Carter’s (NYSE: CRI) revealed it started a review of its accounting for margin support provided to its wholesale customers. The company’s policy is to reflect the amounts of margin support payments as reductions to revenue. As a result of a disputed amount of margin support related to a wholesale customer, management began a review of previous margin support payments to this customer. Following a briefing on the issue by management, the company’s audit committee, with the assistance of outside counsel, began a review of accommodation payments more broadly. This review and related investigation are still underway. PricewaterhouseCoopers LLP is the company’s independent registered public accounting firm.

But following the review, Carter’s management concluded previously issued financial statements for the fiscal years 2004 through 2008, and the fiscal quarters from Sept. 29, 2007 through July 4, 2009, should be restated.

“We intend to file our restated financial statements and third quarter 10-Q with the SEC as soon as possible following the completion of this review,” said Michael D. Casey, chairman and CEO, in a statement. “We’ve initiated a dialogue with the SEC and informed them of this review. In addition, we are improving internal controls and management processes to help reduce risks inherent in this component of our business going forward.”

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