Business
Crown Crafts Announces Financial Results for Fourth Quarter and Full Year Fiscal 2024
GONZALES, La., June 28, 2024 (GLOBE NEWSWIRE) -- Crown Crafts, Inc. (NASDAQ-CM: CRWS) (the “Company”) today reported results for the fourth quarter and fiscal
About this update from Crown Crafts, Inc.
[{"type":"text","content":"GONZALES, La., June 28, 2024 (GLOBE NEWSWIRE) -- Crown Crafts, Inc. (NASDAQ-CM: CRWS) (the “Company”) today reported results for the fourth quarter and fiscal year 2024, which ended March 31, 2024. Fourth Quarter Summary Net sales of $22.6 million, compared to $21.6 million in the prior-year quarter Gross margin of 23.2% versus 21.9% in the fourth quarter of fiscal 2023 Net income of $1.0 million, or $0.10 per diluted shareDeclared quarterly dividend of $0.08 per share of Series A common stock Fiscal Year 2024 Summary Net sales of $87.6 million, compared to $75.1 million in fiscal 2023Gross margin of 26.2% versus 26.4% in the prior year Net income of $4.9 million, or $0.48 per diluted share “Fiscal 2024 was a transitional year for our company, as we focused on the integration of Manhattan Toy and continued to proactively manage our business to address the ongoing effects of the inflationary environment and its negative impact on consumers’ discretionary spending,” said Olivia Elliott, President and Chief Executive Officer. “We are very encouraged by the progress with Manhattan Toy’s product development and will continue to leverage our cross-selling opportunities across our brands. Overall, we continue to operate profitably with a strong balance sheet, and will continue to position our company to capitalize when the macroeconomic environment becomes more favorable and deliver long-term returns for our shareholders.” Fourth Quarter Fiscal 2024 Results Net sales for the fourth quarter of fiscal 2024 were $22.6 million, compared to $21.6 million in the prior-year quarter. Gross profit as a percentage of net sales was 23.2% versus 21.9% in the fourth quarter of 2023. Marketing and administrative expenses were $3.9 million, relatively unchanged from a year ago. Net income was $1.0 million, or $0.10 per diluted share, compared to $828,000, or $0.08 per diluted share in the prior-year quarter. Fiscal Year 2024 Results Net sales for fiscal 2024 were $87.6 million compared to $75.1 million in fiscal 2023. Gross profit as a percentage of net sales was 26.2% versus 26.4% in the prior year. Marketing and administrative expenses were $16.1 million compared to $12.7 million a year ago. Net income was $4.9 million, or $0.48 per diluted share, compared to $5.7 million, or $0.56 per diluted share in fiscal 2023. Quarterly Cash Dividend On May 14...