Loss widens at Crown Crafts
August 16, 2005-- Home Textiles Today,
GONZALES, La. -- Crown Crafts, Inc. reported a loss for its 2006 first fiscal quarter of $269,000 on sales of $13.7 million compared with a loss last year of $102,000 on sales of $16.9 million.
Operating income also plummeted, 41.4 percent, to $499,000 from $851,000 last year.
The company attributed the decline in sales to customer-driven shifting of sales between quarters, a customer's reducing its on-hand inventory levels and thereby lowering replenishment orders, and the loss of a bath program with another customer in fiscal year 2005.