operating model improvement costs (b) (6.6 ) 6.6 1.6 5.0 0.14 Leadership transition costs (c) (1.1 ) 1.1 0.3 0.8 0.02 As adjusted (a) $ 273.3 46.7 % $ 11.8 2.0 % $ 3.1 $ 6.3 $ 0.17 Expand Two Fiscal Quarters Ended June 28, 2025 SG&A % Net Sales Operating Income % Net Sales Income Taxes Net Income Diluted EPS As reported (GAAP) $ 551.3 45.4 % $ 30.1 2.5 % $ 7.1 $ 16.0 $ 0.43 Operating model improvement costs (b) (9.8 ) 9.8 2.4 7.4 0.21 Leadership transition costs (c) (7.2 ) 7.2 0.6 6.6 0.18 As adjusted (a) $ 534.3 44.0 % $ 47.1 3.9 % $ 10.0 $ 30.1 $ 0.83 Expand (a) In addition to the results provided in this earnings release in accordance with GAAP, the Company has provided adjusted, non-GAAP financial measurements that present SG&A, operating income, income tax, net income, and net income on a diluted share basis excluding the adjustments discussed above. The Company believes these adjustments provide a meaningful comparison of the Company's results and afford investors a view of what management considers to be the Company's core performance. The adjusted, non-GAAP financial measurements included in this earnings release should not be considered as an alternative to net income or as any other measurement of performance derived in accordance with GAAP. The adjusted, non-GAAP financial measurements are presented for informational purposes only and are not necessarily indicative of the Company's future condition or results of operations. (b) Primarily related to third-party consulting costs. (c) Related to costs associated with the transition of our former CEO, including accelerated vesting of outstanding time-based restricted stock awards. Expand Note: Results may not be additive due to rounding. Expand CARTER'S, INC. RECONCILIATION OF NET INCOME ALLOCABLE TO COMMON SHAREHOLDERS (unaudited) Fiscal Quarter Ended Two Fiscal Quarters Ended June 28, 2025 June 29, 2024 June 28, 2025 June 29, 2024 Weighted-average number of common and common equivalent shares outstanding: Basic number of common shares outstanding 35,409,988 35,688,755 35,361,039 35,774,748 Dilutive effect of equity awards — 135 605 1,692 Diluted number of common and common equivalent shares outstanding 35,409,988 35,688,890 35,361,644 35,776,440 As reported on a GAAP Basis: (dollars in thousands, except per share data) Basic net income per common share: Net income $ 446 $ 27,639 $ 15,985 $ 65,672 Income allocated to participating securities (231 ) (523 ) (866 ) (1,218 ) Net income available to common shareholders $ 215 $ 27,116 $ 15,119 $ 64,454 Basic net income per common share $ 0.01 $ 0.76 $ 0.43 $ 1.80 Diluted net income per common share: Net income $ 446 $ 27,639 $ 15,985 $ 65,672 Income allocated to participating securities (231 ) (523 ) (866 ) (1,218 ) Net income available to common shareholders $ 215 $ 27,116 $ 15,119 $ 64,454 Diluted net income per common share $ 0.01 $ 0.76 $ 0.43 $ 1.80 As adjusted (a): Basic net income per common share: Net income $ 6,302 $ 27,639 $ 30,052 $ 65,672 Income allocated to participating securities (231 ) (523 ) (866 ) (1,218 ) Net income available to common shareholders $ 6,071 $ 27,116 $ 29,186 $ 64,454 Basic net income per common share $ 0.17 $ 0.76 $ 0.83 $ 1.80 Diluted net income per common share: Net income $ 6,302 $ 27,639 $ 30,052 $ 65,672 Income allocated to participating securities (231 ) (523 ) (866 ) (1,218 ) Net income available to common shareholders $ 6,071 $ 27,116 $ 29,186 $ 64,454 Diluted net income per common share $ 0.17 $ 0.76 $ 0.83 $ 1.80 Expand (a) In addition to the results provided in this earnings release in accordance with GAAP, the Company has provided adjusted, non-GAAP financial measurements that present per share data excluding the adjustments discussed above. The Company has excluded $5.9 million and $14.1 million in after-tax expenses from these results for the fiscal quarter and two fiscal quarters ended June 28, 2025, respectively. Expand Note: Results may not be additive due to rounding. Expand RECONCILIATION OF U.S. GAAP AND NON-GAAP INFORMATION (dollars in millions) (unaudited) The following table provides a reconciliation of net income to EBITDA and Adjusted EBITDA for the periods indicated: Fiscal Quarter Ended Two Fiscal Quarters Ended Four Fiscal Quarters Ended June 28, 2025 June 29, 2024 June 28, 2025 June 29, 2024 June 28, 2025 Net income $ 0.4 $ 27.6 $ 16.0 $ 65.7 $ 135.8 Interest expense 7.9 7.9 15.7 15.8 31.2 Interest income (4.3 ) (3.2 ) (7.4 ) (6.3 ) (12.2 ) Income tax expense 1.3 6.7 7.1 18.6 33.7 Depreciation and amortization 13.6 14.4 26.8 29.2 55.5 EBITDA $ 18.8 $ 53.5 $ 58.1 $ 123.1 $ 244.1 Adjustments to EBITDA Operating model improvement costs (a) $ 6.6 $ — $ 9.8 $ — $ 9.8 Leadership transition costs (b) 1.1 — 7.2 — 7.2 Organizational restructuring (c) — — — — 1.8 Intangible asset impairment (d) — — — — 30.0 Partial pension plan settlement (e) — — — — 0.9 Total adjustments 7.7 — 17.0 — 49.8 Adjusted EBITDA $ 26.5 $ 53.5 $ 75.0 $ 123.1 $ 293.8 Expand (a) Primarily related to third-party consulting costs. (b) Related to costs associated with the transition of our former CEO, including accelerated vesting of outstanding time-based restricted stock awards. (c) Net expenses related to organizational restructuring. (d) Non-cash impairment charge on the OshKosh indefinite-lived tradename asset. (e) Non-cash charge for partial settlement of the OshKosh B'Gosh Pension Plan. Expand Note: Results may not be additive due to rounding. Expand EBITDA and Adjusted EBITDA are supplemental