Crown Crafts Net Up for Q4, FY
GONZALES, La.-Crown Crafts bucked what its chairman, president and CEO, E. Randall Chestnut, described as "a challenging retail environment" to boost net income and sales for its fourth quarter and fiscal year ending on March 30.
Net income for the year jumped 12.9 percent to $5.8 million, while net income in the quarter totaled $2 million, an increase of 9.4 percent. Fiscal-year net sales gained 3.7 percent to $81.3 million, and increased 1.7 percent in the quarter to $24 million.
Chestnut noted that the results came on top of a strong previous fiscal year. "Our steadily improving performance reflects the continued strength of our business strategy and the hard work and talents of our entire team," he said.
Gross margin in the quarter picked up 50 basis points to 26.5 percent. The Crown Crafts statement about its financial results did not include operating expenses, but operating income in the quarter jumped 11.3 percent.
"Operationally, we are committed to continuous improvement and controlling costs wherever we can," Chestnut said. "Our financial position is strong, and we remain debt-free."