Carter’s Net Income Drops on Cotton Prices

Children’s apparel company Carter’s Inc. reported its net income dropped nearly 31 percent last quarter, as soaring cotton prices cut into its profitability, according to The Associated Press. Although the company’s full-year forecast exceeded expectations, the company reported that it earned $34.4 million for the quarter that ended Oct. 1, down from $49.7 million in the same quarter last year. Due to the high price of cotton and other commodities, the company said it expects the price of its products will increase roughly 15 percent for its spring season.