financial measures that are not defined or prepared in accordance with GAAP. We define EBITDA as net income before interest, income taxes, and depreciation and amortization. Adjusted EBITDA is EBITDA adjusted for the items described in footnotes (a) - (e) to the table above. We present EBITDA and Adjusted EBITDA because we consider them important supplemental measures of our performance and believe they are frequently used by securities analysts, investors, and other interested parties in the evaluation of companies in our industry. These measures also afford investors a view of what management considers to be the Company's core performance. The use of EBITDA and Adjusted EBITDA instead of net income or cash flows from operations has limitations as an analytical tool, and you should not consider them in isolation, or as a substitute for analysis of our results as reported under GAAP. EBITDA and Adjusted EBITDA do not represent net income or cash flow from operations as those terms are defined by GAAP and do not necessarily indicate whether cash flows will be sufficient to fund cash needs. While EBITDA, Adjusted EBITDA and similar measures are frequently used as measures of operations and the ability to meet debt service requirements, these terms are not necessarily comparable to other similarly titled captions of other companies due to the potential inconsistencies in the method of calculation. EBITDA and Adjusted EBITDA do not reflect the impact of earnings or charges resulting from matters that we consider not to be indicative of our ongoing operations. Because of these limitations, EBITDA and Adjusted EBITDA should not be considered as discretionary cash available to us for working capital, debt service and other purposes. Expand RECONCILIATION OF U.S. GAAP AND NON-GAAP INFORMATION (dollars in millions) (unaudited) The table below reflects the calculation of constant currency net sales on a consolidated and International segment basis for the fiscal quarter and two fiscal quarters ended June 28, 2025: Fiscal Quarter Ended Reported Net Sales June 28, 2025 Impact of Foreign Currency Translation Constant- Currency Net Sales June 28, 2025 Reported Net Sales June 29, 2024 Reported Net Sales % Change Constant- Currency Net Sales % Change Consolidated net sales $ 585.3 $ (3.1 ) $ 588.4 $ 564.4 3.7 % 4.2 % International segment net sales $ 92.8 $ (3.1 ) $ 95.8 $ 81.3 14.1 % 17.9 % Expand Two Fiscal Quarters Ended Reported Net Sales June 28, 2025 Impact of Foreign Currency Translation Constant- Currency Net Sales June 28, 2025 Reported Net Sales June 29, 2024 Reported Net Sales % Change Constant- Currency Net Sales % Change Consolidated net sales $ 1,215.1 $ (9.5 ) $ 1,224.6 $ 1,225.9 (0.9 )% (0.1 )% International segment net sales $ 178.1 $ (9.5 ) $ 187.6 $ 171.0 4.1 % 9.7 % Expand Note: Results may not be additive due to rounding. The Company evaluates its net sales on both an 'as reported' and a 'constant currency' basis. The constant currency presentation, which is a non-GAAP measure, excludes the impact of fluctuations in foreign currency exchange rates that occurred between the comparative periods. Constant currency net sales results are calculated by translating current period net sales in local currency to the U.S. dollar amount by using the currency conversion rate for the prior comparative period. The Company consistently applies this approach to net sales for all countries where the functional currency is not the U.S. dollar. The Company believes that the presentation of net sales on a constant currency basis provides useful supplemental information regarding changes in our net sales that were not due to fluctuations in currency exchange rates and such information is consistent with how the Company assesses changes in its net sales between comparative periods. Expand
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Dorian LPG Ltd. Announces First Quarter 2026 Earnings and Conference Call Date
STAMFORD, Conn.--(BUSINESS WIRE)--Dorian LPG Ltd. (NYSE: LPG) (the "Company" or "Dorian LPG"), a leading owner and operator of modern and ECO very large gas carriers ('VLGCs'), will issue a news release on Friday, August 1, 2025 prior to the market open, announcing its financial results for the first quarter ended June 30, 2025. Based on investor feedback, we will not be providing pre-release numbers. Earnings Conference Call A conference call to discuss the results will be held the same day at 10:00 a.m. ET. The conference call can be accessed live by dialing 1-800-225-9448, or for international callers, 1-203-518-9708, and requesting to be joined into the Dorian LPG call. A live webcast of the conference call will also be available under the investor section at A replay will be available at 1:00 p.m. ET the same day and can be accessed by dialing 1-844-512-2921, or for international callers, 1-412-317-6671. The passcode for the replay is 11159689. The replay will be available until August 08, 2025, at 11:59 p.m. ET. About Dorian LPG Ltd. Dorian LPG is a leading owner and operator of modern Very Large Gas Carriers ('VLGCs') that transport liquefied petroleum gas globally. Our current fleet of twenty-six modern VLGCs includes twenty ECO VLGCs, five dual-fuel ECO VLGCs, and one modern VLGC. Dorian LPG has offices in Stamford, Connecticut, USA; Copenhagen, Denmark; and Athens, Greece. Visit our website at Information on the Company's website does not constitute a part of and is not incorporated by reference into this press release.
