Crown Crafts Net Jumps 35 Percent in Fiscal First Quarter
GONZALES, La.--First-quarter net income for Crown Crafts totaled $726,000, 35 percent ahead of its first quarter of one year ago.
The company accomplished this in spite of a 3.2 percent slip in net sales for the quarter, which totaled $17.2 million. Tight expense controls offset the sales decline, resulting in a gross-margin increase of 260 basis points, to 25 percent, and a gain in operating income of 17.2 percent.
E. Randall Chestnut, Crown Crafts' chairman, president and chief executive officer, said the company achieved its bottom-line growth in spite of the fact that the fiscal first quarter is traditionally the weakest for the company. Chestnut said the company expects sales to grow in its second quarter with improved seasonal demand, greater market penetration and rising global market share.