Crown Crafts Sees Quarterly Profit Jump
Home & Textiles Today Staff -- Home Textiles Today, September 4, 2010
GONZALES, LA. - Crown Crafts' net income rose 35% in what is traditionally a difﬁcult quarter for the company.
Net income was $726,000, or 8 cents per share for the ﬁrst quarter ended June 27, com- pared to a proﬁt of $538,000, or 6 cents per share in last year's 1Q.
Sales fell 5.7% to $17.2 mil- lion, a fact the company attributed to seasonal weakness and the decision by a major ac- count to push a $1.4 million order from June to July.
"We have already seen a typical rebound taking shape in the second quarter on strong July results, primarily driven by strengthening demand from a major customer, which has put us on target to reach our previous 2011 guidance for net sales," said Randall Chestnut, chairman, president and ceo.
Mednick Talks to HTT about Online Trends for Textiles