Business
Crown Crafts Announces Financial Results for First Quarter Fiscal 2025
GONZALES, La., Aug. 14, 2024 (GLOBE NEWSWIRE) -- Crown Crafts, Inc. (NASDAQ-CM: CRWS) (the “Company”) today reported results for the first quarter of fiscal
About this update from Crown Crafts, Inc.
[{"type":"text","content":"GONZALES, La., Aug. 14, 2024 (GLOBE NEWSWIRE) -- Crown Crafts, Inc. (NASDAQ-CM: CRWS) (the “Company”) today reported results for the first quarter of fiscal year 2025, which ended June 30, 2024. First Quarter Summary Net sales of $16.2 million, compared with $17.1 million in the prior-year quarter Gross profit was 24.5% of net sales in the current quarter, 27.7% in the prior-year quarter Net loss of $322,000, or $0.03 per share Net loss includes expenses of approximately $244,000 ($193,000 after tax, or $0.02 per share) associated with the closure of the Company’s subsidiary in the United Kingdom, and approximately $116,000 ($90,000 after tax, or $0.01 per share) of costs associated with the acquisition of Baby Boom Consumer Products (“Baby Boom”) Subsequent to the End of First Quarter Acquired Baby Boom Declared quarterly dividend of $0.08 per share of Series A common stock “Our first quarter fiscal 2025 results were impacted by the prolonged inflationary pressures facing consumers limiting their discretionary income and certain nonroutine costs that resulted in a small loss for the quarter. We are encouraged by the performance of our bedding segment and we believe that our future holds many exciting opportunities,” said Olivia Elliott, President and Chief Executive Officer. “Our acquisition of Manhattan Toy expanded our distribution channels, and we continue to receive positive feedback on the new product development by Manhattan Toy. We also are very excited about our recent acquisition of Baby Boom, which enhances our presence in the toddler bedding segment and expands our product lineup with the addition of diaper bags. Baby Boom currently licenses some of the most popular brands and we expect the Baby Boom acquisition to be immediately accretive to earnings. Overall, we will continue our efforts to manage our cost structure in the near-term and to position our brands to capitalize when macroeconomic conditions improve.” First Quarter Fiscal 2025 Results Net sales for the first quarter of fiscal 2025 were $16.2 million, compared with $17.1 million in the prior-year quarter. The decline in sales is primarily due to a major retailer reducing inventory levels and the loss of a program at another major retailer. Gross profit was 24.5% of net sales, compared with 27.7% in the first quarter of 2024. The reduction in gross profit ...