Shares of Carter's (CRI) hit their lowest point since 2011 on Wednesday, a day after the children's clothing retailer slashed its dividend.

New CEO Doug Palladini, who 澳洲幸运5官方开奖结果体彩网:took over the top job last month, said on Wednesday that he expects to present the company's new strategic plan to return to profitable growth in its second-quarter ear⛦nings call later this summer. Palladini said he has "recently pr🌼esented to the Board my preliminary thoughts" on how to position the company for growth.

"Our current cash position and liquidity are strong and are forecasted to remain so," Palladini said. "However, as we anticipate making strategic investments in our business in the coming years, our current dividend is misaligned with our current level of profitability," especially considering the likely "significantly higher product costs" ahead due to the Trump administration's tariffs.

Carter's Slashes Dividend Nearly 70%

Due to those concerns, Carter's slashed its quarterly dividend to $0.25 per share, down nearly 70% from the dividend of $0.80 per share paid out in March. Carter's did not declare a dividend when it reported first-quarter results last month, saying the board would evaluate future payments based on "business conditions" and other factors.

In its Q1 report, Carter's suspended its full-year outlook, citing its fresh CEO transition, as well as "significant uncertainty surrounding proposed new tariffs and potential related impact on the business."

Carter's shares sank 12% in recent trading to $32.38. Earlier in the session, they hit an intraday low of $31.50, the first time they had dropped below $32 since early October 2011.