Crown Crafts sees quarterly profit jump
HTT Staff -- Home & Textiles Today, 8/11/2010 3:26:02 PM
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, compared to a profit of $538,000, or 6 cents per share in last year's 1Q.
Sales fell 5.7% to $17.2 million, a fact the company attributed to seasonal weakness and the decision by a major account 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.