Crown Crafts Net Jumps 51 Percent in Q2
GONZALES, La.--Second-quarter net income for Crown Crafts totaled $1.2 million, up 51 percent from the second quarter of last year.
The company accomplished this on a gain in net sales of 9.2 percent to $23.7 million in the quarter ended Sept. 30, 2010. Details on selling, general and administrative expenses were missing from Crown Crafts' statement on its results, but its reported 41 percent increase in income from operations indicated the company successfully kept expenses in check. In addition, the company's gross margin rose 300 basis points to 23.8 percent.
E. Randall Chestnut, chairman, president and chief executive officer, said Crown Crafts' second quarter was characterized by "increasing customer demand and a positive market response to new designs across our various product lines." In particular, Chestnut cited a 33 percent jump in sales of the company's NoJo branded line of infant bedding.