Crown Crafts profit rises
Retail Editor 3 -- Home Textiles Today, February 12, 2014
Gonzales, La. - A healthier gross margin helped push Crown Crafts' third quarter net income up 12.5% to 1.8 million during the third quarter.
Sales for the quarter ended Dec. 29, 2013, rose 2.5% to $20.6 million. Gross margin improved to 28.9% of net sales for the quarter, compared with 26.3% for the prior-year period.
Randall Chestnut, chairman/president/ceo, noted the period marked the 34th consecutive quarter that the company has shown a profit, excluding goodwill write-offs.
"We remain debt-free, our balance sheet remains strong, and we will continue to maintain tight control over costs," he added.
For the nine-month period, net income rose 12.1% to $3.7 million, with gross margin hitting to 28.2% of net sales, compared with 24.9% for the prior-year period. Sales increased 4.6% to $57.3 million.
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