First Quarter 2016 Business Update

First Quarter Highlights - Carter's Wholesale XXX LA LO Segment Margin 21.5% ● ● ● $ in millions Segment Net Sales & Operating Income $280 $269 $58 carter's OSHKOSH 1 Bgosh Q1 2015 ■Operating Income $66 Q1 2016 Net Sales Sales +4% Segment Margin 23.6% Net sales +4%, reflecting increased product demand, in part due to timing of orders, and new playwear initiative Segment operating margin increase reflects strong product demand, lower product costs, favorable distribution expenses, and lower bad debt provisions Fall 2016 bookings up modestly vs. prior year 2016 full-year net sales outlook: low single digit growth 8

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