Carter's Inc. (CRI) announced that it will restate its financial statements for certain prior periods. On October 27, 2009, the company announced that it was conducting a review of its accounting for margin support provided to its wholesale customers. As a result, the management initiated a review of previous margin support payments to this customer.
Pursuant to this review, management concluded that the previously issued consolidated financial statements for the fiscal years 2004 through 2008, and the fiscal quarters from September 29, 2007 through July 4, 2009, should be restated.
As a result, the company said that it does not expect to timely file its quarterly report on Form 10-Q for the period ended October 3, 2009.
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