Crown Crafts Profit Soars
Home & Textiles Today Staff -- Home Textiles Today, November 17, 2008
Infant and toddler products maker Crown Crafts Inc. nearly doubled its second-quarter profit by driving new sales, even as it digested its acquisition of licensed lines from Springs Global.
That acquisition, along with higher import costs and the expense of setting up a China office, weighed on margins, said chairman, president and ceo E. Randall Chestnut. "Despite these added costs, we have increased our overall profitability by increasing our top-line sales and by holding the line on our marketing and administrative costs," he noted.
Quarterly net earnings of $1.0 million, or 11 cents per diluted share, were up from $541,000, or five cents per share, in the same period one year ago.
Sales of $23.8 million grew 39.2% from $17.1 million in the year-ago period.
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