Crown Crafts FY profit jumps
June 20, 2012,
Net income rose $5 million, or 52 cents per share, even though sales declined 5% to $85.3 million.
"Beginning in late 2010 and continuing through most of fiscal 2012, high raw material costs, including higher cotton prices, and double digit increases in labor costs in China negatively impacted our results. Additionally, during our third and fourth quarters, we transitioned away from an unprofitable private label bedding program. While this negatively impacted our top-line, we believe this will be a positive impact to our future profitability," said president and ceo Randall Chestnut.
In the fourth quarter, net income jumped 19% to $1.9 million, or 19 cents per share. Sales fell 8.8% to $24.8 million.
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